The Cabinet on Thursday cleared setting up seven Indian Institutes of Management (IIMs).
They will come up in Tamil Nadu, Jharkhand, Chhattisgarh, Haryana, Jammu and Kashmir, Uttarakhand, and Rajasthan.
The Cabinet has approved an outlay of Rs 451 crore in the eleventh and twelfth five-year plans for each IIM. The projected allocation for the eleventh five-year plan for each of the four IIMs to be established in 2009-10 is Rs 166 crore.
The total fund requirement for establishing the seven IIMs during the eleventh plan works out to Rs 1,057 crore.
In the first phase, four institutes — at Tiruchirappalli (Tamil Nadu), Ranchi (Jharkhand), Raipur (Chhattishargh) and Rohtak (Haryana) — will be set up in 2009-10, which would become functional from the academic session 2010-11.
Postgraduate programmes in management will be the flagship courses, though in the first year several executive programmes including those focusing on civic and municipal services will start.