The Indian institute of Management Act, 2017

One of the essential factors in a society is the education status that promotes the progress of a nation. Education in various aspects imparts new visions on the concerned subjects that eventually evolve a human being in a better form. In India education is having a respectful place of honor in an individual’s life right from the childhood. Though education plays an important role in the Indian society certain areas of education were never given a deserved position. Apart from the basic education there is a wide variety of subjects are being taught in professional courses arena and professional management courses has inevitable impact on Indian Education system.

Considering the prominence of management course institutions, The Indian institute of Management Act 2017 was enacted on 31st December 2017. The act has 39 sections in 6 chapters and schedule. The schedule specifies the 20 institutions of management in various states in India recognized and subject to the provisions of the act. By virtue of the Act the Indian institute of managements are declared as institutions of National importance. The purpose of the Act is to have institutions elevated to global standards of excellence in the field of management, research, training in the allied courses offered.

In chapter 2 the act states the incorporation of the institutes and in Chapter 3 states the Board of Governors acts as the principal executive body or authorities of institutes. An academic council is also constituted subject to the act for every IIM where the academic body is conferred with the power to decide the academic content, guidelines and rules for examination, process and criteria for admission of courses. The academic council consists of Director, Dean in charge, faculties, coordinators and centres, departments, schools of the institute and members. Apart from the academic council by virtue of Section 29 chapter 5 a coordination Forum is also instituted in each IIM which includes higher education secretary as ex officio, the director of institute as ex-officio, four chair persons of institutes, five eminent personalities from academia and public service and compulsorily one among them is to be a woman.

The act also enumerates power to audit institutions from time to time by comptroller and auditor general of India.
Section 34 of the act enumerates Central Government’s power to make rules and regulations from time to time and section 39 deals with the transitional powers of the Board with retrospective effect subject to the act.

The Act has given ample power of operation in the field of Academics to every IIM but had also laid restrictions stations in a meeting with HRD ministry that the institutes are empowered only to impart degrees for the courses of two years duration or more and if any courses need to be offered it would be subject with Government’s permission.
Even subject to rules and regulations of the act and Government the IIMS of India is providing and exhibiting extra ordinary achievements in the Global scenario.

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