Centre clears proposal for seven new IIMs

Centre clears proposal for seven new IIMs

IIMs in TN, Jharkhand, Haryana and Chhattisgarh to start in next session

Information and Broadcasting Minister Ambika Soni said the Union Cabinet had approved the proposal to set up seven IIMs — one each in Tami Nadu, Jharkhand, Chhattisgarh, Haryana, Jammu & Kashmir, Uttarakhand and Rajasthan.

Soni was briefing media persons after a Cabinet meeting chaired by Prime Minister Manmohan Singh. She said new IIMs at Tiruchirappalli (Tamil Nadu), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Rohtak (Haryana) would be set up in the current financial year and would be functional from the academic session 2010-11.
The 11th Five Year Plan, endorsed by the National Development Council in December 2007, envisaged raising the number of top business school in the country from the existing six to 13. One of the new IIMs proposed in the 11th Plan has already been set up in Shillong and has been named after Rajiv Gandhi. It commenced its first academic session from 2008-2009.

Finance Minister Pranab Mukherjee, while presenting the interim budget on February 25 last, proposed yet another new IIM in Rajasthan.

“Aimed at generating a highly competent and trained manpower, the institutes are also expected to act as a major catalyst for developing a knowledge society that would inevitably impact on the economic growth of the country,” said Soni.

She said the IIMs in Jammu & Kashmir, Uttarakhand and Rajasthan would be set up in 2010-11. In phase I, she added, there would be an intake of 140 students in the PG course, and by the end of phase II, it would reach 560 students a year.

The new IIMs would admit students through the Common Admission Test. “Research in management and emerging areas would evolve a potential for generating significant intellectual properties that would generate sizeable revenue,” said the Information and Broadcasting Minister.

The total requirement of funds for establishment of seven new IIMs during the 11th Five Year Plan is Rs 1,057 crores, she revealed.

The Cabinet also approved an outlay of Rs 451 crores, including Rs 333 crores for non-recurring expenditure and Rs 118 crore for recurring expenditure in the 11th and 12th Five Year Plans for each IIM.

The projected outlay for the 11th Five Year Plan for each of the four IIMs to be established during 2009-2010 is Rs 166 crore, including Rs 135 crore for non-recurring expenditure and Rs 31 crore for recurring expenditure.

For the remaining three IIMs to be set up during 2010-2011, the requirement for the 11th Plan would be Rs 131 crore each, including Rs 107 crore non-recurring and Rs 24 crore recurring expenditure.

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