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 and the overall strategy of IIMs is overseen by the IIM council. The IIM Council is headed by India's Minister of Human Resource Development 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.
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 post graduate 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.
The Union Cabinet, on 24 January 2017, approved the Indian Institute of Management Bill, 2017 which, if passed, would declare IIMs as Institute of national importance and enable them to grant degrees and further bring many other important changes to the institute. The bill was passed by the Lok Sabha on 28 July 2017 and by the by the Rajya Sabha on 19 December 2017.