The Indian Institute of Management Bill 2017 was passed by the Lok Sabha on July 28 which gives degree granting power to the premier management institutes.
This means that these institutes and the officials in IIMs can award degrees instead of the diplomas which was till now given as the students graduated. The commencement of giving out of degrees will start from the next session.
The Union Cabinet had approved the IIM bill in the month of January this year. The bill gives autonomy and statutory status to the 20 IIMS, that are present in the country, and they will be declared as the Institute of National Importance.
What is the IIM Bill 2017?
The IIM Bill 2017, will give statutory powers to the institutions in their administration including the appointment of the directors, faculty and will provide them the power to award degrees instead of the hitherto given post graduate diplomas.
The Bill will provide for easy appointment of the board of governors in the 20 premier institutes, thus limiting the role of Minister of the Human Resource Department and providing a transparent process. The post of the visitor will be abolished as well.
Other Important Characteristics of the IIM Bill
- The Bill provides the power to review the performance of each IIM
- The Board will become the principal executive body of each IIM
- The Comptroller and Auditor General of India will be auditing the IIMs accounts
- The tenure for the Chairperson of the board will be four years
- The tenure for the director for IIM will be a period of five years through search-cum-selection panel.
- The director can be removed by the board.