Human Resource Development (HRD) Minister Prakash Javadekar introduced the Indian institute of management IIM bill 2017 in lok Sabha on Thursday. This bill seeks to provide complete autonomy to 20 IIMs which is elite business schools of our country. This bill gives the power to grant degree to 20 prestigious business schools of our country. IIMs have grown up into institutions of global reputation and were not able to award degree to their students due to parliament act.
As per this bill HRD Minister declared IIMs would gain the ‘Institute of Nation’ title and equivalent importance also. Later, the government has been advocating such institutions to provide mettle in their respective fields and in line with the policy promote autonomy for IIMs and proposed that Board Governors will be main principal executive body for each institution.
The board of governors appoints director of each institute out of the name suggested by the search cum selection committee, which is also constituted by board. In Earlier draft of bill has provision of President elect the director as he visit the institute as a visitor but now Human Resource development had removed that provision of choosing directors.
All IIMs are registered under the societies and unable to grant degree to their students including PhD as well. HRD Minister said in statement of objects and reason that the post Graduate diploma in management programme which is equivalent to MBA was unaffected , the fellow programme which is equivalent to PhD has not been able to attract enough students without formal degree, required to develop a strong base in country. He also said in his statement that the reservation in admission will be as per the central government educational institutions Act 2006.
The board of each institute shall include one chairperson, one nominee one from each state and central government, four eminent people including one woman and all members should be from distinguished in different field of education, industry, commerce, social service or from public administration. Two faculty members one from SC/ST section and at least five persons from alumni or who are the members of society of institute would also become the board member. According to Press Trust of India HRD Minister emphasized that there must be three women candidate in board.
According to the IIM Bill 2017, each IIM will be evaluated for its review and performance of institutions by their governing board members within first three years of establishment and thereafter at least once in every three years. Also these institutes would receive grants-in-aid if required and these institutions will have l maintain their proper account records of each session which would be audited by Comptroller and Auditor General (CAG).
This bill said now the IIMs are not only able to attract large interest of students but help in empowering these institutions to attain good heights and standard of global excellence. This bill also lay down that there would be a coordinate forum with an eminent person as its chairman. This forum would discuss the common interest issues of all the IIMs. Union HRD Ministry on Thursday also signed a deal with state owned Canara Bank to set up Higher Education Financing Agency (HEFA) that will take over financial powers of the University Grants Commission.
Prakash Javadekar after signing this deal said the institutions like IIM will soon get complete autonomy and would get funds from HEFA and UGC and will only act as a body for certification. He said the HEFA will start funding higher educational institutions before the start of the next academic session. He said this move was taken as Modi government is not satisfied with the functioning of UGC and to curb its power this decision was taken. UGC mishandling the deemed universities and does not has proper functionality for these kind of institutions.