The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved a proposal to set up permanent campuses for seven new IIMs which were established in the academic years 2015-16 and 2016-17. With this, all 20 IIMs in the country will have their own permanent campuses.

The new IIMs include IIM Amritsar, IIM Bodh Gaya, IIM Nagpur, IIM Sambalpur, IIM Sirmaur, IIM Vishakhapatnam, and IIM Jammu. These institutes are currently functioning from transit campuses.

The total cost of setting up permanent campuses at these new IIMS is Rs. 3775.42 crore. Each of the new IIMs will get a campus area of 60,384 square metres, with complete infrastructural facilities for 600 students for each.

Each of the new IIMs will also get recurring grants of Rs. 5 lakh per student per year for five years. After this, these institutes are expected to meet their running and maintenance cost themselves.