The Indian Institutes of Management will now be able to give degrees instead of PG Diploma they were earlier offering. The power to impart degrees is a part of the draft IIM bill, approved by cabinet on Tuesday.
The bill is important as it gives autonomy to IIMs in their daily functioning, administration and recruitment, without regular interference from ministry of HRD.
The bill might be tabled in upcoming budget session, once it is cleared by law ministry.
Among other things, the draft Indian Institute of Management Bill-2017 will also grant the board of governors the power to order a probe against an IIM director if his institute was not performing as per the provisions of the proposed Act. The investigation will be conducted by a person not below the rank of a high court judge.
The proposed draft says that the board must evaluate the performance of a new institute within the first three years of its establishment, and every few years after that.