The HRD Ministry led by Arjun Singh is working on a law to curb the financial independence of the six IIMs. Through the Institutes of Management Act the ministry has proposed to limit the funds received by B-schools to only the annual grants from the government.
If this law is passed, the IIMs will also have to submit their financial records for review to the Parliament, making them answerable to the Government. The IITs have been governed by a similar law, Institutes of Technology Act, since 1961.
Source: Economic Times
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