The Bill enables the IIMs to award degrees instead of diplomas.
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The Union Cabinet on Tuesday approved the Indian Institute of Management Bill, 2017, granting them complete autonomy. Under the Bill, the IIMs would be declared as institutions of national importance and provided statutory powers.
After getting an approval from the law ministry, the human resource development (HRD) ministry may place the proposed draft of the Bill in the upcoming budget session of the parliament.
Till now, only 20 premier institutes give post graduate diplomas to the students.
The Bill enables the IIMs to award degrees instead of diplomas.
HRD minister Prakash Javadekar tweeted:
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Prakash Javadekar
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Historic decision to give IIMs real autonomy&grant degrees.We trust excellence&quality.This reflects vision of ModiGovt for higher education
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As per the sources, the Bill will grant powers to the board of governors to order a probe against an IIM director, if his institute fails to perform as per the proposed Act. A person similar to the rank of a High Court judge will conduct the investigation.
According to the proposed draft, the board must evaluate the performance of the new institute within the first three years of its set up and continue to check on a period of short intervals.
source”cnbc”