IIMs allowed to branch out within and outside India: Sibal

The Indian Institutes of Management (IIMs) can now open offices within and outside the country and the boards of governors have full powers to create posts within the approved norms.

The board of governors of IIMs can now amend rules within the framework of the memorandum of association as also acquire and dispose of property not fully or partially funded by the government, Kapil Sibal, minister for human resource development (HRD) said today.

IIMs can approve their own budget and also manage the funds generated on their own. However, he said, autonomy should go hand in hand with accountability in that 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.

Sibal was speaking on the sidelines of a meeting with chairpersons and directors of IIMs on the future vision of the IIMs and the necessary steps to be taken to achieve them.

Sibal said the government has taken a number of steps in the last one and half years to provide autonomy to the IIMs.

The meeting considered various committee reports on certain key issues, including the RC Bhargava committee report on the new governance structure for IIMs.