Union Cabinet approves Indian Institute of Management Bill, 2017

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Indian Institute of Management (IIM) Bill, 2017, under which the IIMs would be declared as Institutions of National Importance which will enable them to grant degrees to their students.The Bill also provides for complete autonomy to the institutions, combined with adequate accountability.Management of these institutions would be Board driven, with the chairperson and director being selected by the Board, an official statement said.A greater participation of experts and alumni on the Board is amongst other important features of the Bill.Provision has also been made for inclusion of women and members from the Scheduled Castes/Tribes on the Board.

Read 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 Board driven, with the Chairperson and Director of an Institution which will be selected by the Board.
A greater participation of experts and alumni in the Board is amongst otherimportant features of the Bill.
Provision has also been made for inclusion of women and members from Scheduled Castes/Tribes in the Board.
The Bill also provides for periodic review of the performance of Institutions by independent agencies, and placing the results of the same on public domain.
The Annual Report of the Institutions will be placed in the Parliament and CAG will be auditing their accounts.
There is also a provision of Coordination Forum of IIMs as an advisory body.

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