IIMs to be declared as Institutions of National Importance
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Indian Institute of Management(IIM) Bill, 2017, under which the IIM swould be declared as Institutions of National Importance which will enable them togrant degrees to their students.
Following are the salient features of the Bill:
i. IIMs can grant degrees to their students
ii. The Bill provides for complete autonomy to the Institutions, com – bined with adequate accountability.
iii. Management of these Institutions would be Board driven, with the Chairperson and Director of an Institution which will be selected by the Board.
iv. A greater participation of experts and alumni in the Board is amongst other important features of the Bill.
v. Provision has also been made for inclusion of women and members from Scheduled Castes/Tribes in the Board.
vi. 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.
vii. The Annual Report of the Institutions will be placed in the Parliament and CAG will be auditing their accounts.
viii. There is also a provision of Coordination Forum of IIMs as an advisory body.