IIMs moving to global shore!

IIMs moving to global shore!IIMs moving to global shore!IIMs moving to global shore!

The Indian Institutes of Management that have finally been allowed to throw off their shackles and go global by opening new centres in and outside the country.

The much-awaited decision was taken at a meeting of IIM directors chaired by the union human resources development minister, Mr Kapil Sibal, on Wednesday.
To give the IIMs more elbow room to operate and innovate in the global scenario, the meeting also ratified several steps to increase their autonomy.

IIM boards will now get the power to create posts, amend rules within the framework of memoranda of association, approve their own budget and dispose of property not funded by the HRD ministry. Oct. 13: A crucial meeting was in the offing to empower the IIMs by allowing them to open international campuses and enjoy more autonomy.

The Union human resources development minister, Mr Kapil Sibal, said in a statement later that autonomy should go hand in hand with accountability.

The faculty, the director and the board should take steps to prepare annual action plans and key performance indicators at each level and be fully accountable and transparent, he added.

The meeting also decided to restrict the number of board members of IIMs to 14 as per the recommendation of committee set up to propose a new governance structure for the institutions. It was chaired by Mr R.C. Bhargav, chairman of IIM Ranchi.

IIMs have also been allowed to hike salaries of directors and faculty from the funds they generate as recommended by a panel headed by Mr Ajit Balakrishnan, chairman of IIM Calcutta. Faculty members have been asked to submit individual work plans at the start of the year.

To generate more funds, IIMs would also set up a development office, prepare a fund raising policy and conduct road shows.

These suggestions were made in the panel on fund raising chaired by Mr Hari S. Bhatia, chairman of IIM Raipur.

Source: DC

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