The Indian Institute of Management (Amendment) Bill 2023 has been passed by both houses and it has replaced the IIM Act of 2017. According to the new IIM (Amendment) Bill 2023, the National Institute of Industrial Engineering (NITIE) has got a new official name Indian Institute of Management, Mumbai (IIM Mumbai). Now it will be the 21st IIM in the country after NITIE Mumbai.

The aim of the institute is to double the enrollment of the students along with the corresponding enhancement of its current infrastructure. Shashi Kiran Shetty, Chairman of the Society and Board of Governors at NITIE, shared the vision of witnessing a twofold rise in the student population at IIM Mumbai. To achieve this ambitious goal, the institute is committed to strengthening its infrastructure, facilitating advanced research ventures, and ensuring adequate accommodation for the faculty. 'We will work on this as soon as possible,' said Shashi Kiran Shetty, Chairman of NITIE's Society and Board of Governors.

All the students who are currently enrolled in any programs at NITIE (nearly 1200 students) will get an IIM Mumbai certification after graduation clarified by Shashi Kiran Shetty, Chairman of the Society.

"NITIE will undergo a transformation and assume the prestigious title of IIM, Mumbai. This realization of a longstanding aspiration to establish an IIM in Mumbai marks a significant milestone. The rechristened IIM Mumbai will play a pivotal role in enhancing the global standing of India's financial capital," the statement emphasized.

After IIM Nagpur, IIM Mumbai becomes the second IIM in Maharashtra and the 21st IIM on the list.

“Our ultimate goal is to make IIM Mumbai self-sufficient, so we will work towards developing infrastructure that can accommodate an increasing number of students and staff members, introduce new programs and research projects, and form industry collaborations to enhance student learning.

The President of India will be the Visitor of every institute, according to the IIM (Amendment) Bill 2023. "One or more persons may be appointed by the Visitor to conduct inquiries into the affairs of any institute, review its work and progress, and provide reports in such a manner as requested by the Visitor. The board may also recommend to the Visitor an inquiry as deemed necessary against the institute which has been failing to comply with the provisions and objectives of the Act," the bill stated.