The Indian Institute of Management (IIM) Mumbai has suggested the establishment of a new satellite campus in or around Mumbai.

The plan, which was presented to the Maharashtra government, is in line with the state's aspirational Viksit Maharashtra 2047 agenda and is expected to promote Mumbai as a worldwide hub for finance, policy, technology, and academic excellence, according to an IIM Mumbai release.

The proposed satellite campus aims to provide undergraduate, postgraduate, and doctoral programmes with a strong emphasis on economics, accounting and finance, technology and data science, and law and regulation, reports The Indian Express.

This strategic project aims to integrate multidisciplinary research with future-ready teaching, aligning with the goals of the National Education Policy (NEP) 2020, which promotes flexibility, innovation, and holistic growth in higher education.

The proposed campus will be located near India's financial regulatory ecosystem, which includes the Reserve Bank of India (RBI), the Securities Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), and the National Stock Exchange (NSE), as well as the headquarters of major public and private sector banks, mutual funds, and insurance companies.

According to the institute's statement, the campus will bring together scholars, politicians, investors, and industry leaders to form a collaborative knowledge ecosystem that combines classroom learning with real-world effect.

IIM Mumbai noted that the proposed campus will provide training for individuals to navigate the complexities of digital banking, legislation, and emerging technologies, as well as create intellectual capital to support India's evolving economic landscape.

Prof Manoj K Tiwari, Director of IIM Mumbai, stated that the proposal provides a unique chance to institutionalise excellence in management education, with a focus on finance and technology.

He noted that the closeness to financial regulators and major institutions will give students unparalleled exposure and interaction with real-world policy, innovation, and industry frameworks, essential for building future leadership.

The proposal, which includes a thorough financial and infrastructural plan, was well accepted by Maharashtra's Department of Higher and Technical Education.