Jaitley allocates Rs 500 cr to set up 5 new IIMs and IITs

Finance Minister Arun Jaitley allocated Rs 500 crore (Rs 5 billion) to set up up five new IIMs (Indian Institute of Management Studies) and five new IITs (Indian Institute of Technology) in the Union Budget 2014-15.

The premier engineering  IIT colleges will be added to Jammu, Chhattisgarh, Goa, Andhra Pradesh and Kerala.

Top-ranked business schools or IIMs will be set up in Himachal Pradesh, Punjab, Bihar, Odisha and Maharashtra.

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A few days before the Budget announcement, there were talks in the union ministry to set up premier institutes like the IITs and IIMs in almost every state.  

Setting up one IIT campus would cost the government around Rs 1,500 crore (Rs 15 billion) and cost of constructing an institute like the IIM would be around Rs 1,100 crore (Rs 11 billion).  

Expansion of these institutes began during the United Progressive Alliance (UPA) regime and the ruling government is keen to take this legacy forward.

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Expansion of these institutes began during the United Progressive Alliance (UPA) regime and the ruling government is keen to take this legacy forward.  

There are also talks that the government may fast-track setting up of these institutes.  

However, it will be ascertained in times to come whether the government will take up one project each year or simultaneously construct these colleges in various states. 

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