New Delhi, Jan 24, 2017: The Union Cabinet on Tuesday approved the Indian Institute of Management Bill, 2017, granting them complete autonomy.
Under the bill, the IIMs would be declared as Institutions of National Importance which will enable them to grant degrees instead of diplomas to their students.
The Bill anticipates that:
1) IIMs can grant degrees to their students.
2) The Bill provides for complete autonomy to the Institutions, combined with adequate accountability.
3) A greater participation of experts and alumni in the Board is amongst other important features of the Bill.
4) Management of these Institutions would be Board driven, with the Chairperson and Director of an Institution which will be selected by the Board.
5) Provision has also been made for the inclusion of women and members of Scheduled Castes/Tribes in the Board.