The Indian Institute of Management (IIM) is a renowned educational institution in India that is known for its excellence in management education. Established with the aim of nurturing future leaders and entrepreneurs, IIM has a long-standing reputation for providing world-class business education. Already having multiple locations, the institute is now set to find a new home in Mumbai.
Mumbai To Gets Its 1st IIM Institute Through NITIE
Mumbai will soon have a renowned addition to its academic scene. The National Institute of Industrial Engineering (NITIE) is set to be elevated to the prestigious status of an Indian Institute of Management (IIM). The Union Cabinet, under the guidance of Prime Minister Narendra Modi, gave the green light for this.
As per reports by The Mint, The change was approved under a bill, marking a noteworthy achievement for NITIE Mumbai. The IIM Act amendment will lead to NITIE Mumbai being renamed ‘IIM Mumbai’.
This announcement is part of a set of bills approved by the cabinet in preparation for the upcoming monsoon session of Parliament. This session is scheduled to take place from 20 July to 11 August 2023.
NITIE stands for ‘National Institute Of Industrial Engineering. NITIE Mumbai was founded in 1963 with the help of the United Nations Development Programme and the International Labour Organization.
For the last six decades, it has been a distinguished institution in business education
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A Milestone For Mumbai’s Educational Field
The growth of management education in India has been facilitated by the establishment of various Indian Institutes of Management (IIMs) at different times. The first two IIMs, IIM Calcutta and IIM Ahmedabad, were founded in November 1961 and December 1961, respectively.
Throughout the years, additional IIMs were established, such as IIM Bangalore in 1973, IIM Lucknow in 1984, IIM Kozhikode and IIM Indore in 1996.
IIM Shillong in 2007, IIM Raipur, IIM Ranchi, and IIM Rohtak were also added in 2010. The latest additions to this list include IIM Tiruchirappalli and IIM Udaipur, established in 2011, and the most recent addition, IIM Mumbai, in 2023.
Presently, there are 20 IIMs spread throughout India, and the elevation of NITIE Mumbai to IIM status will establish it as the 21st IIM. This decision acknowledges NITIE’s adherence to the principles and benchmarks of management education, as reported by FPJ.
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Are you a student that was looking forward to a milestone like this? Let us know in the comments what you think about this latest update to the IIM roster.
Cover image courtesy: Wikimedia Commons