Indian Institute of Management acronym as IIM’s is a bunch of 20 (as on 21st May, 2018) entirely autonomous institute of management education and research spread across India. These state of the art management schools are meant for imparting training to some of the brilliant brains in the country in the management skills through various postgraduate courses offered by them.
The only binding force between these six world-renowned management schools is their excellence in imparting management education and the common entrance test known as CAT (Common Admission Test) in general parlance.
The establishment of IIMs was initiated by the first Prime Minister of India Shri. Jawaharlal Nehru based on the recommendation of the Planning Commission of India. It all started with Dr. Vikram Sarabhai and a few other highly spirited industrialists realizing that agriculture, education, health, transportation, population control, energy, and public administration were all vital elements in a growing society and that it was necessary to link these meaningfully with industry for the fast and sustained growth of the economy. This resulted in the creation of the first IIM in, Ahmedabad in 1961 with active collaboration of the Government of India, Government of Gujarat, and industry followed by five more IIM’s although entirely autonomous throughout India.
IIMs are registered as societies under the Indian Societies Registration Act. Each IIM is autonomous and exercises independent control over its day-to-day operations. However, the administration of all IIMs is looked upon by the IIM council. The IIM Council is headed by Union HRD Minister and consists of the chairpersons and directors of all IIMs and senior officials from the Ministry of Human Resource Development of the Government of India.
These highly rated management institutes of National importance run various postgraduate and diploma courses to uplift the managerial skills of their students. The two-year Post Graduate Programme in Management (PGP), offering the Post Graduate Diploma in Management (PGDM), is the flagship programme across all IIMs. These postgraduate diploma programmes are considered equivalent to regular MBA programmes. Some IIMs also offer a one-year Post Graduate Diploma Programme for graduates with more work experience. Some IIMs offer the Fellow Programme in Management (FPM), a doctoral programme. The Fellowship is considered to be equivalent to PhD globally. Most IIMs also offer short-term executive education/EMBA courses and part-time programmes. Some IIMs also offer unique programs, like IIM Indore's Five Year Integrated Programme in Management and IIM Lucknow's Working Managers’ Programme of three years.
Over the years these IIM’s has grown enough to have a global reputation, imparting high-quality management education. They have been playing a pioneering role in professionalizing Indian management through their Post Graduate and Doctoral level programs, Executive Training Programs, Research and Consulting Activities.
These institutes serve as entirely independent bodies, continually evolving to meet its goals in an ever-changing business environment. They are always on a hunt for overseas collaborations in order to get maximum global exposure through exchange programmes for their students and have attained considerable success in this endeavour of theirs.
The Union Cabinet, on 24 January 2017, approved the Indian Institute of Management Bill, 2017 which declares IIMs as Institute of national importance and enables them to grant degrees and further bring many other important changes to the institute. The IIM bill was passed by the Lok Sabha on 28 July 2017 and by the Rajya Sabha on 19 December 2017. After receiving the presidential assent, the IIM bill has become an Act on 31 December 2017. The List of 20 IIMs is given below in the chronological order of their Foundation.