New Delhi, Aug 20 (NationPress) Assam Chief Minister Himanta Biswa Sarma expressed his enthusiasm on Wednesday regarding the approval of the IIM (Amendment) Bill, 2025 in the Rajya Sabha, labeling it a “historic day” for the state. This significant development will enable the establishment of Assam’s first Indian Institute of Management in Palasbari, located near Guwahati.

In a post on the social media platform X, Sarma attributed this success to the “unwavering commitment” of Prime Minister Narendra Modi, along with the backing of Union Home Minister Amit Shah and Union Education Minister Dharmendra Pradhan.

He expressed his gratitude to the Members of Parliament who supported the bill, deeming it a milestone in Assam’s developmental trajectory.

The call for an IIM in Assam has been a long-standing demand from students, academics, and civil society, who believe that the state needs premier management education infrastructure to align with its growing economic capabilities.

The new campus in Palasbari is anticipated to serve not only students from the Northeast but also attract talent from across the nation, which could significantly enhance the region’s educational and industrial ecosystem.

Importantly, the Lok Sabha approved the Indian Institutes of Management (Amendment) Bill, 2025 on Tuesday, clearing the way for a new IIM in Guwahati.

The Centre has allocated Rs 550 crore as financial assistance for this initiative. The forthcoming institute will be the second IIM in the Northeast, joining IIM Shillong, and will hold the status of an institution of national importance.

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

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

Assam has advocated for the establishment of such an institute, citing its geographical significance and the necessity to stimulate regional development.

Until a formal Board of Governors is assembled for IIM Guwahati, the draft law allows 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 addition of Guwahati, the network of elite management schools will expand further into the Northeast.