The Indian Institutes of Management Bill, 2017
- The Indian Institutes of Management Bill, 2017 was introduced by the Minister of Human Resource Development, Mr. Prakash Javadekar in Lok Sabha on February 9, 2017. The Bill declares the Indian Institutes of Management (IIM) as institutions of national importance. IIMs provide post-graduate, doctoral, post-doctoral and research education in the field of management and allied areas of knowledge.
- Objectives: The objectives of IIMs include: (i) educating and supporting leaders who can contribute as professional managers and entrepreneurs; (ii) carrying out research, publication, consultancy and advisory work to advance new knowledge and innovation; (iii) developing educational programmes that advance the causes of education, teaching and learning across disciplines; and (iii) collaborating with management institutions and other educational institutions in India.
- Powers of the IIMs: Under the Bill, IIMs will have powers and functions which include: (i) administration and management of the institutes; (ii) regulations for admissions; (iii) evaluation through examinations; (iv) granting of degrees, diplomas and other academic distinctions or titles; and (v) determination, specification and receipt of fees and other charges levied by the institutes.
- Board of Governors: Board of Governors shall be the principal executive body of each institute. The Board is responsible for the general superintendence, direction and control of the affairs of the institute. The powers of the Board include: (i) policy decisions; (ii) annual budget estimate approvals; (iii) formulation of development plans; and (iv) creation of academic, administrative, technical and other posts, etc.
- The Board shall comprise 19 members including: (i) a Chairperson, who is a distinguished person in the field of management or other such field; (ii) nominees from central and state governments; (iii) faculty members; (iv) eminent persons; and (iv) the director of the Institute.
- Appointment of the Director: The Director of each IIM shall be recommended by the search-cum-selection committee to be constituted by the Board of Governors. If the Board is not satisfied with the recommendation of this committee, it may ask for fresh recommendations for the post of the Director.
- The Director shall typically hold the post for a term of five years, except in the cases of resignation or removal.
- Academic Council: The Academic Council shall be the principal academic body of each institute. Its functions will include: (i) specification of the academic content of the academic programmes and the criteria and process for admission to courses; (ii) specification of the academic calendar and guidelines for conduct of examination; and (iii) recommendations for the grant of degrees, diplomas and other academic distinctions.
- Funding: The IIMs will discharge their functions on the basis of grants received from the central government. All institutes will be required to maintain a fund which will be credited with funds received by it from the central government and any other sources.
- Each institute shall also create a corpus fund for long term sustainability of the institute. This fund will be credited by a certain percent of the net income of the IIM and donations made specifically towards it.
- The accounts of every IIM shall be audited by the Comptroller and Auditor General of India.
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