The IIM Bill, 2017 was passed by the Rajya Sabha on 19.12.2017. With this, the Bill stands passed by both Houses of Parliament. Thus, the prestige and popularity of IIMs will get enhanced as Institutions of National Importance. The IIMs will have degree granting powers and autonomy as envisaged in the Bill.

The Bill empowers IIMs to attain standards of global excellence in management education, management research and allied areas of knowledge.

The IIMs, in their new configuration, will play a key role in sensitizing management education to the vision of inclusive, equitable and sustainable national development goals in order to contribute holistically to the society. They will support and develop programmes promoting social and gender equity. They will develop educational programmes and faculties that advance the cause of education, teaching and learning, across disciplines. They will support and collaborate with management institutions and other educational institutions in India. They will co-operate and collaborate with educational or management institutions in other countries to extend the interests of management education and research.

In short, the IIM Bill 2017 brings to the Institutes due autonomy with accountability as well as freedom and flexibility in operations with due answerability to the stakeholders. Thus, the IIM Bill 2017 is progressive and path-breaking in many respects.