The Union Cabinet recently approved the proposal for setting up of seven new Indian Institutes of Management (IIMs) in Tami Nadu, Jharkhand, Chhattisgarh, Haryana, Jammu & Kashmir, Uttarakhand and Rajasthan. In the first phase, four IIMs at Tiruchirappalli (Tamil Nadu), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Rohtak (Haryana) will be setup in 2009-10, which would become functional from academic session 2010-11. Postgraduate Programme (PGP) in Management would be the flagship programme though in the first year several executive programmes including those in the public policy domain focusing on civic and municipal services etc. would be started. In the second phase, the rest of 3 IIMs will be set up in Jammu & Kashmir, Uttarakhand and Rajasthan in 2010-11. In phase-I, there would be an intake of 140 students in the PGP course & by the end of phase-II, it would reach 560 students per year.
Admission shall be through the Common Admission Test (CAT). The institutes would also contribute to generation of a highly competent and trained manpower which would be a major catalyst for developing a knowledge society that would inevitably impact on the economic growth of the country. Apart from this, research in management and emerging areas would evolve a potential for generating significant intellectual properties that would generate sizeable revenue. The Cabinet has also approved an outlay of INR 451 crores (INR 333.00 crores for non-recurring expenditure and INR 118 crores for recurring expenditure) in the XI FYP and XII FYP for each IIM. The projected outlay for XI Five Year Plan for each of the 4 IIMs to be established during 2009-10 is INR 166 crores (INR 135 crores for non-recurring expenditure and Rs.31 crores for recurring expenditure). For the remaining three IIMs to be set up during 2010-11, the requirement for XI Plan would be INR 131 crores each (INR 107 crores non-recurring and INR 24 crores recurring expenditure). The total requirement of funds for establishment of seven new IIMs during XI Plan works out to INR 1057 crores.