The union cabinet today approved the setting up of seven new Indian Institutes of Management (IIMs) - one each in Tamilnadu, Jharkhand, Chhattisgarh, Haryana, Jammu & Kashmir, Uttarakhand and Rajasthan. These will involve an expenditure of over Rs1,000 crore over the eleventh plan period.
The cabinet also approved an outlay of Rs451 crore (Rs333 crore as non-recurring expenditure and Rs118 crore in recurring expenditure) in the eleventh plan period for each IIM. The projected outlay for the eleventh plan for each of the four IIMs to be established during 2009-10 is Rs166 crore (Rs135 crore as non-recurring expenditure and Rs31 crore in recurring expenditure).
For the remaining three IIMs to be set up during 2010-11, the eleventh plan expenditure would be Rs131 crore each (Rs107 crore non-recurring and Rs24 crore recurring expenditure).
The total requirement of funds for establishment of seven new IIMs during the eleventh plan works out to around Rs1,057 crore.
The centre has already set up one IIM - Rajiv Gandhi Indian Institute of Management (RGIIM) in Shillong - which has commenced its first academic session in 2008-2009. With the establishment of the seven new centres, the country will have 13 IIMs.
In the first phase, four IIMs at Tiruchirappalli (Tamilnadu), Ranchi (Jharkhand), Raipur (Chhattishargh) and Rohtak (Haryana) will be set up in 2009-10, which would become functional from academic session 2010-11.
These IIMs will offer post-graduate programmes in management in several executive programmes, including those in the public policy domain focusing on civic and municipal services etc.