Cabinet clears amendment bill to set up IIM in Mumbai

New Delhi: The Union Cabinet on Wednesday is learnt to have cleared an amendment in the legislation governing Indian Institute of Management (IIM), to set up a new institute in Mumbai.

According to sources, an amendment is learnt to have been proposed in the Indian Institute of Management Act, to upgrade the National Institute of Industrial Engineering (NITIE) in Mumbai into an IIM.

With the amendment learnt to have been cleared by the cabinet, the proposed bill is likely to be introduced in the forthcoming monsoon session of Parliament.

This would give an IIM to Mumbai.

Currently, there are 20 IIMs in the country.

NITIE was set up by the government of India in 1963 with the help of the United Nations Development Programme and the International Labour Organisation (ILO).