Union minister of human resource & development Kapil Sibal on Saturday met the directors

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of all the Indian Institutes of Management and discussed with them on how the institutes should face up to the challenges of the 21st century.

The minister urged the IIMs to set up three groups, which will be headed by the likes of RC Bhargava and N Damodaran.

“The first group will look into the issues of governance and under this they will specifically look at efficient functioning of the board, empowering the directors and the board members, the role of the board and the issues of accountability,” Sibal told reporters after the meeting.

The second group will cater to the issues of the faculty and the nature of research being done at each of the IIMs. Further, it will also focus on the recruitment of faculty, the contract employment of the faculty members, restructuring of the syllabus keeping in focus the emerging economy, he added.

The final group, Sibal said, will deal with the issues of funding. “It is difficult to always increase endowments to the IIMs and so they should source money from the alumni, the business communities and the industry,” he said.

Also, the IIMs should look at publishing journals like the Harvard Business Review. Finally, the institutes will have to prepare reports on each of these groups along with a fourth report on their five-year visions and long tern visions.