<h1>Lower house approves bill declaring new Indian Institute of Management as institution of national importance; Centre to provide ?550 crore</h1> The lower house passed legislation to designate a new Indian Institute of Management in a major city of the state as an institution of national importance, with the Union government providing Rs 550 crore in capital support; the measure was approved amid protests and by voice vote, after which proceedings were adjourned. The draft law references a memorandum linking the Centre, the state government, and representatives of a regional group to a special development package that includes the institute. Until the institute's first governing board is constituted, the central government will appoint persons to exercise its powers and functions.