Current Affairs, 21 December 2017
The Indian Institutes of Management (IIM) Bill, 2017 was passed by the Parliament with Rajya Sabha, the Upper House, approving it on 19 December 2017.
The Lower House of the Parliament, Lok Sabha had already passed the bill in July 2017 during its monsoon session. It will now have to receive the assent of the President of India to become a law.
Key Provisions of the Bill
• The Bill declares the IIMs as institutions of national importance.
• The bill aims to extend greater autonomy to IIMs by restricting the Union government’s role in their functioning.
• It grants statutory powers to the IIMs in their running including the appointment of directors and faculty members.
• It also grants them the power to award degrees to their graduates.
• It seeks to empower IIMs to attain standards of global excellence in management, management research and allied areas of knowledge.
• It also promises to grant administrative, academic and financial autonomy to these B-Schools.
• It also establishes coordination Forum of IIMs as advisory body.
More Power to the Board
• The Bill seeks to empower the board of IIM to drive the management of the institution.
• The board will have greater participation of experts and alumni.
• It will select Chairperson and Director of IIM.
• It will also include women and members from Scheduled Castes/Tribes.
• It will also make provisions for periodic review of the performance of IIM by independent agencies and their results will be placed in public domain.
When: 19 December 2017