Parliament Passes IIM Mumbai Bill; Amends IIM Act; MBAUniverse.com predicts 10 Big Changes as NITIE becomes IIM Mumbai

India is set to welcome its 21st Indian Institute of Management (IIM), and the first one in Mumbai. The amendment bill to the IIM Act, known as the IIM (Amendment) Bill 2023, is passed by both houses of Parliament. Lok Sabha passed the bill on August 4 and Rajya Sabha has passed the bill on August 8, 2023. In a day or two the bill is likely to get President's consent and this will rename NITIE as IIM Mumbai. It will follow all the system and procedures for MBA admission 2024 as are followed by other 20 IIMs.  

The ongoing monsoon session, which commenced on July 20, will continue till August 11, 2023. On July 13, 2023, the Union Cabinet approved the bill to include the National Institute of Industrial Engineering (NITIE) Mumbai as the newest IIM and then the Bill was tabled in Parliament on July 28, 2023 for passage. This decision marks a significant milestone for NITIE. MBAUniverse.com predicts the big changes that lie ahead for NITIE, its students and alumni.

NITIE to IIM Mumbai: 10 Big Changes Expected
As soon as Parliament approves the IIM (Amendment) Bill 2023, it will open up many opportunities for NITIE. MBAUniverse.com predicts the big changes that lie ahead for NITIE, it’s students, alumni and other stakeholders.

Source: MBAUniverse.com

IIM Mumbai (NITIE Mumbai) has a beautiful campus located near Vihar Lake and IIT Powai.

NITIE Mumbai to IIM Mumbai: 60 Years in Making
IIM Mumbai is expected to be amongst to IIMs because of deep roots that NITIE Mumbai has developed in last 60 years. NITIE was established and funded by the Government of India in 1963 with the assistance of United Nations Development Programme (UNDP) through the International Labour Organization (ILO) to create skilled professionals. The journey for NITIE Mumbai to become IIM Mumbai has several twists and turns. Some highlights are:

• In 2007, a few noted business leaders include Anand Mahindra and Deepak Parekh (former HDFC Chairman) had urged the Government to change the name of NITIE as IIM Mumbai
• Dr Manmohan Singh, the then Prime Minister, had promised to look into it but there was little progress till recently.
• In January 2022, the Ministry of Education, constituted a committee of experts to assess the feasibility of including NITIE under IIM Act 2017. The list of experts in the committee included Ashish Kumar Chauhan, MD & CEO, Bombay Stock Exchange; Prof. Pawan Kumar Singh, Director, IIM Tiruchirappalli; Prof. Pramod Kumar Jain, Director, IIT BHU; Prof. Subhasis Choudhuri, Director, IIT Bombay; Pradeep Goyal, CMD, Pradeep Metals. The committee recommended to change NITIE to IIM Mumbai in 2022
• On receiving the committee recommendations, Government of India had decided not to set up a new building or campus for IIM Mumbai, instead decided to move forward with the proposal to change the nomenclature of NITIE to IIM Mumbai
• The 24 bills listed for Parliament’s monsoon session 2022 included a bill to rename the National Institute of Industrial Engineering (NITIE) Mumbai as the Indian Institutes of Management (IIM) Mumbai. However, not all the bills were tabled and passed.
• On July 13, 2023, Union Cabinet of India, approved the bill to amend IIM Act 2017 and table it in the Parliament Monsoon session 2023 for final amendment in the IIM Act.  
• The Monsoon Session 2023 of Parliament began on July 20 and the Bill to rename NITIE as IIM Mumbai was presented by the Union Education Minister Dharmendra Pradhan
• The Bill is scheduled to be taken up for discussion and passage in the first week of August and is supposed to be cleared by Parliament before the closure of Monsoon Session on August 11, 2023.
• After getting passed by the Parliament, NITIE will finally get the status of Indian Institute of Management – 21^st IIM in India and the 1^st IIM in Mumbai
• From the academic session 2024-25, IIM Mumbai is likely to offer admission to its MBA programs instead of currently PGDIM program.

IIM Mumbai (NITIE Mumbai) to attract more high CAT percentilers. Alumni to benefit too.

21 IIMs in India: The Legacy grows
As is well known, at present India has 20 IIMs. Some of these IIMs have a legacy of more than 60 years. While IIM Calcutta is the 1^st and oldest IIM, it is closely followed by IIM Ahmedabad which was set up next. Set up in 1973, IIM Bangalore was the third IIM in India, and was followed by IIM Lucknow in 1984. The number of IIMs rapidly expanded since 2007, when the number of IIMs increased from 6 to 20 in just 15 years. Refer table below.

Source: MBAUniverse.com

With NITIE Mumbai becoming IIM Mumbai soon, Mumbai will have some of the best B-schools in India including SPJIMR, SJMSoM IIT Bombay, JBIMS and NMIMS.