New Delhi: The Indian Institutes of Management (IIMs) will now have more autonomy in their functioning and restricted government’s role with President Ram Nath Kovind giving assent to the Indian Institutes of Management Bill, 2017.
The new law — which was passed in the Lok Sabha in July 2017 and by Rajya Sabha on December 19 — grants statutory powers to the IIMs in their functioning, including the appointment of directors and faculty members.
The Indian Institute of Management Act, 2017, gives the IIMs powers to award degrees. Earlier these institutes awarded postgraduate diplomas to their graduating students.
Also, the Board of Governors will appoint the director of each IIM, who will be the Chief Executive Officer of the institute. As per the provisions of the Act, the Board of Governors of each institute will be the principal executive body comprising up to 19 members.
It will consist a chairperson from eminent persons from the field of industry or education or science or technology or management or public administration, to be appointed by the board; one nominee of the Central government having charge of the management education or his representative and a nominee of the respective state government or representative of such nominees, within whose territorial jurisdiction the institute is located.
