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The Indian Institutes of Management (IIMs), which are counted among the noted business schools in the country, have faced a budget cut this year with the Centre reducing their grant by half. The top institutes, however, believe that the move might hurt new IIMs but not the second or first generation IIMs. There are 20 IIMs across the country. In the budget for 2023-24 announced by Finance Minister Nirmala Sitharaman on Wednesday, the funding for IIMs has been brought down to Rs 300 crore from the previous fiscal year's Revised Estimate (RE) of Rs 608.23 crore, a 50.67 per cent drop, even when the net budget for the fiscal year 2023-24 rose by 8 per cent amounting to Rs 44,094 crores for the higher education sector. According to the Budget Estimates (BE) for 2022-23, the IIMs were allocated an amount of Rs 653.92 crores. According to IIM Udaipur Director Ashok Banerjee, the government might be sending signals to IIMs to be more innovative in funding their growth plans. "The cut in
Over 11,000 faculty positions are vacant in central universities, IITs and IIMs across the country, according to Ministry of Education (MoE) statistics. The data was shared by Union Education Minister Dharmendra Pradhan in a written reply in Lok Sabha. In 45 Central Universities, a total of 6,180 posts of Professor, Associate Professor and Assistant Professor, out of 18,956 sanctioned posts are vacant. Similarly, in Indian Institutes of Technology (IITs), a total of 4,502 posts out of 11,170 sanctioned posts are vacant. In Indian Institutes of Management (IIMs), 493 posts out of 1,566 faculty posts are vacant. "Occurrence of vacancies and filling thereof is a continuous process. Central Universities are autonomous bodies, established under respective Central Acts. Their recruitment procedure is formulated by their statutory bodies in accordance with their acts, statues, rules and UGC regulations or guidelines," Pradhan said. The Minister further said that he has directed all High