Cabinet approves Indian Institute of Management Bill, 2017. IIMs to be declared as Institutions of National Importance
GN Bureau | January 24, 2017
Indian Institutes of Management will now be able to grant degrees to their students.
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.
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IIMs are the country's premier institutions imparting best quality education in management on globally benchmarked processes of education and training in management. All IIMs are separate autonomous bodies registered under the Societies Act.
Being societies, IIMs are not authorized to award degrees and, hence, they have been awarding Post Graduate Diploma and Fellow Programme in Management. While these awards are treated as equivalent to MBAs and PhD, respectively, the equivalence is not universally acceptable, especially for the Fellow Programme.
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Salient features of the IIM Bill:
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