The Indian Institute of Management (IIM) bill 2015 has been set into motion by the Human Resource Development (HRD) ministry in the union cabinet. According to this newly introduced bill there would provide authority to IIMs to grant Master of Business Administration (MBA) degrees to its students who have undergone and successfully completed their two year management course from the institution. Presently, despite giving away degrees the 13 premiere business schools of the country provide postgraduate diplomas in management to its students.
Before the Budget Session in Parliament that is going to resume from 20 April 2015, the IIM bill is likely to appear before the Cabinet for its approval. In the short tenure of present HRD minister Smriti Irani there have been three education bills that have been approved by the Parliament. She has plans to add some more bills in the coming time and she has eyed institutes like IITs and Central Universities next. This bill once get passed would help the management students passing out from IIM immensely. After receiving the degree from the institution the students would be able to apply for research abroad, opening up new gates for them to shine brighter in future.
The alumni who have passed out from the institute would be given away letter mentioning that their diplomas would be equivalent to MBA degrees in India. This move would certainly attract foreign students towards the country making it fruitful to rise in the global rankings for the premiere business institutes in the country. A body has been formed to co-ordinate between all the IIMs in the country to let them know more about the status of the bill. The body would be headed by the HRD minister Irani herself and would include all directors and persons in charge of the IIM.