In the recent press release, Union Cabinet has approved the establishment of permanent campuses for seven new Indian Institute of Management (IIM). Once the construction is over, the new IIMs will operationalize by June 2021.
The newer IIMs namely Amritsar, Bodh Gaya, Jammu, Nagpur, Sambalpur, Sirmaur, and Vishakhapatnam were established in the year 2015 & 2017. Until now, these campuses have been running from their assigned temporary locations.
The Union Cabinet Chaired by Prime Minister has allocated the total funds of Rs. 3775.42 crore. Out of which Rs. 2804.09 crores has been assigned for the construction of the permanent campuses. Each of the IIM will get the construction area of 60384 Sqm. The planning is to build infrastructure for 600 students in each of the new IIM campuses.
The amount of Rs 348.31 Cr, Rs 411.72 Cr, Rs 379.68 Cr, Rs 401.94 Cr, Rs 392.51 Cr, Rs 445.00 Cr, Rs 424.93 Cr has been allocated to IIM Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakapatnam, and Jammu respectively. In addition to that, each institute will get the recurring grant of Rs 5 Lakh per student for 5 years.
Earlier it was in the year 2014 Budget, Union Finance minister announced the proposal to build 5 new IIMs. The first batch was commenced in the year 2015 and later the IIM Jammu started functioning later. The initial batch was started with 140 students and envisioned to bring that number to 560.
The institute started the batch at transit campuses, as the location for the new IIMs was the major problem at that time. In Orissa, it was a debatable topic that whether the institute has to be established in developed coastal region or western backward region. Finally, it was decided to establish the IIM at Sambalpur in Odisha.
The decision to establish new IIM was taken after considering the demand of professional managers in the growth and economy of the country. Being the prestigious institutes, they are well known for their quality education, best mentors, and high placement records.
All the IIMs accepts CAT score for admission in management programmes. The Common Admission Test itself is conducted by IIMs on the rotational basis each year. Not only IIMs but also many Non-IIMs management schools accept CAT score. Recently, Jawaharlal Nehru University has announced to accept CAT 2018 scores.
This year, CAT 2018 will conduct on November 25, 2018. Registration for which has been started on August 08 and will continue until September 19, 2018.