As per the proposal in the Union Budget 2014, Indian Institute of Management (IIM) in Bodh Gaya (Bihar) has been approved by the Ministry of Human Resource and Development (MHRD).
The new IIM will be set up at the sprawling 600 acre campus of Magadh University in Bodh Gaya and it will be mentored by IIM Indore.
“On account of the easy availability of land, rail and air connectivity, proximity to Bodh Gaya and infrastructural advantages, Gaya is eminently suited to host the prestigious institute” says IIM struggle committee patron, Sanjay Sahay, and convener Vijay Kumar Mithu after welcoming the announcement made by the State Education Minister, reports TOI.
IIM Indore will make the decision about the admission process of the new Indian Institute of Management in Bodh Gaya, if it would start in July-August, 2015. Around Rs 900 crore will be spent to set up the IIM in Bihar’s Bodh Gaya.
If needed, the state government may also offer existing Magadh University buildings along with other essential infrastructure in Bodh Gaya to help start the first session, officials said.
The Finance Minister Arun Jaitley presented the Union Budget 2014 on July 10, 2014, which included the provisions for six new IIMs for the state of Maharashtra, Himachal Pradesh, Punjab, Bihar, Andhra Pradesh and Odisha.