The move is aimed to bring targeted reform to develop itself as a flagship institution for conducting international and domestic arbitration.
The Union Cabinet also approved "The Central Educational Institutions (Reservation in Teachers' Cadre) Bill".
The Cabinet decision will address the long-standing demands of persons belonging to SCs/STs/SEBCs and ensure their rights envisaged under the Constitution. It will also ensure providing of 10 per cent reservation to EWS, an official statement said.
The decision will allow filling up of more than 7000 existing vacancies by direct recruitment in Teachers' Cadre with 200 point roster.
According to the official statement, the move is expected to improve the teaching standards in the higher educational institutions by attracting all eligible talented candidates belonging to SCs, STs, SEBC, and EWS.
The Bill will replace "The Central Educational Institutions (Reservation in Teachers' Cadre) Ordinance, 2019" and will be introduced in the forthcoming session of the Parliament.