Finally, roads have been cleared for the prestigious business schools to open their campuses in foreign countries as central government, in principal, has given its nod by addressing long pending demand of Indian Institutes of Management.

IIM council is scheduled to meet next year to complete modalities and prepare a blue print for setting overseas campuses.

Besides, government is set to offer more autonomy to top IIMs for appointing board directors and choosing remaining directors. Informing about the decision, Director of IIM Kozhokode, Debashish Chaterjee said, "Union HRD Minister Kapil Sibal has promised us no interference and is willing to give us more autonomy."

Government has agreed to mitigate its role in the appointments of directors and board members of top B-schools as informed by Union Human Resource Development Minister Kapil Sibal. He asserted, "We will have a collegiums process through which appointments to the Board and of Directors to the IIMs will be made."