IIM Bill 2017: Good news for management aspirants as Rajya Sabha on Tuesday passed the Indian Institute of Management Bill 2017. The bill was earlier, passed by Lok Sabha in July and by the Union Cabinet in January this year. So, what is IIM Bill all about? It means that the Indian Institute of Management officials can award degrees instead of diplomas to their students from the next session. After the bill was passed in the lower house, HRD Minister Prakash Javadekar had described the Bill as historic, and said that it would help IIMs become quality institutions like the Harvard University. “It is greater autonomy and in that direction, we want to go,” he said during a debate on the Bill. While justifying the decision to restrict the interference of government Javadekar further added, “We are giving real freedom to our institutions. We must trust our best brains.”
Here are some major takeaways that will help you understand the IIM Bill 2017 better-
1. After the passing of the bill, the premier management Institute of India would now become an institute of national importance with the power to granting degrees to its students instead of diplomas.
2. The Indian Institute of Management (IIMs) will now have greater autonomy after the passing if the IIM Bill 2017. The power to appoint the chairperson as well as, the director will now lie with the board of the institutes. The Chairperson of the board will be appointed by the board for a period of four years, while the Director of each IIM will be appointed by the board for a period of five years via a search-cum-selection panel.
3. The Board of the various IIMs will now reserve the power to review the performance of each IIM and will be the principal executive body of each institute.
4. Once the Bill becomes an Act, the IIMs board will not need the Human Resource and Development Ministry’s approval while appointing the Director of each institute.
5. The accounts of the IIMs will now be audited by the Comptroller and Auditor General (CAG) of India.
