The Union Cabinet has approved the Indian Institute of Management (IIM) Bill, 2017, under which the IIMs will be declared as Institutions of National Importance.
It will also enable IIMs to grant degrees rather than diplomas to their students. At present IIMs are not authorised to award degrees as they registered as societies. Hence, they are awarding Post Graduate Diploma and Fellow Programme in Management.
Salient features of the Bill
- Allow IIMs to grant degrees to their students.
- Grant complete autonomy to IIMs, combined with adequate accountability. Coordination Forum of IIMs as an advisory body will be established.
- Board of an IIM will drive the management of the institution. It will select Chairperson and Director of IIM.
- Board will have greater participation of experts and alumni. It will also include women and members from Scheduled Castes/Tribes.
- Periodic review of the performance of IIM will be conducted by independent agencies and their results will be placed in public domain.
- The Annual Report of the IIMs will be placed in the Parliament and CAG (Comptroller and auditor general of India) will audit their accounts.
Indian Institutes of Managements (IIMs) are the country’s premier institutions imparting best quality education in management and are recognized as world-class management Institutions and Centres of Excellence. All IIMs are separate autonomous bodies registered under the Societies Act and are not authorized to award degrees. These awards are treated as equivalent to MBAs and Ph.D, respectively, but their equivalence is not universally acceptable, especially for the Fellow Programme.