NIFT Act 2006 published in the Gazette of India on 14th July, 2006 confers Statutory Status on the Institute. The Act came into effect from 1st April, 2007. The President of India is the 'Visitor' of the Institute under the Act. The Act empowers the Institute to award Degrees and other distinctions. NIFT is the first premier institute in India to award its own Degrees in the field of Fashion Education.
The Degrees awarded by the Institute are recognised by the academia worldwide. The Institute confers Degrees to the graduates in the Convocation Ceremony marking the occasion when the students leave the realms of the Institute to take up key leadership positions in the industry.