Hope the current govt ( and coming ones too) give some emphasis on school education by recruiting "talented" teachers into govt schools (not not just "MLA ki List mein Naam aale"). If you equip most of the students then only they can dream of getting into IIM... else it is always a dream for a common middle class student who has never been able to get admission to a pvt convent school.
Once you equip all the students of the state to compete, no matter where IIM is located, they will be able to make their presence felt.
IIM in the current scenario is not going to help the local people as claimed by few of the members here...Given a scenario if you are MBA aspirant and get placed in IIM - Ahemdabad and same time in IIM Rohtak also... Which one he would prefer today? IIMA for sure (unless some rare personal issues). Then how come location is advantage?
Jarurat IIM ki nahi, Jarurat hai basic education system ko majboot karne ki.... Geeta Bhukkal ji & Hooda saab... kuchh to karo !!!