New Delhi: The Indian Institutes of Management (IIMs) want govt. to grant them autonomy in setting remuneration for the faculty. In this regard, many IIMs have already conveyed their demands to the IIM review committee headed by former Maruti chairman RC Bhargava.

At present, the salary of IIM professors is decided on the basis of a scale. So irrespective of which IIM a faculty teaches at, salaries for each level are same across these institutions. Now the IIMs want freedon in deciding the salaries for their professors.

On the issue, an IIM director said, "At the salaries we offer it is impossible to get the best that is available in the country, forget about competing with B-schools across the world. We subsidies doctoral students, but they don't join the faculty, because they get more lucrative offers from industry. Consider this: a PHD in management who is being taken on as an assistant professor will earn Rs 29,000 per month, which is much less in comparison to offers made by the industry. The choice is clear, unless one is committed to teaching".