The Human Resource Development (HRD) Ministry has set into motion the Indian Institute of Management (IIM) bill 2015 to the Union Cabinet on March 11.
This new education legislation aims to give the power to the IIMs to grant Master of Business Administration (MBA) degree to the students who has completed their two year management courses.
At this point the 13 premier business schools provide postgraduate diplomas in management to its students.
The IIM Bill is likely to appear for the approval in the Cabinet before the Budget session which resumes on April 20.
HRD Minister Smriti Irani has by now being able to pass three education bills in the Parliament and wants to add more to the pipeline including the IITs and Central University.
This bill will have a far reaching benefit for the IIM graduates. With the degrees at hand the IIM students will be apply for research abroad.
The alumni will have to issue a letter in which it will be stated that the diploma will act equivalent to an MBA degree in India. This development will attract a lot of foreign student and thus an improvement in the global ranking.
This is being speculated at various levels of the intelligentsia. A body has been created to coordinate with the IIMs regarding the bill.
This body will be headed by the HRD minister and will include all the directors and the persons in charge of the IIM. The president of India will be appointed the visitor of all IIMs.