The government has approved the proposal for seven new Indian Institutes of Management (IIMs) to have permanent campuses by June 2021. The institutes, presently functioning from transit campuses, were established between 2015 and 2017.
The campuses will be in Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu.
The government said, "The Union Cabinet chaired by Prime Minister Narendra Modi has approved the establishment and operationalisation of permanent campus of seven new Indian Institutes of Management (IIMs)."
The institutes will be built at a cost of Rs 3,775.42 crore. The government will spend Rs 2,804.09 crore for the construction of permanent campuses.
Each of these institutes will be constructed at an area of 60,384 sqm. They will have complete infrastructural facilities for 600 students.
The government has also provided recurring grants to these campuses at Rs 5 lakh per student per year for five years. The running and maintenance cost of these institutions will be met from the internal generation of funds.
