Union Cabinet approved Indian Institute of Management Bill, 2017
Posted on:25 Jan 2017 09:08:40
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25 January 2017 Current Affairs: The Union Cabinet gave its approval to the Indian Institute of Management(IIM) Bill, 2017.
A decision in this regard was taken at a meeting of the Cabinet chaired by Prime Minister Narendra Modi on 24 January 2017 in New Delhi.
Features of Indian Institute of Management Bill, 2017 : The IIM Bill, 2017 declares Indian Institutes of Management as Institutions of National Importance. This status will enable them to grant degrees to their students.
The bill provides for complete autonomy to the institutions without compromising their accountability to the government.
Management of these institutions would be Board-driven, with the Chairperson and Director of an institution will be selected by the Board of IIM.
A greater participation of experts and alumni in the Board is amongst other important features of the bill.
Provision has also been made for inclusion of women and members of scheduled castes and scheduled tribes in the Board.
The bill also provides for periodic review of the performance of institutions by independent agencies. The findings of these agencies will be placed in the public domain.
The annual report of the institutions will be placed in the Parliament. The Comptroller and Auditor General of India (CAG) will be auditing their accounts.
The bill also provides for the Coordination Forum of IIMs. It will have the status of an advisory body.
Indian Institutes of Management are the country's premier institutions. : They impart best quality education in management on globally benchmarked processes of education and training.
IIMs are recognized as world-class management institutions and centers of excellence.
All IIMs are separate autonomous bodies registered under the Societies Registration Act, 1860.
Being societies, IIMs are not authorized to award degrees. Hence, they have been awarding Post Graduate Diploma and Fellow Programme in Management.
While these awards are treated as equivalent to MBAs and Ph.D. respectively, the equivalence is not universally acceptable, especially for the Fellow Programme.The Indian Institute of Management (IIM) Bill, 2017 will address this issue.
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