New Delhi: On Thursday i.e. on April 9, 2010, the Cabinet Committee on Economic Affairs (CCEA) gave its approval to the proposal to provide financial support of Rs 282.25 crore to Indian Maritime University (IMU), Chennai.
The grant has been allotted for the purpose of meeting capital expenditure as well as recurring deficit. Apart from that, the financial support will also be utilized for the construction of academic block, administrative block and hostel at the IMU. It will also be utilized for the implementation of reservation of Other Backward Classes (OBC), in the institute.
The IMU has been established as a central university with all-India jurisdiction, to help generate employment opportunities in the maritime sector. In addition, the cabinet, in an official note, said that it will help quality manpower, research and development and earn foreign exchange by meeting the expected global shortage of manpower in this sector. The institute has several campuses including in Mumbai, Cochin, Kolkata and Vizag.
