Naveen Patnaik, chief minister of Odisha, initiated the groundwork for the Narsee Monjee Institute of Management Studies (NMIMS), a private university situated in Bhubaneswar. Shri Vile Parle Kelavani Mandal Trust is establishing the institute with an investment of Rs 300 crore and the Odisha government has provided 40 acres of land at no cost. NMIMS, a prominent management institute in the country, will allocate 30% of its seats to meritorious students from Odisha, as stipulated in the Memorandum of Understanding (MoU) signed between the Odisha government and the trust, according to an official statement.

Highlighting Odisha’s recent advancements in various socio-economic aspects, CM Patnaik emphasised the state’s emergence as one of the fastest-growing economies in the country. He underscored the economic opportunities created by Odisha’s rising status, attracting talent from both India and the global arena.

Patnaik pointed out India’s status as the world’s fifth-largest economy, on track to become the third-largest in the coming years. He attributed this significant economic growth to the power of India’s youth, emphasising their role as a driving force for the global economy. The chief minister expressed pride in the contributions of Indian management institutes, highlighting the quality education and values they instill, making management professionals in the country highly sought after worldwide, the statement mentioned.

Addressing the evolution of management as a preferred profession, Patnaik acknowledged the substantial growth in demand, with private business schools complementing the efforts of premier government-run institutes like IIMs. Reflecting on the progress in higher education in Odisha since 2000, he noted the establishment of new universities, expanded course offerings, and improved infrastructure across various educational streams, as per the statement.

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Official sources revealed that the Odisha government allocated 40 acres of land on lease at Gouda Kashipur for the institute’s establishment, providing it free of cost and waiving registration fees for an initial period of 30 years. The lease is extendable for another 30 years, and the institute is exempt from annual maintenance charges imposed by the Industrial Development Corporation of Odisha (IDCO).

With inputs from PTI.