There was no casualty in either explosion, the sources said.
The first bomb went off at 8:20 am at the Moirangkhom petrol pump area, about 400 metre from the main function of the day where Chief Minister Okram Ibobi Singh was present, the sources said.
The explosion occurred at the 1st Manipur Rifles parade ground as the I-day function was to begin from 9:00 am.
The second explosion at 4:10 pm, suspected to be triggered by remote control, took place at Porompat area in Imphal East district, the sources said.
Both the areas were cordoned off by the police and searched but no arrest was made, they said.
No individual or group claimed responsibility for the explosions.
The police said it might have been carried out by militants of the Coordination Committee (CORCOM) formed by six major insurgent organisations.
The CORCOM had called a boycott of the I-Day celebrations in protest against Manipur's merger with the Indian union in 1949.
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