Step 1: Moment of inertia of the original rod.
For a thin rod of mass \(M\) and length \(L\), the moment of inertia about an axis passing through its centre and perpendicular to its length is
\[
I = \frac{1}{12}ML^2.
\]
Step 2: Mass and length of each part.
After cutting the rod into 4 equal parts:
\[
\text{Mass of each part} = \frac{M}{4}, \quad \text{Length of each part} = \frac{L}{4}.
\]
Step 3: Moment of inertia of each part.
Moment of inertia of one part about its centre is
\[
I' = \frac{1}{12}\left(\frac{M}{4}\right)\left(\frac{L}{4}\right)^2
= \frac{1}{12}\cdot\frac{M}{4}\cdot\frac{L^2}{16}
= \frac{ML^2}{768}.
\]
Step 4: Expressing in terms of \(I\).
Since \( I = \frac{ML^2}{12} \),
\[
I' = \frac{I}{64}.
\]
Step 5: Conclusion.
The moment of inertia of each part about the similar axis is \( \dfrac{I}{64} \).