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National Institute of Industrial Engineering (NITIE) Mumbai is officially renamed IIM Mumbai, as it has received the final stamp with the declaration of Gazette on the Indian Institute of Managements (Amendment) Act 2023. Read full details here!
New Delhi: National Institute of Industrial Engineering (NITIE) is renamed as the IIM Mumbai and included in the Schedule of IIM Act. This was done as the Indian Institute of Management (Amendment) Bill 2023 was passed by parliament and the institute received the final stamp with the declaration of the Gazette on the bill.
Informing about the passing of the Bill in both houses, NITIE said, “Both Houses of Parliament have passed IIM (Amendment) Bill 2023. The National Institute of Industrial Engineering (NITIE), Mumbai – well known for its techno-managerial strength and expertise in Supply Chain & Management, has been included in the Schedule of IIM Act”.
“NITIE will be renamed as IIM, Mumbai. The long-cherished dream of having an IIM in Mumbai will be achieved. IIM, Mumbai will be available to further improve the global positioning of the financial capital of India,” the post further added.
As per the Gazette recommendations, a constitution of new bodies will be made and the Board of NITIE will continue to function until a new Board is constituted under the IIM Act.
“Until the first regulations in relation to the NITIE are made under this Act, the existing rules and bye-laws of the institute shall continue to apply with necessary modifications and adaptations insofar as they are not inconsistent with the provisions of this Act,” states the gazette.
Informing about the changes in the academic council, a senior official shared, “The existing academic council was formed realising in line with the IIM Act in anticipation of the announcement. However, changes, as recommended by the Act, will be incorporated as soon as possible.”
It is for the first time that an existing management institute, NITIE, is renamed by the Government of India as the Indian Institute of Management (IIM) Mumbai. Prior to this amendment bill, there were 20 IIMs in India.
With this addition, IIM Mumbai will now be in the 21st IIMs and 2nd IIM in Maharashtra state after IIM Nagpur. As per the Indian Institute of Management (Amendment) Bill 2023, the President will be visiting all IIMs campuses.
The bill further stated that "the Visitor may appoint one or more persons to review the work and progress of any institute, to hold enquiries into affairs thereof and to report in such manner as the Visitor may direct”.
“The board may also recommend to the Visitor an enquiry as deemed proper against the institute which has not been functioning in accordance with provisions and objectives of the Act”, the bill said.
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