Jammu is set to get an Indian Institute of Management (IIM) from the current academic session as part of the Prime Minister’s development package for the State of Jammu and Kashmir.

An out-campus will be set up in the Kashmir region later.

The Union Cabinet on Thursday approved the establishment and operationalisation of the IIM in Jammu on a temporary campus at the Old Government College of Engineering and Technology from the academic year of 2016-17.

The project will involve a cost of Rs. 61.90 crore on temporary campus for the four years from 2016 to 2020.

This year, the student intake for the Post Graduate Diploma Programme (PGDP) in Management is 54, which will progressively go up to a cumulative student strength of 120 in the fourth year.

“Steps would be taken for setting up the 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,” a tatement said..

The Cabinet also approved the 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 Central government. It will be responsible for the establishment and operationalisation of the institute.

“This is a part of Prime Minister’s development package for Jammu and Kashmir. The institute, coupled with opening of IIT at Jammu, modernisation 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 the State,” the statement added.

At present, there are 19 IIMs. The IIMs that were started in 2015 are located in Amritsar, Sirmaur, Nagpur, Bodhgaya, Sambalpur and Vishakhapatnam.