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The HRD ministry has dispatched the Indian Institutes of Management Bill, 2015, to the Union Cabinet on March 11. The proposed law is expected to come up for Cabinet approval before the budget session of Parliament resumes on April 20, said a senior ministry official.

This bill aims to authorize 13 premier B-Schools to offer degrees in lieu of diplomas to its students at the end of the two-year MBA programme. 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.

This bill is mainly beneficial to graduates applying abroad for research opportunities. The appeal of IIMs is limited to only India but after this bill they will be recognized internationally too. The bill also proposes to create an overarching body headed by HRD minister and chairpersons and directors of all IIMs as members. The bill will make the President of India the visitor of all IIMs and also introduce a term of four years for chairpersons of each IIMs.