The government on Wednesday cleared a proposal for the establishment of permanent campuses of seven new Indian Institutes of Management (IIMs) by June 2021, at a cost of over Rs 37.75 billion.
These IIMs were established between 2015-16 and 2016-17. At present, they are functioning from transit 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)," said a government statement.
The total cost is assessed as Rs 37.75 billion, out of which Rs 28.04 billion will be spent for the construction of permanent campuses.
Each of these IIMs will be constructed at an area of 60,384 sqm, which will have complete infrastructural facilities for 600 students in each IIM, the statement said.
Recurring grants to these institute has also been approved at Rs 500,000 per student per year for five years.
Thereafter, the institutes are expected to meet their running cost and maintenance cost from the internal generation of funds, it said.
The construction of permanent campuses of these institutes shall be completed by June 2021, the statement said.
With this, all the 20 IIMs will have their own campuses.
The IIMs will provide education to students to enable them to become professional managers. The approval will promote economic and industrial development of the country, the statement said.