IIMs will be institutes of National Importance

With the Union Cabinet approving a Bill that proposes to declare Indian Institutes of Management (IIMs) as Institutes of National Importance, these premier institutions are set to join an elite list.
An Institute of National Importance, in India is defined as one which serves as a pivotal player in developing highly skilled personnel within the specified region of the country or state, according to information on AICTE website.
Only a chosen few institutes make it to this coveted list and are usually supported by the Government of India or even any other international institutes to develop centers of excellence in research, academics, and other such elite schools of education.

In India, all of the IITs, NITs, AIIMS, NIPERs, ISI and some other institutes are Institutes of National Importance.
After the Parliament passes the IIM Bill 2017 and it becomes and Act, the IIMs too will join this coveted list.