The union Cabinet on Thursday approved setting up of seven new Indian Institutes of Management in Tamil Nadu, Jharkhand, Chhattisgarh, Haryana, Jammu & Kashmir, Uttarakhand and Rajasthan besides allocating Rs 1,057 crore (Rs 10.57 billion) for their establishment. Currently, there are seven IIMs in the country at Ahmedabad, Bangalore, Kolkata, Lucknow, Indore, Kozhikode and Shillong.
The Cabinet approved an outlay of Rs 451 crore (Rs 4.51 billion) in the eleventh and twelfth Five Year Plans for each IIM. The projected outlay for eleventh Five Year Plan for each of the four IIMs to be established at Tiruchirappalli (Tamil Nadu), Ranchi (Jharkhand), Raipur (Chhattishargh) and Rohtak (Haryana) during 2009-10 is Rs 166 crore. These are to be set up in 2009-10 and become functional from academic session 2010-11.
For the remaining three IIMs to be set up during 2010-11 or the second phase, the requirement for the eleventh Five Year Plan would be Rs 131 crore (Rs 1.31 billion) each. Though their locations have not been decided as yet, the rest of three IIMs would be set up in Jammu & Kashmir, Uttarakhand and Rajasthan in 2010-11.
The total requirement of funds for establishment of seven new IIMs during the current plan works out to Rs 1,057 crore (Rs 10.57 billion).
There would be intake of 140 students in the Post Graduate Programme course in phase-I and by the end of phase-II, it would reach 560 students per year. Admission shall be through the Common Admission Test.
The Eleventh Five Year Plan endorsed by the National Development Council in December 2007, envisaged the establishment of seven new IIMs in the country, out of which, one IIM namely Rajiv Gandhi Indian Institute of Management, Shillong has already been established in Shillong (Meghalaya) commencing its first academic session from 2008-2009.
