To increase the acceptability of its graduates worldwide, the prestigious Indian Institutes of Management (IIMs) would soon award degrees to its students instead of diplomas.
After a quarterly review meeting with IIM directors in Lucknow on Tuesday, Union human resources development minister Kapil Sibal said, "Degrees will enhance the acceptability of IIM graduates."
Already, there is a consensus among IIM directors regarding this, he said. "All we need is to work out the modalities."Only universities are empowered to award degrees to its students. The IIMs do not enjoy this power. Awarding degrees to students was one of the recommendations of the IIM Review Committee, which submitted a report to the MHRD recently.
"In several foreign countries, people feel diplomas are inferior to degrees," said Sibal.
Once IIMs begin awarding degrees, it will help students negotiate with foreign recruiters. A degree certificate would also offer them better opportunities if they want to study abroad, added an IIM professor.
There are other plans to boost the quality of education and life at the IIMs.
"The institutes would soon have a national-level think-tank body to raise the bar of education, which would be drawn on the lines of the National Law Academy," Sibal said.
The institutes also plan to bring out world-class journals, single-handedly or in association with premiere institutions of south-east Asian countries.
Some of the new IIMs are running from rented premises and the matter would be addressed soon. Students there would be getting world-class residential facilities, he said.
Sibal also said in about a decade, there will be a "global trend" in which a large number of foreign students would come to India for studies and the country's premier management body would benefit from it.