New Delhi, Jan 25 (IANS): Stressing the significance of autonomy of higher educational institutions, HRD Minister Prakash Javadekar on Wednesday said the government was committed to freeing premier institutes from government control.

"We want to free the intuitions of excellence from government control and micro management. This is an effort to change the mindset that if you fund an institution you need to control it," Javadekar said a day after the Cabinet approved the Indian Institutes of Management Bill, 2017 to grant them complete autonomy. 

Besides enabling the IIMs to confer degrees instead of diplomas they have offered so far, the institutes would get statutory powers and their management would be board-driven. 

"India lacks in innovation and innovation comes with young minds working freely. These young minds should not be afraid of failure or concerned that questions will be asked on their failures. No questions will be asked. 

"The autonomy that has been granted comes with a purpose - to enhance these institutes' capabilities, to encourage innovation. In fact, it is the philosophy of Modi government to nurture and encourage innovations and creativeness of the youth," he said. 

Javadekar said the government would continue to fund the institutes but sans government control and micro management. 

"Of course, the IIMs will have their inner accountability with the CAG auditing their accounts and their annual reports being put before Parliament," he said. 

The minister exuded confidence the bill would be unanimously passed in the budget session of Parliament.