The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the Indian Institute of Management(IIM) Bill, 2017 on January 24, 2017 that aims to declare IIMs as Institutions of National Importance.
- The IIM Bill aims to grant statutory powers to the IIMS and thus enable them to grant degrees instead of diplomas.
Features of the Bill
The Bill will enable IIMs to grant degrees to their students and provide complete autonomy to the institutions. The Bill also directs setting Coordination Forum of IIMs as an advisory body.
- The Management of these Institutions would be Board driven, with the Chairperson and Director of an Institution which will be selected by the Board. It also envisages greater participation of experts and alumni, women and SC/ST members 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.
- Besides, the Annual Report of the Institutions will be required to be presented in the Parliament and CAG will be auditing their accounts.
Comptroller and Auditor General – CAG