The Union ministry of human resource development (HRD) has officially cleared the proposal and setting of Maharashtra's first Indian Institute of Management (IIM) in Nagpur.
While an expert committee had visited the city in February to finalise the land for the campus, the official papers for setting up the institute were cleared on Thursday, MHRD officials confirmed.
The institute will begin its operations from July this year, admissions for which will be based on a common admission process along with other new IIMs. The institute will be mentored by IIM Ahmedabad for a few years.
A 200-acre plot in the Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN) has been zeroed in for the campus. However, the institute will function out of two buildings in the campus of Visveswarya National Institute of Technology (VNIT) in the city.
While the IIM in Nagpur is the first in Maharashtra, several academicians have raised doubts over its location. "An institute like IIM should ideally be set up in a city where access to good faculty and training is easier. Apart from that, having other top institutions around is also important for collaborations, which is something smaller cities lack," P Rameshan, director, IIM Rohtak said.
IIMs in smaller cities like Rohtak, Trichy, Udaipur or Raipur are having a tough time getting renowned international faculty - lectures by whom are a regular phenomenon at other top IIMs.
An official from the Vidarbha Economic Development (VED) council that had first raised demands for an IIM in Nagpur said the city's central location and developing educational scenario will prove largely helpful for its development.
"We have an NIT in the city, then why not an IIM? Nagpur is centrally located and has good air and rail connectivity and is also emerging as an industrial hub. There could be no better place in the state for an IIM," said the official.