Cabinet approves Indian Institute of Management Bill, 2017
The Union Cabinet has approved the Indian
Institute of Management(IIM) Bill, 2017, under which the IIMs would be declared
as Institutions of National Importance which will enable them to grant degrees
to their students.
Salient features of the Bill:
- IIMs can grant degrees to their students.
- The Bill provides for complete autonomy to the
Institutions, combined with adequate accountability.
- Management of these Institutions would be Board
driven, with the Chairperson and Director of an Institution which will be
selected by the Board.
- A greater participation of experts and alumni in the
Board is amongst other important features of the Bill.
- Provision has also been made for inclusion of women
and members from Scheduled Castes/Tribes in the Board.
- The Bill also provides for periodic review of the
performance of Institutions by independent agencies, and placing the
results of the same on public domain.
- The Annual Report of the Institutions will be placed
in the Parliament and CAG will be auditing their accounts.
- There is also a provision of Coordination Forum of
IIMs as an advisory body.
Background:
Indian Institutes of Management are the
country’s premier institutions imparting best quality education in management
on globally benchmarked processes of education and training in
management.
- IIMs are recognized as world-class management
Institutions and Centers of Excellence and have brought laurels to the
country. All IIMs are separate autonomous bodies registered under the
Societies Act.
Being societies, IIMs are not authorized to award degrees
and, hence, they have been awarding Post Graduate Diploma and Fellow Programme
in Management. While these awards are treated as equivalent to MBAs and Ph.D,
respectively, the equivalence is not universally acceptable, especially for the
Fellow Programme.
