“They’ve (law ministry) mostly suggested changes to the language. The spirit of the Bill is the same,” said a senior ministry official, who did not wish to be identified. “We’re aiming to introduce it during the Budget session
Unlike the IITs, which are governed by their own Act of Parliament, the IIMs are run by registered societies and therefore, award postgraduate diplomas at the end of their two-year programmes instead of an MBA. The proposed legislations will make the IIMs institutes of national importance and confer degree granting powers.
The Bill, when passed, will mainly benefit graduates applying abroad for research opportunities. Currently, an IIM alumnus has to request his or her respective institute to provide a certificate saying that the diploma is equivalent to an MBA degree in India. This step will also help IIMs gain global recognition and attract more foreign students. As of now, their international appeal is limited to students of Indian origin.
Source: The Economic Times