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.
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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).
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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.