The Union Cabinet has approved the IIM bill that grants powers to the prestigious Indian Institutes of Management. The Indian Institute of Management will be declared as Institutes of National Importance and which will enable them to grant their degrees to their students. At present, there are 19 IIMs in India.
Here are the key features.
- It has been declared that Indian Institute of Management (IIMs) can be able to grant degrees to their students. Now, IIMs are separate, autonomous body that is registered under Societies Act. As they are under Societies, they are not allowed to grant degrees, and hence, awarding post-graduate Diploma and fellow program in Management.
- The Bill provides complete autonomy to IIMs along with adequate accountability.
- The Board will manage the institutes and each institute will have a chairperson and director to manage. Those chairpersons will be selected by the Board.
- IIM Alumni and Management experts will participate in the Board discussions.
- At the Board discussion, there will be a regular review of the performance of the IIMs by independent agencies. Then, the results will be put in the public domain. The review will take into account the long-term strategies and the five-year degree plans.
- The Comptroller and Auditor General will audit the accounts that are to be placed in the Parliament. The annual report includes the steps taken by the institutes and the outcome of the research that was undertaken by the institute.
- There is also a forum for the IIMs. The forum includes the sharing of experiences, ideas and concerns that will enhance the performances of all the institutes.