Indian Institutes of Management Act, 2017

The bill was approved by the Union Cabinet on 24January 2017. The Act was introduced as a bill in the Lok Sabha by the Minister of Human Resource Development, Prakash Javadekar, on 9February 2017. The bill was passed by the Lok Sabha on 28July 2017, and by the Rajya Sabha on 19December 2017. After receiving the President's assent, the bill became an Act on 31December 2017. == Provisions ==

The Act declares Indian Institutes of Management as institutions of national importance and grants them the power to grant degrees. Board of governors The Act provides for the creation of a boards of governors, which would act as the principal executive body for each IIM, and would appoint onedirector for each IIM, whose pay is 225,000 in seventh pay commission but who is entitled to a variable pay. == Aftermath ==

Even after the commencement of the Act, not all IIMs granted degrees in the first year of its commencement. IIM Lucknow, IIM Ranchi, IIM Rohtak and IIM Ahmedabad granted postgraduate diplomas, whereas IIM Bangalore, IIM Calcutta, IIM Indore, IIM Udaipur, IIM Visakhapatnam granted degrees. In March 2018, IIMs were told at a meeting with HRD ministry that the Act only empowered them to grant degrees for courses with duration of twoyears or more. Further, the ministry told the institutes that, for them to confer degrees not mentioned in the University Grants Commission Act, 1956, the institutes would have to seek the government's permission. IIMs were also asked to chalk up their action plan and outline their long-term strategy. == References ==