The Union Cabinet on Thursday gave its nod to the proposal of setting up of an IIM at Shillong, to be named after late Prime Minister Rajiv Gandhi.
NEW DELHI: The Union Cabinet on Thursday gave its nod to the proposal of setting up of an Indian Institute of Management (IIM) at Shillong, to be named after late Prime Minister Rajiv Gandhi, with the objective of producing quality business brains that would ensure industrial development of the North-East region in particular and the country in general.
The Institute, to be known as ''Rajiv Gandhi Institute of Management'', will be set up in the Meghalaya capital Shillong, incurring a non-recurring expenditure of Rs 120.67 crore for five years and Rs 45.08 crore for recurring expenditure over a period of six years.
This will be the seventh IIM in the country, the others being at Ahmedabad, Kolkata, Lucknow, Bangalore, Kozhikode and Indore.
Briefing reporters on the proceedings of the cabinet meeting, Parliamentary Affairs Minister P R Dasmunshi said the IIM would have an annual student intake capacity of 60 in the first year, which would go up to 120 in third year and 180 in the sixth year.
''Since this would be a national-level institute, there would not be any reservation exclusively for students of the region in the Post-Graduate programme for which admission shall be through Common Admission Test (CAT),'' he pointed out.
However, the Institute would conduct short-term courses on subjects of local relevance like tourism, horticulture and hydel power.
The Meghalaya government will provide 120 acres of land free of cost for setting up of the IIM.
"'The institute, to be run and managed by a Society to be registered under the Socieies Registration Act, 1860, would help generate globally benchmarked process of education and training in management education with the state of the art management knowledge,'' he said.
The professional managers trained by this new IIM would promote economic and industrial development of the North-East Region as well as of the country, Mr Dasmunsi added.
The Cabinet also approved creation of one post of Director in the scale of pay of Rs 25,000 (fixed) and one post of the Chief Administrative Officer (in the scale of Rs 12,000-375-16,500) along with necessary support staff.
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