Management institute promised total autonomy

~By Punit Mishra

The Indian Institutes of Management (IIM) have always represented the epitome of business studies in India. A diploma from that institute has always opened the best opportunity gates for students.

The union cabinet on Tuesday (January 24) upgraded the IIMs’ prestige further by granting them the authority to issue degrees instead of diplomas. That immediately pushes the IIMs up several rungs in international business school standings.

The grant has come in the form of a bill, called the Indian Institute of Management Bill, 2017. This bill will not only allow IIMs to offer degrees, but will also adorn it with statutory powers.

Frank Noronha, principal spokesperson of the government, has been quoted as saying: “The Bill will enable IIMs to grant degrees to their students and will give it complete autonomy, combined with accountability. Management will be board-driven, with the chairperson and director of any of the institutions to be selected by the board.”

The following are the salient features of the Bill:

• IIMs can grant degrees to their students.
• The Bill provides for complete autonomy to the institutions, combined with adequate accountability.
• Management of these Institutions would be looked after by a Board, which will select the chairperson and also the directors of each individual Institution.
• A greater participation of experts and alumni in the Board is among other important features of the Bill.
• Provision has also been made for inclusion of more women and members from Scheduled Castes/Tribes on the Board.
• The Bill also provides for periodic review of the performance of the different institutions by independent agencies and for placing the results in public domain.
• The annual report of the institutions will be placed in parliament and the CAG will be auditing their accounts.
• There is also a provision of Coordination Forum of IIMs to be set up with the HRD minister as chairperson.

The Bill will be placed before Parliament in the coming session and the government expects it to go smoothly through both houses.