Mumbai Gets Its First IIM After Union Cabinet Approves Bill To Upgrade Status Of NITIE

The National Institute of Industrial Engineering (NITIE) in Mumbai will soon be promoted to the prestigious title of an Indian Institute of Management (IIM), making a significant addition to the city’s academic landscape. A law for this transformation was adopted by the Union Cabinet, chaired by Prime Minister Narendra Modi on July 12, indicating a significant milestone for NITIE Mumbai.

The NITIE Mumbai was founded in 1963 with funding from the International Labour Organisation (ILO) and the United Nations Development Programme (UNDP). For the past 60 years, it has been a major institution in the field of business education, earning a reputation as an outstanding B-School and making substantial contributions to management education. In the National Institutional Ranking Framework (NIRF) ranking 2023, the 60-year-old NITIE Mumbai was ranked seventh.

The IIM Act will be amended, and NITIE Mumbai will be renamed IIM Mumbai. This declaration is part of a series of bills approved by the cabinet in advance of the forthcoming monsoon session of Parliament, which will take place from July 20 to August 11, this year.

The foundation of the Indian Institutes of Management (IIMs) has aided the growth of management education in the country. IIM Calcutta and IIM Ahmedabad were the first two IIMs to open their doors in the country, and they were established in November and December of 1961, respectively.

More IIMs were established over time, such as IIM Bangalore in 1973, and IIM Lucknow in the year 1984, followed by IIM Kozhikode and IIM Indore in 1996. After nearly a decade, IIM Shillong was established in 2007, while IIM Raipur, IIM Rohtak and IIM Ranchi were founded in 2010.

In 2011, three IIMs were established – IIM Tiruchirappalli, IIM Udaipur and IIM Kashipur. By 2015, there were six new IIMs which are IIM Amritsar, IIM Bodhgaya, IIM Nagpur, IIM Sirmaur, IIM Sambalpur, and IIM Vishakhapatnam. these were followed by IIM Jammu in 2016.

There are currently 20 IIMs in the country, and the advancement of NITIE Mumbai to the IIM level will signal the formation of the country’s 21st IIM. This decision appreciates NITIE’s efforts as well as its compatibility with management education ideas and standards, reported Free Press Journal.