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 of the heads of all 13 IIMs here on Wednesday.

This would mean that the premier management institutions would remain accountable to the government, while maintaining their autonomous status. The process of drawing up new Memoranda of Association to ensure that their administrative and educational functions are free of government interference has been completed at the IIMs in Ahmedabad and Indore, said Mr. Sibal. It is still underway at Bangalore, Lucknow and Kozhikode.

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 newer IIMs. For example, once it has published its own admission list, IIM-Ahmedabad could pass on details of applicants who did not make its cut-off to the newer IIMs along with their marks at the interview stage, so that the newer institutions can consider those students without a fresh interview process. The IIMs will also post individual admission criteria on their websites.

In a bid to make the IIM curricula more relevant to the needs of the emerging Indian economy, Mr. Sibal said that an expert group would be set up to explore the areas which need management graduates, including non-core areas such as health, education and agriculture.

“There was a consensus that we must shift our focus from providing personnel for investment banks,” said the HRD Minister. “The IIMs must help meet the national agenda.”

In order to attract global students and faculty, the government plans to upgrade IIM accomodation and facilities to world-class standards, said Mr. Sibal, adding that funding could be finalised for the 12th Five Year Plan. In another initiative, IIM faculty could be shared through the National Knowledge Network, he said.