New Delhi: The Union Cabinet on Wednesday approved establishment and operationalization of permanent campuses of seven new Indian Institutes of Management (IIMs) at Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu.
The Cabinet also approved their recurring expenditure at a total cost of Rs.3775.42 crore (Rs.2,999.96 crore as Non-Recurring and Rs.775.46 crore as Recurring Expenditure). These IIMs were established in the year 2015-16/2016-17. These institutes are presently functioning from transit campuses.
The total cost is assessed as Rs. 3775.42 crore, out of which Rs. 2804.09 crore will be spent for construction of permanent campuses of these institutes.
"Each of these IIMs will construct an area of 60,384 sq m, which will have complete infrastructural facilities for 600 students in each IIM. Recurring grants to these institute has also been approved @ Rs 5 Lakh per student per year for 5 years", Ministry of HRD said on Wednesday.
"Thereafter, the institutes are expected to meet their running cost/maintenance cost from the internal generation of funds", it said.
"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 ministry said.
"The IIMs will provide education to students to enable them become professional managers. The approval will promote economic and industrial development of the country", it said.
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