The Central government on Wednesday sanctioned Rs 379.60 crores for the campus development of Indian Institute of Management – IIM Nagpur – at MIHAN.
Earlier, the government had allotted 135 acres of land for IIM Nagpur, which would be used as permanent campus by almost 600 students. It is estimated that the campus, which would be built at a cost of Rs 650 crores, would be completed by 2020. For the smooth functioning of the institute, the government will also bear the expenses worth five lakh rupees for each student for five years for each of the new IIMs. After five years, the institutes are expected to bear their running and maintenance expenses by themselves.
Prime Minister Narendra Modi, during a union cabinet meeting held on Wednesday, announced that a proposal has been made for the setting up of permanent campuses for the 20 IIMs across the country, which were established in the academic years 2015-16 and 2016-17. The amount sanctioned for the same is Rs 3775.42 crores.