New Delhi, Aug 20 (NationPress) Assam Chief Minister Himanta Biswa Sarma on Wednesday celebrated the approval of the IIM (Amendment) Bill, 2025 in the Rajya Sabha, declaring it a historic day for the state. This legislation paves the way for the establishment of Assam's inaugural Indian Institute of Management in Palasbari, located near Guwahati.

Sarma took to the social media platform X, commending the unwavering commitment of Prime Minister Narendra Modi, along with the support of Union Home Minister Amit Shah and Union Education Minister Dharmendra Pradhan.

He expressed gratitude to the parliamentarians who supported the bill, labeling it a significant milestone in Assam’s progress.

The demand for an IIM in Assam has persisted among students, academia, and civil society, who argue that superior management education infrastructure is essential to harness the state's growing economic potential.

The new campus at Palasbari is anticipated to serve not only local students from the Northeast but also attract talent nationwide, potentially enhancing the region’s educational and industrial landscape.

Significantly, the Lok Sabha approved the Indian Institutes of Management (Amendment) Bill, 2025 on Tuesday, facilitating the creation of a new IIM in Guwahati.

The central government has allocated Rs 550 crore for capital support for the project. The forthcoming institute will be the second IIM in the Northeast, joining IIM Shillong, and will hold the designation of an institution of national importance.

Education Minister Dharmendra Pradhan, who championed the bill, successfully navigated it through the House via a voice vote. The session was, however, overshadowed by tumultuous protests from the Opposition concerning the Special Intensive Revision of electoral rolls in Bihar. Following the bill's passage, the session was adjourned.

The new IIM is part of a Special Development Package (SDP) for Assam, established under a Memorandum of Settlement signed by the Centre, the state government, and representatives of the United Liberation Front of Assam (ULFA).

Assam has emphasized the necessity for such an institute, citing its geographical importance and the need to stimulate regional growth.

Until a formal Board of Governors is established for IIM Guwahati, the draft law empowers the Union government to appoint individuals to perform the Board’s duties.

Currently, 21 IIMs across India are recognized under the IIM Act as institutions of national importance. With the inclusion of Guwahati, the network of elite management schools will further extend into the Northeast.