On 12th July 2023, the Union Cabinet chaired by the Prime Minister Narendra Modi approved a bill amending IIM Act to include the National Institute of Industrial Engineering (NITIE) in Mumbai as the 21st Indian Institute of Management (IIM).The amendment will rename NITIE Mumbai as IIM Mumbai .
- Maharashtra is set to become the first state to have two IIMs, which includes IIM Nagpur, established by the Government of India in 2015, and newly designated IIM Mumbai.
- The approved bill to be passed in the monsoon session of Parliament, which is set to take place from July 20 to August 11, 2023.
i.In January 2022, the Ministry of Education constituted a committee of experts to assess the feasibility of including NITIE under IIM Act 2017.
It includes Ashish Kumar Chauhan, MD & CEO, Bombay Stock Exchange; Prof. Pawan Kumar Singh, Director, IIM Tiruchirappalli; Prof. Pramod Kumar Jain, Director, IIT BHU; Prof. Subhasis Choudhuri, Director, IIT Bombay; Pradeep Goyal, CMD, Pradeep Metals.
ii.The committee suggested that NITIE be renamed IIM Mumbai in 2022.
i.NITIE Mumbai was established in 1963 with the support of the United Nations Development Programme(UNDP)and the International Labour Organization(ILO) to create Skilled professionals.
ii.It is functioning under the Union Ministry of Education and offers postgraduate courses in various management and industrial engineering fields.
iii.NITIE was ranked seventh in the National Institutional Ranking Framework (NIRF) ranking 2023.
i.The Indian Institutes of Management (IIMs) were founded to help the country’s management education. There are currently 20 IIMs in India (as of July 2023).
ii.The first two IIMs, IIM Calcutta and IIM Ahmedabad, were established in November 1961 and December 1961.
iii.The other IIMs include IIM Bangalore(1973),IIM Lucknow(1984),IIM
Kozhikode(1996),IIM Indore(1996),IIM Shillong(2007), IIM Raipur(2010), IIM Ranchi(2010),IIM Rohtak(2010), IIM Tiruchirappalli(2011), IIM Udaipur(2011), IIM Kashipur(2011), IIM Amritsar(2015), IIM Bodhgaya (2015), IIM Nagpur (2015), IIM Sirmaur(2015), IIM Sambalpur(2015), IIM Visakhapatnam(2015) and IIM Jammu (2016).
About IIM Act:
i.It is an Act to designate specific management institutes as institutions of national importance in order to empower these institutions to achieve global excellence in management, management research, and related fields of knowledge.
ii.The IIM Act was introduced in 2017 and the rules were revised twice, in 2018 and 2022.