The project will involve a cost of Rs 62 crore in temporary campus for the initial four years from 2016 to 2020, said the government.
The student strength 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, the government added.
Steps would also be taken up for setting up campus at Jammu and an out-campus in Kashmir region.
The detailed project report for the permanent campuses is under preparation and thereafter the process for setting up of the campuses would start.
The cabinet also approved 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 Government of India, which will administer the Institute and would be responsible for establishment and operationalisation of the Institute.
This is a part of Prime Minister’s development package for Jammu & Kashmir.
The Institute coupled with opening of IIT at Jammu, modernization of NIT Srinagar and opening of two new AIIMS institutions, one each in Kashmir region and Jammu region, would go a long way in meeting the requirement of high quality living and education in Jammu & Kashmir.
Indian Institutes of Management are the country’s premier institutions imparting best quality education in management on globally benchmarked processes of education and training in management education and allied area of knowledge.
At present, there are nineteen IIMs.
Out of these, thirteen IIMs are located at Ahmedabad, Bengaluru, Kolkata, Lucknow, Indore, Kozhikode, Shillong, Ranchi, Raipur, Rohtak, Kashipur, Trichy, Udaipur. Another six IIMs which have been started in 2015 are located at Amritsar, Sirmaur, Nagpur, Bodhgaya, Sambalpur and Vishakhapatnam.