Indian Institute of Management Ranchi (IIM) :
The 11th Five-Year Plan, endorsed by the National Development Council in December 2007, envisaged the establishment of seven new IIMs. Aimed at generating both highly competent and highly trained manpower, the institutes are also expected to act as a major catalyst for developing a knowledge society that would inevitably impact the economic growth of the country.
IIM Ranchi, like all IIMs, is an autonomous institution under Ministry of Human Resources Development, Government of India. The institute is free to design its own curriculum and recruit faculty members. In April 2011, Union Minister Kapil Sibal announced that the government is mulling enhancement of the autonomy of IIMs by allowing them to select the director and the chairman of Board of Directors.
IIM Ranchi is amongst the seven new IIMs that were approved by the Union Cabinet on August 27, 2009. The institute is being mentored by IIM Calcutta in its formative years.
IIM Ranchi has been ranked as the best new IIM in various national rankings such as those of Pagalguy.com,Careers360, MBAUniverse.com and The Week. It has firmly established itself as the third best B-school in East India after XLRI Jamshedpur and IIM Calcutta.