National Institute of Industrial Engineering (NITIE) is set to undergo a transformation as it assumes the title of the Indian Institute of Management, Mumbai (IIM Mumbai). This transition, brought about by the Indian Institutes of Management (Amendment) Bill 2023, received unanimous approval from both parliamentary houses. Commencing from the academic year 2024, the institution will introduce MBA programmes in General Management, Sustainability, Operations and Supply Management.
This recognition of NITIE signifies its continued dedication to academic excellence across various fields, including industrial engineering, engineering management, and management sciences. With the forthcoming academic session, aspirants will gain admission to three distinct MBA programmes via the Common Admission Test (CAT), a standard for IIM admissions. Boasting over 60 academics and a diverse student body of approximately 1,200 participants engaged in a multitude of programs, NITIE currently holds the 7th position within the Management Category of the 2023 National Institute Ranking Framework (NIRF).
With its newly acquired identity as IIM Mumbai, the institution aspires to ascend to a position among the top three management institutes in India by collaborating with esteemed institutions such as the Indian Institute of Technology, Bombay, the Institute of Chemical Technology, and the Reserve Bank of India, along with several other public and private bodies. This partnership aims to elevate the quality of management education in Mumbai, the financial epicenter of the nation.
Inevitably, the fee structure is projected to experience a hike, given the institute’s intention to sustain its intake of approximately 450–500 students per course. The focus will be on bolstering infrastructure to accommodate the increased capacity. The institute is actively working towards self-sufficiency and intends to secure funding through alumni and industry networks.
Addressing the concerns, Professor Manoj Tiwari, the director of NITIE, highlighted the institution’s approach towards the rising fee structure. He stressed that the fee adjustments would be aligned with the expected return on investment. Moreover, the institute is dedicated to enabling students’ access to bank loans and diverse scholarship opportunities. Tiwari stated, “Our aim is to uphold a fee structure that remains competitive when compared to other IIMs nationwide. The final determination will arise after comprehensive discussions within the board of governors.
In accordance with the IIM Act, institutes are authorised to charge fees up to 85% of the average placement package offered by the institution. Currently, NITIE boasts an average package of ₹27.5 lakh. Shashi Kiran Shetty, Chairman of the Society and Board of Governors at NITIE, emphasised that achieving IIM recognition fills both NITIE and Mumbai with immense pride. This assimilation into the IIM Act of 2017 is anticipated to reinforce the institution’s commitment to nurturing academic brilliance, perpetual learning, and innovation – all of which collectively shape the leaders of tomorrow.
NITIE extends heartfelt gratitude to Chairman Shri Shashi Kiran Shetty and Director Prof. Manoj Tiwari for their visionary guidance in leading us to the remarkable 7th rank in NIRF India Rankings 2023 for Management. Thank you for your unwavering support! pic.twitter.com/cE7MMNgWGH
— IIM Mumbai (@IIMMumbai) June 5, 2023
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