Students of all the 20 IIMs would be awarded MBA degree instead of Post Graduate Diploma in Management (PGDM) as the Union Cabinet in its meeting has approved the long awaited IIM Bill today on Tuesday January 24, 2017.
For the last few years, IIM Bill was under consideration and lot of debate & discussion on it in the IIM circles and at the MHRD level had been going on over the various provisions of the bill. With the approval by Cabinet on IIM Bill now the long cherished dream of IIM passing out students to get MBA from their IIM would come true in the year 2017 as IIMs would be vested with the statutory powers to award MBA degrees now.
Key provisions as approved by Union Cabinet in IIM Bill
Frank Noronha, chief spokesperson of the Government shared after the Union Cabinet Meeting was over, post approval of the IIM Bill that full autonomy is proposed to be given to IIMs in regard to their administration, recruitment and daily functioning.
The Union Cabinet meeting that approved the IIM Bill has outlined various major provisions. Few key points that were discussed and approved by the Union cabinet are-
-- The Bill proposes to grant “complete autonomy” to the IIMs making it possible for them to award MBA degrees instead of PG diplomas as they are doing now. The MBA degree from IIMs will be globally acceptable without any need of getting supported with a parallel certificate.
-- The bill provides and grants powers to the IIM Board of Governors to get an inquiry conducted by the person not below the rank of a High Court judge against a Director in case it is felt that an institute has not performed as per the provisions of the proposed Act and can also remove the Director of the IIM on the basis of the enquiry report.
-- The Boards of Governors of IIMs would be empowered to evaluate the performance of the IIMs periodically, after every few years.
-- The autonomy of IIMs is proposed to be combined with accountability.
-- The bill provides that IIMs are board-driven, and the chairperson and director are selected by the board. Accordingly as per the provisions of the IIM Bill the MHRD or the President would have apparent role in selecting the top executives of IIMs like directors of Chairman BoG.
It is learnt that the changes in IIM Draft bill have been carried out after the Prime Minister’s Office had intervened. The changes have taken into account most the demands raised by top IIMs.
Now the IIM Bill 2017 is proposed to be placed before the Parliament in the current budget session for its nod and turn it into the Act.
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