The Union Cabinet on September 5, 2018 approved the establishment and operationalisation of permanent campus of seven new Indian Institutes of Management (IIMs). These IIMs will be established at Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu with a total expenditure of Rs 3775.42 crore (Rs 2999.96 crore as Non-Recurring and Rs 775.46 Crore as Recurring Expenditure).
These IIMs have already been established in the year 2015-16/2016-17. These institutes are presently functioning from transit campuses. Expenditure to be incurred on these 7 IIMs’ campuses.
1. Each of these IIMs will construct an area of 60384 Sqm, which will have complete infrastructural facilities for 600 students.
2. Recurring grants to this institute also includes Rs 5 Lakh per student per year for 5 years.
3. The institutes are expected to meet their running cost and maintenance cost from the internal generation of funds.
4. The construction of permanent campus of these institutes is scheduled to be completed by June 2021.
5. With the construction, all the 20 IIMs will have their own permanent campuses.
6. The IIMs will provide education to students to enable them to become professional managers.