IIM will be established in Jammu as part of the Prime Minister Modi's development package.
Jammu is set to get an Indian Institute of Management (IIM) from the current academic session as part of the Prime Minister's development package for Jammu and Kashmir.
An out-campus will be set up in Kashmir later.
The Union Cabinet on Thursday approved the establishment and operationalisation of IIM at Jammu at a temporary campus at Old Government College of Engineering and Technology from the academic year 2016-17.
The project will involve a cost of Rs 61.90 crore for the temporary campus for the initial four years from 2016 to 2020.
The student intake for this year in the Post Graduate Diploma Programme (PGDP) in Management is 54 which will progressively go up to a cumulative student strength of 120 in the 4th year.
"Steps would also be taken up for setting up a campus at Jammu and an out-campus in Kashmir. The detailed project report for the permanent campuses is under preparation and thereafter the process for setting up the campuses would start," an official statement said after the Cabinet meeting.
The cabinet also approved the formation of an IIM Jammu Society under the Societies Registration Act, 1860. IIM Jammu will be run and managed by the society with a Board of Governors (BOGs) to be constituted by the central government which will administer the institute and would be responsible for the establishment and operationalisation of the institute.
"This is a part of the Prime Minister's development package for Jammu and Kashmir. The institute, coupled with the opening of IIT at Jammu, modernisation of NIT Srinagar and opening of two new AIIMS institutions, one each in Kashmir and Jammu, would go a long way in meeting the requirement of high quality living and education in the state," the statement said.
At present, there are 19 IIMs. Out of these, 13 are located in Ahmedabad, Bengaluru, Kolkata, Lucknow, Indore, Kozhikode, Shillong, Ranchi, Raipur, Rohtak, Kashipur, Trichy and Udaipur. Another six IIMs which have started in 2015 are located at Amritsar, Sirmaur, Nagpur, Bodhgaya, Sambalpur and Vishakhapatnam.