New Delhi: The Cabinet Committee on Economic Affairs on Thursday approved the setting up of Indian Institute of Management (IIM) at Jammu. The construction of an IIM campus in Jammu and Kashmir was a part of PM Narendra Modi’s development package for the state.

The project will cost Rs 62 crore for the initial four years from 2016 to 2020, said the government.

The student strength for the PG Diploma programme this year would be 54. However, the number will increase in the coming years.

The IIM campus will be started at Old Government College of Engineering & Technology from the Academic Year 2016-17.

Efforts would be made to set up campuses in Jammu region and an out campus in Kashmir.