The country will soon have seven new IIMs, of which four will start functioning from next year with the Union Cabinet on Thursday approving a HRD ministry proposal to set up these management institutes.
The new Indian Institutes of Management (IIMs) will be set up in Tami Nadu, Jharkhand, Chhattisgarh, Haryana, Jammu & Kashmir, Uttarakhand and Rajasthan.
Aimed at generating a highly competent and trained manpower, the institutes are also expected to act as a major catalyst for developing a knowledge society that would inevitably impact on the economic growth of the country.
In the first phase, four IIMs at Tiruchirappalli (Tamil Nadu), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Rohtak (Haryana) will be set up in 2009-10, which would become functional from academic session 2010—11.
The IIMs in Jammu & Kashmir, Uttarakhand and Rajasthan will be set up in 2010-11.
Admissions to these IIMs, to be set up under the 11th Five Year Plan, will be through the Common Admission Test (CAT).
The Cabinet has also approved an outlay of Rs.451 crore (Rs.333 crore for non-recurring expenditure and Rs.118 crore for recurring expenditure) in the 11th plan and 12th plan for each IIM.