INDIAN INSTITUTES OF MANAGEMENT (IIM) ACT 2017

Salient features of Act:

1. It declares 20 existing Indian Institutes of Management (IIMs) as institutions of national importance.
   
   
2. It grants greater administrative, academic and financial autonomy to the IIMs. The government will have no say on the appointments or fees at these institutes. There will be only a periodic, independent review of the IIMs.
   
   
3. It allows them to award degrees to their graduates. Until now, since they haven’t been governed by an act of Parliament nor overseen by the University Grants Commission (UGC), IIMs have been awarding students post-graduate diplomas.
   
   
4. A coordination forum will be set up, which will include representation from the 20 IIMs. It will discuss matters of common interest to all IIMs and will work as an advisory body.
   
   
5. The Board of Governors will be the executive body of each IIM, comprising upto 19 members.
   1. It will nominate 17 board members including eminent persons, faculty members and alumni. The remaining two members will be nominees from the central and state governments, respectively.
      
      
   2. The Board appoints its own Chairperson.
      
      
   3. The Board of Governors will appoint the Director of each IIM.
      
      
   
   
   

Recent Development:

• The Central government has approved the process of constitution of new Boards for Governors for the Indian Institute of Management (IIMs) as per the Section 10 of the IIM Act 2017.
  
  
• In accordance with the Act, the central government has decided to immediately withdraw the government nominees who are in excess of the provisions of the Act, which will pave way for complete control of the institutions by reputed academicians and alumni.
  
  
• This process is expected to be completed before December 15, 2018. It is a major development which signals complete autonomy of IIMs.