IIM Mumbai Director Professor Manoj K. Tiwari told that the proposal has already been submitted to the state government. The Navi Mumbai centre would have a majority of finance-related programming in collaboration with industry partners with the aim of evolving into a financial education hub.

And the Pune campus will offer a range of management courses tailored to the requirements of the manufacturing sector and its domestic development.

These centres will concentrate on offering new-generation speciality programmes like cybersecurity in fintech and computational finance, says Professor Tiwar.  With the emergence of new careers, there is a pressing need to develop skills in fields like healthcare management, legal and regulatory compliance, cybersecurity and trust management.

First, they will open short-term programs and then move on to long-term programs," he said at the second convocation ceremony of IIM Mumbai.

Shashi Kiran Shetty, the Chairperson of IIM Mumbai added that the new centres are part of an overall initiative to enhance relationships with local industry through enhanced academic know-how available at IIM Mumbai which suggests other such centres would be opened in the rest of the state.

Their goal is to review the state's skill needs on the basis of regions creating new industries and offer academic competence to frame sector-specific curriculum. Regional industry collaboration would fund these institutes financially while courses will generate industry-ready professionals with specific skills," Shetty explained.

Dr P. K. Mishra, Prime Minister's Principal Secretary of India was the keynote speaker at the event, highlighting the role of graduating students in India's vision 2047.

In addition, to whether the government is making Indians abroad return to India, Mishra said, "Theyhave been encouraging them and it is also part of our capacity building commissions."