Union Minister for Human Resource and Development Kapil Sibal sanctioned Rs 95 crore to increase the research output at the IIMs. The sum has been approved for an additional 100 PhDs from the IIMs. The council also decided that every IIM has to undergo an audit process every three years. The IIMs will face an external social audit and peer review of their performance every three years, so that the government can “identify aberrations and take corrective measures”, HRD Minister Kapil Sibal said after a meeting.
The B-schools have also decided to share admission information between them in order to ease the pressure on students and ensure that seats are filled in the new IIMs.
Sibal met the chairpersons and directors of the 13 Indian Institutes of Management (IIMs) to discuss key reforms in the admission procedure and financial and administrative autonomy of the institutions.
Reviewing the report on reforming the IIMs by Maruti Suzuki India Ltd chairman R.C. Bhargava led panel, it was noted that in order to give greater autonomy to IIMs, Memoranda of Association and Rules of Ahmedabad and Indore have been finalized. The process of revision of MoAs of Bangalore, Lucknow and Kozhikode are underway.
Professor Pankaj Chandra, the director IIM Bangalore mentioned that the process of devising a faculty review system after consultations. He also offered to lead the discussion on bringing out a quarterly journal of IIMs showcasing the research in the IIMs.
IIM Calcutta and Kozhikode jointly offered to organize an international conference bringing together the foremost management thinkers on a platform and learning from global experiences.
In order to attract global students and faculty, the government plans to upgrade IIM accomodation and facilities to world-class standards, informed. Sibal. The top management institutes of the country will also upgrade facilities in hostels and make residential facilities of a world-class level for which a scheme may be prepared by existing IIMs jointly.