Overview
- The amendment adds the proposed institute to the IIM Act schedule, granting it status as an institution of national importance.
- It would become the 22nd IIM in India and the second in the Northeast after Shillong.
- The bill earmarks a ₹555 crore corpus for 2025–30 from the Consolidated Fund of India, with the institute expected to become self-sustaining thereafter.
- Until the first Board is constituted under the Act, governance powers will rest with persons designated by the central government.
- The move is part of a Special Development Package linked to a Centre–Assam–ULFA settlement, and the Lok Sabha cleared it by voice vote despite Opposition protests over Bihar’s electoral-roll revision.