20 December 2017 09:13:36 IST

Rajya Sabha approves IIM Bill 2017

The Bill provides for complete autonomy to the institutions

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 which will enable them to grant degrees to their students

The Bill also provides for complete autonomy to the institutions, combined with adequate accountability

Management of these institutions would be Board driven, with the chairperson and director of an institution who will be selected by the Board, an official statement said

A greater participation of experts and alumni in the Board is amongst other important features of the Bill

Provision has also been made for inclusion of women and members from Scheduled Castes/Tribes in the Board

The Bill also provides for periodic review of the performance of institutions by independent agencies and placing the results of the same in public domain.