New Delhi, July 28 (KNN) The Rajya Sabha on Thursday passed the Indian Institute of Information Technology Public Private Partnership (IIIT-PPP) Bill 2017 after which statutory status will be granted to the fifteen IIITs established in PPP mode and will be declared as Institutes of National Importance.

The bill has already been passed in Lok Sabha. Dr. Mahendra Nath Pandey, Minister of State (HRD) told the Rajya Sabha that this bill is required to grant degrees to the students IIITs set up in PPP mode.

IIITs in PPP mode has the concerned State Government and industry partners as stakeholders and, therefore, have a different governance structure, including composition of Board of Governors, nomination of Chairman, appointment of Director, etc.

It is also supposed to be self-sustainable within 5 years of commencement and, therefore, needs to have appropriate financial process in place.