New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the establishment and operationalization of permanent campus of seven Indian Institutes of Management (IIMs) including one at Sambalpur in Odisha.
The cabinet approved permanent campus for seven new IIMs at Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu and their recurring expenditure at a total cost of Rs 3775.42 crore.
These IIMs were established in the year 2015-16/2016-17. These institutes are presently functioning from transit campuses.
The total cost is assessed at Rs. 3775.42 crore, out of which Rs. 2804.09 crore will be spent for construction of permanent campuses of these institutes.
The central government has sanctioned Rs 401.94 crore for establishment of the permanent campus of IIM-Sambalpur.
Each of these IIMs will construct an area of 60384 Sqm, which will have complete infrastructural facilities for 600 students in each IIM.
Recurring grants to these institute has also been approved at Rs 5 Lakh per student per year for 5 years. Thereafter, the institutes are expected to meet their running cost and maintenance cost from the internal generation of funds.
The construction of the permanent campus of these institutes shall be completed by June 2021.
With this, all the 20 IIMs will have their own permanent campuses.