NEW DELHI, SEPTEMBER 9: Union Cabinet has approved a budget of Rs 3775 Crore for infrastructural development including the construction of permanent campuses of seven new Indian Institutes of Management (IIM). With the cabinet budget in place now, the new IIMs are expected to get their own permanent campuses by June 2021. Of the total project outlay of Rs. 3775 crore, about Rs. 2804 crore worth of funds are expected to be used to constructing the campuses alone.
The seven campuses, which were established between 2015 to 2017, are in Amritsar, Bodh Gaya, Nagpur, Sambalpur, Sirmaur, Vishakhapatnam and Jammu. All of them are, presently, functioning from transit campuses. With these seven getting permanent campuses, all the 20 would be functioning from fully-fledged campuses.
“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),” a government statement said.
As per the proposal, the campuses would be constructed at an area spreading 60,384 sqm and would be able to offer facilities for at least 600 management students. To facilitate recurring expenses, a grant of Rs. 5 lakh per student per year for 5 years has also been set up by the government. However, the cost of maintenance would have to handled by the institutes with the funds generated by them.
The IIMs are among the top business schools in India offering a host of management programmes for both fresh graduates and mid-level professionals. The 20 institutes together offer around 4000 seats. Admission to these institutes is very competitive and done through the Common Admission Test (CAT), held every year around November- December. CAT is a computer based test. In 2018, the test would be held on November 25 and the results are expected to be announced by the second week of January. Candidates have to answer around 100 multiple choice questions within a duration of 3 hours. Post CAT, each IIM has its own selection criteria including written test (essay), personal interview and group discussion.
