A budget of Rs 401.94 crore has been approved by the Union Cabinet chaired by PM Narendra Modi, for the establishment and operationalization of the Indian Institute of Management, Sambhalpur’s permanent campus. Along with that, the cabinet also approved the funds for as many as six other IIMs (located at Amritsar, Bodh Gaya, Nagpur, Sirmaur, Visakhapatnam, and Jammu). Going by the decision made, every single one of these will be constructing a 60,384 square meter area that will be having proper infrastructural facilities for 600 students. "Recurring grants to these institute has also been approved at the rate of Rs 5 lakh per student per year for five years. Thereafter, the institutes are expected to meet their running cost or maintenance cost from the internal generation of funds," said an official release issued on Wednesday evening.
These institutes are right now functioning from temporary campuses. The statement issued by the authorities revealed that the construction of the permanent campus of these institutes will be completed by June, 2021. Mahadeo Jaiswal, director of IIM Sambalpur, stated that the construction work of the institute's permanent campus at Basantpur on the outskirts of Sambalpur has not started yet due to a dispute over the land earmarked for the campus.
"The state government does not want to give the land on lease for 100 years, while the ministry of human resources development wants it for free. Because others states have provided free land for the national institute. But we hope the issue will be resolved and construction of the permanent campus will start soon," he added further. IIM Sambalpur, which is mentored by IIM Indore was established in 2015. The present campus of the institute has been setup at Silicon Institute of Technology, Sason, in Sambalpur.