Cabinet approves Rs 3,775 crore for 7 new IIMs to have permanent campus by June 2021

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The Union Cabinet on September 5 approved the establishment and operationalisation of permanent campuses for seven new Indian Institute of Management (IIMs) by June 2021 at a cost of over Rs 3,775 crore out of which Rs 2,804.09 crore will be spent for the construction of permanent campuses.

Government statement reads, “The Union Cabinet chaired by Prime Minister Narendra Modi has approved the establishment and operationalisation of permanent campus of seven new Indian Institute of Management (IIMs).”

The seven institutes are in Amritsar in Punjab, Bodh Gaya in Bihar, Nagpur in Maharashtra, Sambalpur in Odisha, Sirmaur in Himachal Pradesh, Vishakhapatnam in Andhra Pradesh and Jammu, currently these institutes are operating out of transit campuses and were established between 2015 and 2017.

 “Each of these IIMs will construct an area of 60,384 sq m, which will have complete infrastructural facilities for 600 students. Recurring grants to these institutes have also been approved [at] Rs 5 Lakh per student per year for 5 years. Thereafter, the institutes are expected to meet their running cost/maintenance cost from the internal generation of funds,” statement further reads.