The bill grants complete autonomy to the IIMs which are the epitomes of quality management institutions of India. It allows for the formation of a board headed by a chairperson elected for 4 years and deans for respective colleges elected for 5 years. The institutes will get the freedom to design their curriculam as per the latest industry needs without government intervention. Most importantly they will be able to award degrees rather than diplomas to their students making them globally acceptable.