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Cabinet approves establishment, operationalisation of permanent campuses of seven new IIMs

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The Union Cabinet today approved the establishment and operationalization of permanent campuses of seven new Indian Institutes of Management (IIMs) at Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu.
 
At its meeting, the Cabinet also approved their recurring expenditure at a total cost of Rs 3775.42 crore (Rs 2999.96 crore as non-recurring and Rs 775.46 crore as recurring expenditure), an official press release said.
 
These IIMs, established in the year 2015-16/2016-17, are presently functioning from transit campuses.
 
The release said that, out of the total assessed cost of Rs. 3775.42 crore, Rs. 2804.09 crore will be spent for construction of permanent campuses of these institutes, as per the following details:
 
IIM Amritsar -- Rs. 348.31 crore
IIM Bodh Gaya -- Rs. 411.72 crore
IIM Nagpur -- Rs. 379.68 crore
IIM Sambalpur -- Rs. 401.94 crore
IIM Sirmaur -- Rs. 392.51 crore
IIM Vishakhapatnam -- Rs. 445.00 crore
IIM Jammu -- Rs. 424.93 crore
 
Each of these IIMs will construct an area of 60384 sqm, which will have complete infrastructural facilities for 600 students in each IIM. Recurring grants to these institute have also been approved at the rate of Rs 5 lakh per student per year for five years. Thereafter, the institutes are expected to meet their running cost / maintenance cost from the internal generation of funds.
 
"The construction of permanent campus of these institutes shall be completed by June, 2021. With this, all the 20 IIMs will have their own permanent campuses," the release added.
 
NNN
 

(Our News Desk can be contacted at desk@netindian.in)

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