16 December 2023 | B W BUSINESSWORLD | 51 The goal of the Prime Minister is to make India a $5-trillion economy by 2027. How will the Vibrant Gujarat Global Summit 2024 help achieve it? Prime Minister Narendra Modi has set a vision to make India a $5-trillion economy in the coming years. The government has taken several proactive initiatives, including Aatmanirbhar Bharat, PM Gati Shakti Master Plan, the production-linked incentive scheme, transparent and predictable tax system, reducing compliance burden, ease of doing business, ease of living, and Make in India, to realise that dream. Keeping his vision in mind, Gujarat has also set a target to contribute 10 per cent or more to the national economy by 2026-27. One initiative that was conceptualised in 2003 by Modi, who was then chief minister of Gujarat, was the Vibrant Gujarat Global Summit (VGGS). What began as a modest event in 2003 has evolved into one of the most reputed global forums for business networking, knowledge sharing, and strategic partnerships for inclusive growth and sustainable development. Since its inception, the summit has played a significant role in attracting investments to the state. Due to investor-friendly policies and a conducive industrial atmosphere, an impressive 1,04,872 projects were proposed through MoUs and investment intentions from 2003 to 2019, which we consider a resounding success of the summit. Further, in the run-up to the VGGS 2024, as of November 20, 2023, Gujarat has inked MoUs with over 55 companies, anticipating the creation of job opportunities in various sectors. Under the Ease of Doing economic initiative, Gujarat has implemented a number of measures to enhance the state’s economic environment. Could you please elaborate? Gujarat’s robust industrial infrastructure gives the state an edge over other places. The development of special investment regions, logistical hubs, and dedicated industrial parks helps companies launch operations quickly and effectively while also lowering operational costs for them. The state’s strategic location on India’s western coast ensures excellent connectivity via ports, roads, and air links, making Gujarat a pivotal trading hub. Important ports like Mundra, Kandla, and Dahej simplify logistics for companies seeking international expansion. The government has formulated policies across 20 sectors on a par with other global policies, which cater to the needs of industry players. We were the first state in India to introduce a dedicated semiconductor policy. The Gujarat Single Window Clearance Act, 2017 aims to facilitate a process for the speedy issuance of various licences, clearances, and certificates required for setting up a business unit. The theme of VGGS 2024 is Gateway to the Future. Which newly-developing areas would your government prioritise to draw in domestic and foreign investment? We are eager to explore more about emerging sectors such as semiconductors and ESDM, green ammonia and hydrogen, renewable energy, aerospace and defence, AI, IOT, fintech, cybersecurity, hi-tech manufacturing, and consumer products, in addition to all currently operating sectors. We are aggressively cultivating an all-encompassing ecosystem, with a focus on fuel cells, electric vehicle production, green ammonia and battery storage. Recently, the PM discussed his plans for a ‘Blue Economy’, which are part of his Maritime Amrit Kaal-Vision 2047. How does Gujarat intend to become a global leader in the blue economy? Gujarat was a pioneer in the marine sector and is quickly becoming a global leader in the ‘Blue Economy’. Gujarati ports led the Logistics Ease Across Different Status (LEADS) Index in FY 2022–2023 with their 5,538 lakh MTPA contribution to national marine traffic. The state “Prime Minister Narendra Modi has set a vision to make India a $5-trillion economy in the coming years ... Keeping his vision in mind, Gujarat has also set a target to contribute 10 per cent or more to the national economy by 2026-27”
52 | B W BUSINESSWORLD | 16 December 2023 is becoming an important ship-building destination in South Asia. Furthermore, the ship recycling plant located in Alang is among the biggest worldwide, accounting for over 30 per cent of global recycling volume and around 98 per cent of India’s total recycling capacity. In addition, the Gogha-Hazira Ro-Pax ferry service, which cuts the travel time from 10–12 hours to three–four hours, marks the start of a significant revolution in the transportation industry. In order to highlight India’s rich and varied maritime grandeur, the National Maritime Heritage Complex (NMHC) is being built in Lothal. It would be the first facility of its type in the nation. With one main port, 48 minor ports, and a 40 per cent share of the country’s cargo handling, Gujarat is well-positioned to be a key player in the global blue economy. Could you provide more details about Gujarat’s efforts to promote renewable energy and the green hydrogen sector, and how the state is positioned to become a leader in India’s green economy? Gujarat’s renewable energy capacity has crossed 22 GW, which is 15.5 per cent of India’s total renewable energy capacity. We are also developing the world’s largest hybrid renewable energy park in Kutch. Not only this, but we have also set a target to generate 100 GW of renewable energy under our Green Hydrogen Mission. Recently, we launched the Gujarat Renewable Energy Policy to promote wind, solar, and hybrid technology-based renewable generation projects. Having the longest coastline in India and an abundance of renewable energy resources, our goal is to fully realise our potential for the production and export of green hydrogen. Gujarat has also earmarked 1.99 lakh hectares to five companies for the development of a RE power plant for green hydrogen production. Gujarat is blessed with a diverse natural, cultural, and geographical history. What steps are being taken to boost the state’s tourism industry? Gujarat’s tourism sector has grown remarkably in the past two years. The state has continuously seen an increase in the number of international visitors, with Gujarat leading the way with 20.70 per cent of all foreign visitors to India in 2022. Gujarat ranks among the top five destinations in India for domestic tourism. Gujarat welcomed 15.40 lakh international visitors as of August 2023; by December 2023, it is expected that this number would have risen to two million. The first Indian city to be listed as a World Heritage Site by UNESCO was Ahmedabad, a historic walled city. In Kevadia, the ‘Statue of Unity’ has become a popular tourist destination. In addition, as part of the ‘Development of Iconic Sites’ project, we are actively prioritising famous sites like Dholavira, a UNESCO World Heritage Site. The coveted title of ‘Best Tourism Village’ has been bestowed on Dhordo Village in the Kutch area by the United Nations World Tourism Organization (UNWTO). The community is well-known for holding the Rann Utsav every year. The state’s heritage, historical, religious, spiritual, environmental, and adventure tourism sites can now be more easily explored by foreign visitors, thanks to the innovative ‘Atithyam’ portal designed by our government. “Gujarat’s renewable energy capacity has crossed 22 GW, which is 15.5 per cent of India’s total renewable energy capacity. We are also developing the world’s largest hybrid renewable energy park in Kutch. Not only this, but we have also set a target to generate 100 GW of renewable energy under our Green Hydrogen Mission” INTERVIEW
54 | B W BUSINESSWORLD | 16 December 2023 The diamond sector will see new opportunities with the building of the Surat Diamond Bourse. How can we meet the growing demand for skilled labour in this industry? The diamond industry in Gujarat plays an important role in creating job opportunities, catering to both skilled and unskilled workers. With a workforce exceeding 9,00,000 people, this sector makes a significant contribution to our state’s overall economic development. Dream City has been built in Surat to accommodate the expanding needs of the diamond industry in residential and commercial areas, as well as to support the growth of the Diamond Trading Company. The Surat Diamond Bourse would be India’s second diamond trading hub, offering direct employment to 1,50,000 individuals. Since a highly skilled workforce is required, the Indian Diamond Institute (IDI) was established in Surat. Through comprehensive education, the institute, which specialises in different elements of diamond creation and manufacturing, hopes to improve India’s competitiveness in jewellery design and worldwide quality standards. Gujarat is also spearheading several initiatives to promote the labgrown diamonds sector, including R&D support to develop indigenous technologies and skill development support to encourage skill upgradation for the existing workforce. WHO has established its Global Centre of Traditional Medicine in Jamnagar. In what way will your government explore the medical value travel market? The establishment of WHO’s Global Centre of Traditional Medicine (GCTM) in Jamnagar is a testament to our recognition of traditional medicine’s key role in healthcare. The WHO-GCTM, with representatives from over 80 traditional systems worldwide, will tackle challenges in regulation and integration. This UN outpost strengthens Jamnagar’s global position, ensuring universal access to quality healthcare and essential medicines. Gujarat also offers an opportunity to combine medical treatment with tourism and pilgrimage. Gujarat is regarded as the country’s hub for pharmaceuticals and has the ability to become a global leader. How do you plan to promote the pharmaceutical sector? With a commanding 30 per cent share in India’s pharmaceutical market and a substantial 28 per cent share in the country’s pharmaceutical exports, our state’s future is promising. The state is home to several major pharmaceutical companies. Some of the pharma companies in Gujarat have been expanding their global footprint through mergers and acquisitions with international companies and are setting up subsidiaries and marketing offices overseas. We have diversified our business ventures to encompass generic production, R&D, contract research and manufacturing organisations, bulk drug manufacturing, and the development of new chemical entities, ensuring a bright future ahead. Additionally, our government has initiated a ‘Scheme of Assistance for Biotechnology Industry’ under the Gujarat State Biotechnology Policy to further support the pharmaceutical industry. The Gujarat government launched a project called ‘Vibrant Gujarat Vibrant District’. In what ways has it encouraged investment around the state to link possible hubs with major investment events such as VGGS 2024? The ‘Vibrant Gujarat Vibrant District’ festival was conducted in all 32 districts and four metro cities of the state, including Ahmedabad, Vadodara, Surat, and Rajkot, in October 2023. Through this initiative, we have successfully entered into 2,614 MoUs, which are expected to generate more than 1,70,800 job opportunities for our youth in the coming years. This initiative has led to the creation of a conducive district-level ecosystem while improving both investments and business activities. “The Surat Diamond Bourse would be India’s second diamond trading hub, offering direct employment to 1,50,000 individuals. Since a highly skilled workforce is required, the Indian Diamond Institute (IDI) was established in Surat. ” INTERVIEW
Industry Exposure Rankings Internships 2023 2022 2023 2023 Amongst top 100 Management Colleges Ranked 4 among top Eminent B-School for Super Excellence in INDIA Ranked òé amongst îop B-Schools in INDIA Ranked 1fi amongst the top 150 B-Schools in INDIA Jagan Institute of Management Studies Technical Campus 3, Institutional Area, Sector-5, Rohini, New Delhi-110085 9871-097-501 [email protected] 45184000/ 01/ 02/ 03 www.jimsirohini.org MCs Industr Research Projects Live Projects Social Projects Research Paper & Publications DevelopinV ?SpSbilities for Business LeSCership *PGDM equivalent to MBA by AIU 30 years of Empowering Ambitions Placements Accredited by NBA Accredited by A Associ!tion to Adff!nce (olleffli!t Schools of Business A;;roffed by A13-0 PGDM (MBA*) PGDM (MBA*S International Business PGDM (MBA*S Retail Management Highest Package 22 L 11 L 8.10 L Top 20% Package(Avg) Average Package Top Alumni Smita Tirkey Puneet Grover Rohit Gupta Abhishek Bajpai Jatin Sabharwal Associate Director Manager - Strategy and Transactions (SaT) President - Unsecured Personal oans Director-Sales & Partnerships Industrial ºonsulting | Marketing | Growth | Knowledge | System s Top Recruiters
56 | B W BUSINESSWORLD | 16 December 2023 The energy transition of a nation also depends on the readiness of a nation to embrace the transition. According to World Economic Forum [1], energy transition depends on system readiness and transition readiness. These factors include economic development and growth, environmental sustainability, security and access, capital and investment, regulation and political commitment, institutions and governance, infrastructure and innovative business environment, human capital, and energy system structure. India has a mixed result across these parameters. Average electricity prices on India Energy Exchange have seen a 35 per cent hike in FY2023 compared to FY2022. Demand-supply mismatch for energy poses a question against the affordability of energy. This explains the dependence on non-renewable energy sources and subsequent rise in emissions. Energy price hike will also pose a question before the accessibility of energy. Thanks to the Revamped Distribution Sector Scheme (RDSS), the aggregate technical and commercial power losses are reduced to nearly 16.4 per cent in FY2022 [2]. However, this figure is comparatively higher than that of the peers. The jobs in the renewable energy sector are indeed rising. But is the issue of potential unemployment in the thermal power sector addressed? Policy pushes towards shifting the energy demand from non-renewable to renewable might soon A close look at the steps that are needed to ensure a greener energy future OLICY ENDEAVOURS towards greening the Indian economy started with inception of the Commission for Additional Sources of Energy in the Department of Science and Technology in 1981. However, formation of the Sustainable Development Goals (SDGs) has accelerated the process. In recent years, the outcomes of these endeavours are even more visible. Renewable energy generation has gone up by more than 3,000 times in the last three decades (see Figure 1). However, a bird’s eye view of the energy consumption pattern in India (see Figure 2) tells a different story. Coal and oil still account for more than 80 per cent of the energy consumption in India, whereas hydro energy and renewables account for only 10 per cent. The rising energy demand is still fulfilled by non-renewables. According to British Petroleum Energy Outlook 2023, it is surprising to note that the rise in the energy consumption and carbon dioxide emissions during the last three decades are between 3.3-3.4 per cent. The SDG dashboard also shows the presence of significant challenges in the attainment of SDG 7 objectives. It indicates India’s energy-led growth trajectory to be environmentally unsustainable. Of course, it might be debated that we still have miles to go to achieve the clean energy transition. But “how many” miles? That remains a burning question. ENERGY TRANSITION IN INDIA: Where Are We Heading? By Avik Sinha P GUEST COLUMN
16 December 2023 | B W BUSINESSWORLD | 57 aggravate this issue. Amidst the challenges, female participation in the renewable energy sector remains a silver lining. Though the participation rate of 11 per cent is lower than the global average of 32 per cent, the score is climbing up. Leaving this gap might marginalise women in the journey towards green and make then economically vulnerable. So, are we moving in the wrong direction? It will be too soon to answer this question, as there are still “miles” to go. An inclusive policy framework might streamline the policy instruments towards the objective of greening the economy. Phase-wise implementation plans, avoiding overnight changes in the energy sector, including the financial institutions in the policy framework, introduction of carbon footprint-linked interest rates, interest rate subsidies for clean energy firms, and utilising the interest income for subsidising the renewable energy might be some of the solutions to achieve the core objective. The cost of externalities might be reduced by a tangential framework design. It should start with strengthening the human capital of India by gradually moving down the educational levels, smoothening the pathway for women to join the green workforce, and arranging proper skill development and rehabilitation plan for the labour employed with the thermal energy generation plants. This tangential focus will help in sustaining the core policy framework while reducing the cost of externalities. Streamlining these solutions should make the dream of “Carbon Neutrality by 2070” a realisable one. So, “how many” miles do you think? The author is Associate Professor, Economics & Public Policy, Management Development Institute, Gurgaon References [1] Singh HV, Bocca R, Gomez P, Dahlke S, Bazilian M. The energy transitions index: An analytic framework for understanding the evolving global energy system. Energy Strateg Rev 2019;26:100382. https://doi.org/10.1016/j. esr.2019.100382. [2] Ministry of Power. National Level AT&C Losses in Power Network down from 22.3% in 2020-21 to 16.4% in 2021-22. Press Inf Bur India 2023. https://pib.gov.in/ PressReleaseIframePage.aspx?PRID=1947709. [3] British Petroleum. BP Energy Outlook: 2023 edition. BP Energy Economics Division: 2023. [4] Sachs JD, Lafortune G, Fuller G, Drumm E. Sustainable Development Report 2023: Implementing the SDG Stimulus. Dublin: Dublin University Press; 2023. https://doi. org/10.25546/102924. Figure 1: Trend of Renewable Energy Generation in India in 1990-2022 [3] Figure 2: Share of Energy Sources in Total Energy Mix in India [3] Figure 3: Status of Global SDG 7 Attainment [4] e 1: Trend of Renewable Energy Generation in India in 1990-2022 [3] ure 2: Share of Energy Sources in Total Energy Mix in India [3] Figure 3: Status of Global SDG 7 attainment [4] e 1: Trend of Renewable Energy Generation in India in 1990-2022 [3] ure 2: Share of Energy Sources in Total Energy Mix in India [3] Figure 3: Status of Global SDG 7 attainment [4]
ON 4 August, the Lok Sabhapassed the Indian Institutes of Management (Amendment) Bill, 2023, which aims to make the management of the IIMs accountable to the President of India. The earlier IIM Act, which had come into force in January 2018 had granted the premier B-schools more autonomy. Replying to a debate on the Bill in Parliament, Union Education Minister Dharmendra Pradhan, said that the Union government had no intention of interfering with the autonomy of the IIMs. The Bill was subsequently passed by the Rajya Sabha on 8 August and has since passed into an Act. The new Act, which amends the IIM Act of B-SCHOOL SPECIAL ESSAY By Abhishek Sharma 2017, stipulates that the President will be a visitor to the IIMs and will possess powers to audit their functioning, order investigations and appoint or remove directors. It clarifies that: “The Visitor may appoint one or more persons to review the work and progress of any institute, to hold enquiries into affairs thereof and to report in such manner as the Visitor may direct. The board may also recommend to the Visitor an enquiry as deemed proper against the institute which has not been functioning in accordance with provisions and objectives of the Act.” TOP B-SCHOOLS GET SET FOR INDUSTRY 5.0The IIMs have been shaken and stirred not just by an amendment in an Act, but the lurking spectre of Industry 5.0 that makes new demands on placement requirements. BW Businessworld takes stock of the IIMs in this special edition Photograph by Speakingpics 58 | B W BUSINESSWORLD | 16 December 2023
Critics argue that the law undermines the autonomy of the IIMs and implies a major dilution of their independence. India’s principal Opposition party, the Indian National Congress, has accused the central government of attempting to control the IIMs and ensure ideological conformity through this amendment. The Act, says Congress General Secretary Jairam Ramesh, was an unwelcome aversion to independent decision-making. Several IIM directors too have expressed their concerns saying that the concept of a visitor is a free pass for the government to exert direct control over the IIMs. According to the directors, the current model of an independent board governing Bschools has proven successful internationally and could also work in India. It is in this backdrop that we present our annual feature on the best business schools in India. Over the years, India has become one of the leaders in the field of management education. According to the Graduate Management Admissions Council, India has the second-largest pool of management graduates in the world. This phenomenon no doubt, has been achieved through the sheer explosion of the number of B-Schools around the country. Not all of the mushrooming business schools conform to the same standards of quality, however. The reputation of the legacy institutions, the, the Indian Institutes of Management (IIMs) have remained unimpaired and they continue to churn out quality human resources who make their presence felt in almost all walks of life. These institutes have now been shaken and stirred as they prepare to keep abreast of industry expectations, particularly industry 5.0 – which loosely refers to a production model that depends on the interaction of humans and machines. Changing Expectations Talking of industry 5.0 and changing industry expectations, Debashis Chatterjee, Director, IIM Kozhikode tells BW Businessworld that “B-Schools do not run according to the QSQT (quarter se quarter tak) syndrome of the industry. We are an educational institution and do not always get led by industry; we lead industry through our knowledge and systems. I am not beholden to industry; I am beholden to the currency of my thinking and the industry will follow us.” Chatterjee adds that 5.0 is not going to be radically different. It will be a point of technology taking over routine work. The rest of what technology cannot take up becomes a province of business, management and leadership. What artificial intelligence (AI) cannot do is intuitive thinking, connecting the dots, recognising patterns from data, he points out. Industry 5.0, incidentally, emphasises the convergence of human skills with management and technology, making the ability to handle complex human interactions and collaboration even more crucial, especially in the post-pandemic and hybrid work-culture era. “Industries now look for graduates who not only possess technical expertise in their specialised fields but are also well equipped with essential people skills,” says Himanshu Rai, Director, IIM Indore. Rishikesha Krishnan, Director, IIM Bangalore is of the opinion that industry expects students to be conversant with digital technology and the digital and business interface, since all businesses are done on digital platforms 16 December 2023 | B W BUSINESSWORLD | 59
60 | B W BUSINESSWORLD | 16 December 2023 now. And because of digitisation, companies are generating a lot of data. “This data enables companies to do business in a very different way. So, today’s B-School graduates need to know what questions to ask, how to derive conclusions from data to make new products and serve the existing ones,” Krishnan points out. Tech Savvy B-Schools India has seen a significant boom in the digital ecosystem in recent times, especially during Covid-19 when educational institutions were forced to go online to conduct classes. For the B-Schools, technology is not new as it has been a crucial part of their curriculum, be it in learning how to take major decisions on investments and markets or to utilise Tableau to understand data. The increasing use of artificial intelligence (AI) and GenAI has had a multifaceted influence and has significantly shaped how management education is delivered and experienced. With advanced e-learning platforms and tools increasingly offering unprecedented flexibility and accessibility, students can now access lectures, study materials and interactive resources from virtually anywhere, enabling more personalised and self-paced learning. “AI has significantly changed our mental models and we have to be analytically sharp. This is the old-school system,” says the Director of IIM Kozhikode. “Things that AI can do; it should be allowed to do. There is no reason why the recruiter who is doing the preliminary check on students should come down to the campus. A lot of recruitment has gone online. All the fringe aspects of corporate life are taken care of and technology has made it very transparent that you don’t have to waste time and energy on these,” Chatterjee goes on to say. Artificial intelligence and data analytics have, moreover, become integral components of management education, enabling students to analyse and leverage data for informed decision-making. This aligns with the growing demand for datadriven skills in the corporate world. Rai says, “We at IIM Indore have also included electives on cyber security, cryptos, etc. to keep our students updated. We also include simulations in our curriculum to help students enhance their skills. This integration of virtual and augmented reality enhances the learning process by creating immersive experiences. Students can engage in real-world simulations and interact with complex data sets, sharpening their problem-solving skills.” Research & Development It is very crucial for business schools in India to establish themselves as leaders in management research. The IIMs have put up comprehensive research strategies which comprise a range of policies, incentives and funding. At IIM Udaipur, the management allows standard teaching hours to be 90 so that the rest of the time can be allocated for research. The information available on their official website reads, “Seed money grants of USD 7,000 per project are available to the faculty. A faculty member can have three active seed projects as the principal investigator. An annual development allowance of USD 5,000 is provided to each faculty member for attendance at national and international conferences and other research-related travel.” “AI has significantly changed our mental models and we have to be analytically sharp. This is the old-school system,” Debashis Chatterjee, Director, IIM Kozhikode Photograph by Zuperia B-SCHOOL SPECIAL ESSAY
16 December 2023 | B W BUSINESSWORLD | 61 Swanand Deodhar, Chairperson, IIM Ahmedabad says, “At IIMA research is recognised as the foremost academic practice. Our research capability is firmly rooted in the diversity of intellectual interests of the faculty, wherein members undertake research on cutting-edge interdisciplinary topics. Further, consistent with our motto, research at IIMA also informs and takes forward management practice. Our faculty makes a conscious effort to undertake practically relevant knowledge-creation pursuits.” The road forward is undoubtedly exciting. As technologies become central to human actions, novel and unprecedented opportunities will become apparent. “As the R&P office, we are committed to supporting such intellectual ventures,” reiterates Deodhar. Leading in ESG As the world faces threats from climate change, the importance of communicating these concerns to all stakeholders is extremely necessary. Observers in academic circles say that moving beyond environmental, social and governance (ESG) was the need of the hour. So how do the business schools aim to play a role in this endeavour? For starters, management institutes can boost students’ overall leadership capability. An attempt to inculcate sensitivity to climate change is being made at IIM Banglore through institute-wide sustainability initiatives like reducing the carbon footprint, better water usage and increasing use of solar power. The institute has produced its first carbon footprint report this year. Students have their own initiatives like clubs, where they hone their social sensitivity. Krishnan believes that leadership is developed not in the classrooms alone, but through practice, on platforms like clubs and projects. At IIM Kozhikode, the management ideates on
62 | B W BUSINESSWORLD | 16 December 2023 and discusses climate future, among other topics. The institute is setting up a climate lab to compare multiple districts of India. What technology can do is a micro picture of districts and “What we have to do is make decisions and policies based on that. In B-Schools too, there has been a shift from a nano-stakeholder view of reality to a larger ecological view,” asserts Chatterjee. Since these institutions have a pivotal role to play in providing solutions and leadership in these areas, the IIMs are expected to lead by example by integrating sustainable practices into their own operations and curriculum. This involves promoting eco-friendly business strategies, fostering resource efficiency, reducing waste and adopting green technologies. Rai says, “IIM Indore is actively contributing to these efforts through the establishment of ANVESHAN, Centre of Excellence (CoE) for waste management and Water, Sanitation and Hygiene (WASH). ANVESHAN is making a tangible impact by training senior officers from 4,800 urban local bodies (ULBs) and municipal bodies across India. These senior officers gain the knowledge and tools required to effectively manage waste and address water, sanitation and hygiene challenges in urban areas through specialised management development programmes.” Distance Courses: A Big Dilemma The IIMs do not offer distance learning programmes. They offer mostly short-term career enhancement programmes provided in distance learning mode. Interestingly, Management Development Institute (MDI) Gurgaon is offering online certificate programmes in the two categories of ‘Long Duration Certificate Programmes’ and ‘Short Duration Certificate Programmes’ in different functional areas of executive education. Such online programmes facilitate working professionals to pursue executive education without compromising their professional and business engagements. Hence experts believe that India needs courses that give people a chance to gain a broad understanding of business. Bhimaraya Metri, Director, IIM Nagpur, Chairman, All India Board of Management Studies, AICTE and Chairman, WG-Distance Education Bureau, UGC, informs that universities scoring high in NAAC are permitted to run distance learning courses. Even though the flagship on-campus MBA/ PGDM programmes continue to grow strong, distance and online programmes run by B-Schools are also becoming popular. This is especially true of executive education, as working professionals want anywhere, anytime learning. He insists that even in the case of certificate programmes like those on cyber security, students come for campus modules to be familiar with the campus and interact with peers. Therefore, hybrid rather than online is the future, he opines. “At IIMA research is recognised as the foremost academic practice. Our research capability is firmly rooted in the diversity of intellectual interests of the faculty, wherein members undertake research on cutting-edge interdisciplinary topics. ” Swanand Deodhar, Chairperson, IIM Ahmedabad Photograph by Fotosederik B-SCHOOL SPECIAL ESSAY
64 | B W BUSINESSWORLD | 16 December 2023 B-school fraternity and corporate world remembered the stellar work that legendary management guru Pritam Singh did in his lifetime, at the 3rd Dr Pritam Singh Memorial (PRISM) Conference 2023 B-SCHOOL SPECIAL PRISM CONFERENCE 2023 Management guru PRITAM SINGH has left an indelible mark on the management education landscape. A highly respected authority, who served as director of IIM Lucknow and MDI Gurgaon, published extensively, he received the Padma Shri in 2003. The imprint he left upon fellow academicians, students and industry leaders was clear at the 3rd PRISM conference, organised by the Dr Pritam Singh Foundation and Birla Institute of Management Technology (BIMTECH), Greater Noida. Leading figures of academia and industry fondly remembered their association with Pritam Singh. They also dwelt upon the present-day concerns that management education must address. P. Dwarkanath, President, Dr Pritam Singh Foundation, Suresh Narayanan, Chairman and Managing Director, Nestle India, Bharat Bhaskar, Director, IIM Ahmedabad, and a galaxy of other speakers addressed the gathering during the three-day event. Speaking on the sidelines of the event, Team BW Businessworld spoke to some of the speakers on the changing industry requirements, ESG and the technology challenge. We bring to you a cross-section of views: “INDUSTRY LEADERS SEEK MEANINGFUL CONTRIBUTIONS FROM GRADUATES” n Suresh Tripathi, CHRO, Air India T he business world is a mosaic of locations. As Bschools prepare students for this diverse professional landscape, it becomes imperative for them to inculcate an understanding of the significance of diversity, sustainability, and related agendas. Students, coming from varied backgrounds with distinct mindsets, need to recognise the core roles, as these elements play an important role in business processes and management. Rather than being perceived as add-ons, diversity and sustainability should be integrated into the fundamental fabric of B-school education. HONOURING PRITAM SINGH’S LEGACY
16 December 2023 | B W BUSINESSWORLD | 65 In today's rapidly evolving industry, the expectations of Bschool graduates have changed. The industry demands agility, requiring graduates to swiftly adapt to changing agendas and align themselves with contemporary business needs. Industry leaders seek graduates who can contribute meaningfully from day one, necessitating a curriculum that aligns with current industry requirements. B-schools play a pivotal role in shaping the future workforce. By integrating diversity, sustainability, and industry-relevant curricula, they can empower graduates to navigate the complexities of the modern business landscape successfully. “INDIAN BUSINESS SCHOOLS ARE PRODUCING BOTH EMPLOYEES & ENTREPRENEURS” n Anil Sahasrabudhe, Chairman of the National Educational Technology Forum; Chairman of NAAC; and Chairman of NBA B usiness schools have a prominent place in determining the industries’ direction and employability graph for a huge population. Hence, the performance of these business schools is important to scrutinise on specific parameters. I think B-schools in India are doing very well in terms of the quality of education. Even in terms of creating employable graduates, some of the schools are converting the graduates into entrepreneurs. However, there is a need to improve the quality of education at some B-schools. Therefore, when we make accreditation mandatory, the B-schools will have to go through the quality processes for internal quality assurance cells for high-quality faculty and also get people from industry as professors. So that students get first-hand, high-quality content as desired by the industry. In order to match global standards, what is the latest in the field has to be translated into our curriculum, making use of industry experts in curriculum formation, not just academicians. Photographs by Naval Kishor Photograph by Ritesh Sharma
66 | B W BUSINESSWORLD | 16 December 2023 “TIME TO IMPROVISE NOT SO-PREMIERE BUSINESS SCHOOLS” n Mendu Rammohan Rao, Former President, AIMS, and Former Dean Emeritus, ISB Hyderabad I ndia consists of multiple categorisations among the business schools based on their location and accreditation. Indian Institutes of Management (IIMs) carry its standards while the other top B-Schools also follow the same legacy by assembling the right curriculum and involving skilled faculty to lead the students on the right path. I believe that we need to work on improving the quality standards of business schools situated in Tier-II and Tier-III cities. The top business schools are doing well as they are prepared for the chain. However, I’m not so sure about the second- and third-tier schools whether they are prepared for a lot of changes that are going to take place in terms of artificial intelligence, machine learning, and so on. We have to think of ways of improving the business schools in Tier-II and Tier-III cities. Many international schools are coming here to capture the Indian market. But the thing that we don’t realise is why people go abroad. Do you think that they’re going abroad just for studies? No. They are also going abroad for jobs. It’s fine that international schools are coming up in India, but if they are not able to provide jobs, then it will be a problem. “B-SCHOOLS NEED TO INTEGRATE MODULES ADDRESSING ESG PRINCIPLES” n Manu Wadhwa, CHRO, Sony Pictures Networks While discussing the dynamics of contemporary corporate governance, there must be an emphasis on sustainability and especially on encompassing environmental, social and governance (ESG) considerations. I think it is imperative for educational institutions, specifically business schools, to integrate comprehensive modules addressing ESG principles. This is not merely a matter of producing polished boardroom presentations. It has become a mandatory requirement for publicly-listed companies to transparently articulate their contributions to the company and the broader societal context. The expectations of the industry from business schools have undergone a paradigm shift over the last decade. A discernible transformation exists in the profiles of professionals entering the workforce today as compared to those from a decade ago. One such significant distinction is the contemporary professional’s dual focus on both life and career goals. Secondly, there is an increasing emphasis on technological proficiency, which requires individuals to maintain a proactive stance in terms of technological and digital literacy. Lastly, there is a heightened sense of self-awareness among the current generation of practitioners, presenting a departure from the past where individuals often tailored their personas to conform to societal expectations. This authenticity in self-presentation is a positive development for the industry at large. B-SCHOOL SPECIAL PRISM CONFERENCE 2023
16 December 2023 | B W BUSINESSWORLD | 67 “ACADEMIAINDUSTRY COLLABORATION CHALLENGES OLD CONVENTIONS” n Nishchae Suri, Managing Director, Cornerstone T aking a broader perspective on the collaboration between industry and academia, it is a symbiotic relationship characterised by a continuous exchange of knowledge. For instance, if we look at the relationship between medical schools and hospitals, academia challenges conventional wisdom, tests new ideas, and develops innovative models. This evolving knowledge is then applied and tested in a practical sense by the business world. The collaboration thrives on a dynamic exchange of information and ideas, challenging old conventions and posing new, thought-provoking questions. This collaborative spirit not only enriches academic research but also provides industry practitioners with insights that can be applied in realworld scenarios. The continuous cycle of questioning, learning and practical application ensures the growth and adaptability of both academia and industry as they navigate the evolving demands of the professional landscape. Regarding Narayan Murthy’s recent comment on the 70-hour workweek, it's crucial to re-evaluate the traditional focus on working hours and shift the conversation towards the quality of output. The metric of hours can be misleading, as competence and workload significantly vary among individuals. In the contemporary corporate landscape, driven by the expectation to achieve more with less, the emphasis should be on smart work rather than an arbitrary number of hours. A s we step into a new era of work, characterised by the infusion of cuttingedge technologies and evolving work paradigms, the persistence of skill gaps remains a reality. The advent of transformative technologies, such as artificial intelligence, presents unprecedented opportunities and challenges, demanding a significant overhaul of traditional work structures. It is imperative for students to not only grasp these changes but, more crucially, to develop the capacity to unlearn and relearn in the face of rapid technological evolution. To stay relevant, the students must adopt a mindset of continuous learning that involves upgrading their skills every six months to a year. Organisations, cognizant of the evolving work landscape, often leverage internships as a means of identifying and absorbing talent. By providing challenging projects, the companies enable individuals to showcase their capabilities. For academia, fostering regular interaction between students and industry, coupled with involvement in research activities, becomes paramount. This dynamic engagement equips students with profound insights into organisational works, enhancing their learning experience. In essence, bridging the gap between academia and industry involves instilling in students not just static skills but a mindset attuned to change. By embracing continuous learning, students can thrive in a dynamic work environment. “CRUCIAL FOR STUDENTS TO UNLEARN & RELEARN AMIDST TECHEVOLUTIONS” n Sanjay Lakhotia, Co-founder & CEO, Noble House Consulting
68 | B W BUSINESSWORLD | 16 December 2023 TRANSFORMATIVE SHIFT: ADAPTING B-SCHOOLS TO INDUSTRY n Vipul Singh, SVP & Head of Human Resources, ADP I remember that in 2002, only single-digit students were in management education streams in India, but today the number has increased to 26-28 per cent. This is largely due to economic upliftment, globalisation and government steps. Tech schools and B-schools have made HR streams more accessible and available by providing opportunities for students. However, the industry demands new skills, and schools need to upgrade the quality of education and faculty skills. While some schools are doing well, others are far behind. In terms of internships, companies are not doing well. I believe that after a three-month internship, students should look for live projects that could be very meaningful, and if companies invest time in live projects, it could provide significant opportunities for both the students and the companies. Also, academia needs to adapt to meet the needs of the industry to keep up with the changing demands of the industry. Lastly, I would advise B-schools to make some investments in infrastructure, faculty, and course re-engineering. ACADEMIC EVOLUTION: EMBRACING DIVERSITY, SUSTAINABILITY AND SKILL n Chitbhanu Nagri, Senior VP, People Operations, Razorpay With diversity, ESG, and sustainability, there has been an increase in conscious education and awareness within the academies these days. The academy has seen a shift in education and awareness of business-relevant skills, with students becoming more aware of their responsibilities and rights. For me, the key business expectation is how academia will impart these skills, whether it’s in niche technology or the fundamentals of business. Students are expected to understand the current nuances of business. There is also a greater focus on the reinforcement of foundational skills, as students are expected to know the fundamentals of business and how well they understand them. This has resulted in a more conscious approach to education and understanding in the professional world. We should make internships as a long-term investment. In my organisation at ‘Razorpay’ we have set up a yardstick that the minimum duration of the internship is three months. Lastly, the academic world is not as adaptable as the corporate world when it comes to adapting new technologies and innovations, and enhancing foundational capabilities in these areas can provide a better ROI. B-SCHOOL SPECIAL PRISM CONFERENCE 2023
16 December 2023 | B W BUSINESSWORLD | 69 REVOLUTIONISING B-SCHOOLS: ADAPTING TO TOMORROW'S CORPORATE DEMANDS n Abhishek Tiwary, Global Head, Tech Mahindra Over the past five years, the corporate world has significantly impacted the curriculum of B-schools, with many still catching up. Curriculums should be reviewed every 18-24 months, as technology can quickly take over the world. Institutions should be agile enough to adapt to the changing landscape, and there is a need for diversity, strategy, technology and data conversations. Both academia and corporate conversations need to adapt to the changing world. To foster a successful partnership, students must interact with managers and team leaders. This interaction can take different shapes and perspectives, and the partnership must be done at the top level. I believe that to ensure success in the future, students should open up their minds and create solid networks beyond their comfort zone. They should not only be masters of one subject but masters of many things. As an example, I started as a navy officer. Then I studied journalism for two years and then came to the corporate world, demonstrating the importance of fostering collaboration and adaptability in the corporate world. Lastly, I believe that instead of emphasising work-life balance, organisations and students should concentrate on work-life quality. IMMERSIVE LEARNING & EXPOSURE TO REAL-LIFE ISSUES CAN LIFT BUSINESS SCHOOLS n Asha Bhandarker, Distinguished Professor, International Management Institute I n the last few years, a major problem has emerged among educational institutions. They missed the industry demands, which affected their employability graph and placement numbers. In the last few years, business demand has increased. The changing industry requires a different kind of skill set. The management schools need to do a lot to meet the industry’s requirements. Also, the pace of performance in business schools is slower than desired. Apart from the top 20 business schools in India, we need to improve the performance of the other thousands of business schools in India. The intervention of advanced technology has changed the whole scenario. Now, the industry demands people with specific skill sets. The business schools need to provide immersive learning, experiential learning, and exposure to real-life problems. It is also important that, to provide immersive learning, professors and faculty need to upskill themselves. Immersive learning and on-site learning are the factors that have made the International Management Institute stand out among all the institutions. We follow a combination of theory and practical knowledge. Interviews by Savi Khanna, Shruti Tripathi and Himanshu Ojha
Many B-schools have often devolved into degree-factories churning out graduates with certificates but lacking in skills -SCHOOLS HAVE long been the bastions of business education, promising to shape future corporate leaders and entrepreneurs. Yet, as businesses transform at a breakneck speed, it appears that the Bschools have failed to keep pace with the industrial applications of what they teach. The result? Graduates equipped with theoretical knowledge but struggling to bridge the gap between classroom concepts and real-world challenges. Business schools, once the fount of research and innovation in the corporate world, have lost their way. Rather than being the crucibles of visionary leadership and practical acumen, many have often devolved into degree-factories churning out graduates with certificates but lacking in the skills and wisdom needed to navigate today’s complex business landscape. TICKET TO CUSHY JOBS It appears that they persist, not due to the profound impact they have on education, but rather because the society places its hope in them as job providers (that’s why placements track record adorn the advertisements of B-schools). It’s a stark reality: B-schools have often become degree-granting institutions more focused on volume than value, and it’s high time for them to rediscover their true purpose and mission. The high costs and time commitments, coupled with a curriculum that can feel outdated in our tech-driven world, have left many graduates (and their parents) drowning in debt and devoid of practical skills. As the global workforce pivots towards valuing experience and adaptability over mere credentials, the MBA’s reputation as a one-size-fits-all solution is eroding. B-schools appear overrated because they promMBA — TO ‘B’ OR NOT-TO-BE B-SCHOOL SPECIAL COLUMN By Srinath Sridharan B The high costs and time commitments, coupled with a curriculum that can feel outdated in our tech-driven world, have left many graduates (and their parents) drowning in debt and devoid of practical skills ise the path to success, but the reality often falls short of the expectations they set. This is a significant social concern as many students invest significant time and resources in pursuing an MBA, with the hope of a brighter future, only to face disappointment when the actual outcomes do not match the rosy projections made by these institutions. The gap between what’s taught in the classrooms and what is expected in the corporate world has never been more evident. Many educators, while undeniably knowledgeable, often seem out of Photograph by Ijsphotography 70 | B W BUSINESSWORLD | 16 December 2023
16 December 2023 | B W BUSINESSWORLD | 71 porate world. This means fostering creativity, critical thinking, adaptability, and emotional intelligence alongside traditional business knowledge. It’s about nurturing problem solvers and ethical decision-makers, not just exam-takers. Furthermore, B-schools should strengthen their connections with the industry. Faculty should engage with real-world business challenges, update curricula regularly, and invite industry leaders to impart their wisdom. The walls separating academia from industry need to be lowered to create a more symbiotic relationship that benefits both. In a world where the skill sets required for success in business are rapidly evolving, B-schools must adapt. Are they adequately equipping students with life skills such as personal finance management, digital literacy, effective articulation, and adaptability? The era of content readily available across the internet begs the question: What differentiates a good teacher from an information repository? The answer lies in the ability to inspire, guide, and mentor. A good teacher is not just a conveyor of facts but a cultivator of curiosity and critical thinking. They are the ones who make education come alive, fostering a deep understanding of the subject matter and its real-world implications. TRUE ESSENCE OF B-SCHOOLS What the world needs are not MBA factories churning out graduates by the numbers but institutions dedicated to nurturing well-grounded managerial talent. The true essence of business education lies in shaping individuals who possess not just theoretical knowledge, but the practical skills, ethical compass, and adaptability needed to succeed in the real world. It’s the industry that should actively shape these talents, providing them with real-world experiences and mentorship. The key lies in fostering a symbiotic relationship between academia and industry, where learning transcends textbooks and becomes a dynamic, hands-on journey towards producing the leaders of tomorrow. It is high time for B-schools to refocus their efforts on nurturing not just business acumen, but also the fundamental life skills required for graduates to flourish in an ever-changing world. The future of business education depends on this transformation, and the choice is clear: evolve or risk irrelevance. The author is a policy researcher and corporate advisor touch with the rapid and pragmatic realities of today’s industries. The result? Graduates who possess theoretical prowess but lack the adaptability, resilience, and practical skills needed to thrive in the professional world. SKILLS-EXPECTATIONS DIVIDE The corporate landscape now requires individuals who can navigate the complexities of globalisation, adapt to technological disruptions, and lead with ethics and innovation. Are B-schools delivering on these expectations? Some are, undoubtedly, but many are struggling to bridge the theory-topractice divide. The reinvention of pedagogy is long overdue. It’s time for B-schools to reassess their curriculum and teaching methods to reflect the realities of the cor02 December 2023 | B W BUSINESSWORLD | 71
72 | B W BUSINESSWORLD | 16 December 2023 upwards of Rs 30 lakh. So, I think the MBA is too long for today’s world and institutes must convince industry of the value of their students to get attractive salaries. IS THE EMPLOYER KEEN ON MBAs? There was a time when companies took pride in hiring the best from the best. These were times when loyalty was a given, training programmes were planned etc. Today’s employer wants a RTS (ready-to-serve) MBA; the average company does not have the patience to train and retrain fresh MBAs. The management trainee programme that started as an 18-month programme in most companies is now down to between 6 to 12 months even in the companies that believe in and invest in the management trainee programme. More Lateral hiring has made employers think differently about sourcing talent. So, I submit, the employer is not as keen as before. ARE B-SCHOOLS FACING REALITY? B-schools urge the students to see reality in the case studies. However, the B-school leadership needs to see a new reality. The new reality is to do with their business model. The business model of B-schools is fees-based in India and that works when the government underwrites everything in the IIMs. That’s not true for private B-schools or newer B-schools. The dependence on fees must come down and the B-school must be open to MBAs mistake articulation with communication. The B-school needs to focus on listening HE MBA DEGREE is about 115 years old. The degree has changed with the times but I believe it’s at the crossroads right now. It starts with the skill sets it teaches. The World Economic Forum outlined three critical skills for the next decade: • Critical Thinking Skills • Complex Problem Solving • Creativity To this I add Collaboration and Communication which are softer skills. Let’s look at the MBA degree and see how it prepares graduates on future skills. I will address this by looking at five questions: IS THE TWO-YEAR MBA TOO LONG AND TOO EXPENSIVE? The MBA programme has many versions, Executive MBA, E MBA, 18-month MBA, etc. From a fresh graduate’s perspective, a two-year MBA seems fine. However, for many young working people in the West, a two-year MBA is a break from work and two years is a long and costly affair. So many of them are opting for the one-year option. Most freshers or experienced people do an MBA to enhance their earning capacity. The fees at B-schools are moving up but salaries are not moving up except in the top 20 Indian B-schools. At ISB, the one-year programme costs close to Rs 40-odd lakh, a top IIM degree costs you about Rs 30 lakh. There are not many jobs that offer starting salaries RETHINK NEEDED AT B-SCHOOL B-SCHOOL SPECIAL COLUMN By Shiv Shivakumar T
74 | B W BUSINESSWORLD | 16 December 2023 revenues from management development programmes, research, alumni funds, naming rights etc. Without this pivot, many B-schools will go bankrupt. So, B-schools need to rethink their reality. IS THE PEDAGOGY VALID TODAY? I link this back to the five skills I started with. I think the B-school is still good at teaching critical thinking skills. I think the B-school is not good at complex problem-solving pedagogy. This is so because they are teaching in the old two-dimensional world when the situation in every industry is three-dimensional with time as a big third dimension. Creativity was always a weak point with MBAs. They have always been known for left brain thinking and being analytical and logical. The MBA course needs to pivot some of its sessions to include creativity. MBAs mistake articulation with communication. One can be articulate and communicate nothing. The B-school needs to focus on listening as much as speaking and focus on the ability to communicate words with feelings to create more inspirational leaders. The B-school degree is a competitive one where students outdo each other in class participation, in case presentations etc. The MBA degree does not encourage collaboration. So, the B-school must rethink its approach to collaboration building. ARE PROFESSORS AT B-SCHOOLS INDUSTRY CONNECTED? The professors at B-schools could do a lot more research and address industry issues and future focused issues. A lot of the cases are from 1980s or 1990s. We need material that’s current and topical and need much better collaboration between B-schools and the industry. Till there is good collaboration, we will not see better connect. The MBA is and will always be an aspirational degree. However, with the pace of change, every MBA needs to go back to a formal refresher once every five years. Maybe that’s a new idea for the B-school — a mini-MBA of, say, four weeks every five years! Both industry and B-schools need to rethink this notion of a degree for life in a word where companies don’t have a life! The author is a management thinker and leadership coach. He is currently serving as the Operating Partner at Advent International, Gurugram
76 | B W BUSINESSWORLD | 16 December 2023 From adopting the latest technologies, fighting global competition and promoting India’s ethos and values, IIM Ahmedabad is transforming and reinventing itself with changing times while staying true to its core principles irector Bharat Bhasker attributes the success and uniqueness of the Indian Institute of Management (IIM) Ahmedabad to its unwavering commitment to the motto – Vidya Viniyogad Vikas which means development through the application of knowledge. At IIMA, change is a constant as the drive to innovate and find new energy and ways constantly gives the institution an edge over its peers. The management reviews activities periodically and closely works with experts and HR managers from the industry to gather insights to further enrich its offerings to meet modern-day requirements. Its world-class faculty, unique pedagogy and focus on catering to the needs of the industry and society are the key factors that set IIMA apart, even after more than six decades since its inception. Director Bhasker tells BW Businessworld, “Our faculty members ensure that our pedagogy is grounded, in sync with the changing industrial landscape and, therefore, practical. Through their research and industry engagements, they identify real-world challenges and bring this knowledge into the classroom to create opportunities for our students to imbibe practical and responsible decision-making WHAT MAKES IIMA A MODERN-DAY GURUKUL? skills.” With the investment in the growth of its students at every step (as it claims), IIMA wants to call itself a modern-day Gurukul where it nurtures and develops responsible leaders who are well-prepped to handle challenges, are entrepreneurial in their approach and are adept at taking responsible decisions during crisis. Tech To Teaching India’s B-schools are functioning in an industry that is constantly in flux. In the past few years, India has witnessed the stunning rise of the digital economy such as artificial intelligence (AI), virtual reality (VR), machine learning (ML) and app-based services changing the landscape of business models. While technology has played a major role in business disruption since the 1990s, operations to innovations have also been altered fundamentally in the process. Disruptions have occurred in the past and they are only intensifying by the day. Now, experts believe that management education institutes shoulder the responsibility of developing leaders who can keep businesses agile, are innovative and are capable of leveraging emerging technologies in such a scenario and helping their organisations stay competitive and relevant. Talking of solutions, Bhasker adds, “We as By Abhishek Sharma “Our faculty members ensure that our pedagogy is grounded, in sync with the changing industrial landscape and, therefore, practical” B-SCHOOL SPECIAL DIRECTOR SPEAK D
16 December 2023 | B W BUSINESSWORLD | 77 educators must stand firm on the belief that knowledge is the bedrock of all progress and development and for all the disruptions that we will come across in the future, we must know how to apply the knowledge we have gained to harness these disruptions.” As modern operations are complex and managers require an understanding of these complexities, the industry needs leaders who understand the extent to which newer technologies can impact businesses and can foresee or even create disruptions that can keep their businesses profitable. He asserts, “Our curriculum must focus on integrating diverse aspects and take a cross-disciplinary approach that offers a wider view of the industry. Furthermore, management courses must integrate global and cultural sensitivities too with an understanding of international markets, supply chain dynamics, managing cross-cultural teams and possible ways to navigate national and global policies.” Currently, for Director Bhasker, internationalisation is one of the top priorities for IIMA. As it is one of the best management institutes in India, the logical next step is to establish the IIMA brand globally. He says, “These are exciting times.” As experts claim that India is at the cusp of major economic growth even in the “We as educators must stand firm on the belief that knowledge is the bedrock of all progress and development and for all the disruptions that we will come across in the future, we must know how to apply the knowledge we have gained to harness these disruptions” Bharat Bhasker, Director, IIM Ahmedabad Photographs by Naval Kishor
78 | B W BUSINESSWORLD | 16 December 2023 says, “We keep introducing electives and courses based on our learnings from industry engagement. We realise that technology is going to play an integral role in management education in the coming years as it works better with the newer generation. We have infused technology in several aspects of our teaching and learning across programmes to which our students have responded positively.” For instance, IIMA also has a 16-month diploma programme in Advanced Business Analytics and others are on digital marketing, digital strategy, innovation, digital transformation, etc. Some other examples of electives that aim at preparing students for real-world challenges include management of bio-pharmaceutical industries, regulation in the financial sector during times of financial crisis, real estate management, reimagining telecom and next generation businesses, etc. Besides these, IIMA is also focussing a lot on the policy domain. He adds, “The Centres of Excellence that we have set up at the institute to promote research, contribute immensely to our curriculum. For instance, now we have dedicated centres for research in areas such as AI and data science, digital transformation, transport and logistics etc.” A modern-day leader needs to have the ability to drive his business responsibly and sustainably. “Our curriculum should provide a view of government policies and regulations, national and global concerns, etc. so that our students develop into responsible business leaders who set the welfare of not just the business but the society, at large, as the core of their business decisions,” Bhasker concludes. middle of a major geopolitical crisis, several foreign universities are already setting up their campuses in the country, which paves the way for collaborations that can enrich practices and help Indian education institutes synchronise their curricula with the global business environment and bring their offerings at par with global standards. So how does India’s premier B-school match pace with technology-led transformations? Well, to do that IIMA is infusing the technology into the organisation to extend its reach. “Also, there will be a renewed focus on ensuring that our curriculum and programmes are in sync with the global business environment, the Director informs. Changing Expectations In its selection process, IIMA looks for meritorious students from diverse backgrounds. Notably, the institute has seen the number of women students growing at a gradual but steady pace in the past few years. This is also applicable to the academic diversity and socio-economic backgrounds that students come from. IIMA’s Bhasker comments, “We strongly believe in making education available to encourage deserving and meritorious students. To ensure we have the best of talent coming to the Institute, we have a range of scholarships to offer. These are merit cum means scholarships awarded to deserving students.” Carrying forward this mission, IIMA has announced 30 new scholarships for the incoming Class of 2023-25. The scholarships have been contributed by the IIMA alumni through the IIMA Endowment Fund. In addition to these scholarships, it has several others in the form of awards for academic and all-round excellence and performance in specific subjects, which are either awarded by the Institute, alumni, individual or organisational donors. Talking about Industry 5.0, the Director “We have infused tech in several aspects of our teaching and learning across programmes to which our students have responded positively” B-SCHOOL SPECIAL DIRECTOR SPEAK
80 | B W BUSINESSWORLD | 16 December 2023 Rishikesha T Krishnan, Director, IIM Bangalore, shares how the institute is grooming its students for corporate and industry roles, incorporating ESG as a major plank I IM Bangalore celebrated its golden jubilee in October. The institute has become among the most coveted campuses for management education. In the recent QS rankings for 2024, its PGP programme secured the 31th rank globally, and its one-year Executive Post Graduate Programme was ranked at 48th position. Describing the factors that have taken it to this stellar position in management education, Director Rishikesha T Krishnan describes the multiple dimensions behind its success. The first factor behind the success is attracting the right faculty, he says. “You need to provide a conducive environment, that encourages them to pursue their ideas.” Good students is yet another prerequisite, “because a good faculty would like to be challenged in the classroom”. Besides that, curriculum updation, modern infrastructure, factors that are all interlinked, have been focus areas at IIM Bangalore. “The curriculum that you are teaching needs to be challenging, and at the same time contemporary. A few years ago, we did a major curriculum review in which CEOs, recruiters and other academics were also invited to identify the gaps. Out of this, three major pillars emerged – digital, data and sustainability. While these were already part of the curriculum, we ensured that the industry expectations are met to the fullest.” Further shedding light on the pillars of suc- “GOOD MANAGERIAL TALENT NEEDED FOR $5 TRILLION ECONOMY” By Meha Mathur cess, he says, “Today, all businesses are done on digital platforms. The industry expects students to be conversant in digital technology and the interface with digital and business. And because of digitisation, companies are generating a lot of data. This data enables companies to do business in a very different way. So, today’s B-school graduate needs to know what questions to ask, how to derive conclusions from data to make new products and serve the existing ones.” ESG is the other pillar for the institute. Krishnan says, “Even B-SCHOOL SPECIAL DIRECTOR SPEAK
16 December 2023 | B W BUSINESSWORLD | 81 are other key elements, Krishnan informs. Research Avenues Research & Development is an important parameter of excellence today, and determines the outcomes in rankings too. And IIMB fosters research in multiple ways. “We have centres of excellence where faculty members can work on larger projects with other faculty and research students. For example, there is a centre for supply chain management where work on green supply chain and digital supply chain is going on. Similarly, IIMB has a centre for corporate governance and sustainability, which has been working for two decades on conceptual as well as practical issues of governance related to the companies. The faculty could also do research as part of informal groupings. Krishnan informs that a group of faculty interested in healthcare are doing research in that domain, and yet another group of faculty are doing research in digital technology, and collaborating informally to drive their research. The institute provides funding, industry interaction, and other facilities for these projects. Producing Leaders Moving beyond ESG as a need, in the wake of mul- “The biggest challenge is to be abreast of all the changes – be it technological, social or geopolitical – and to continuously upgrade ourselves. The students too will have to keep their skills and knowledge current” though the legislation may not have changed, there is a huge pressure on companies to be more sustainable. What we are doing across curriculum is to strengthen the preparedness for all the three aspects of ESG, and we are strengthening our core course in business, government and society,” the director says. Other factors like right infrastructure to do research, opportunities to attend conferences and international exchanges
82 | B W BUSINESSWORLD | 16 December 2023 tiple crises the world is facing, can B-schools actually provide leadership role and produce leaders to manage these challenges? Krishnan responds that B-schools can improve students’ overall leadership capability. IIMB is doing this on multiple fronts, like institute-wide sustainability initiatives like reducing carbon footprint, better water usage, increasing solar power. The institute came up with its first carbon footprint report this year. And students have their own initiatives like clubs, where they hone their social sensitivity. Krishnan believes that leadership is developed not just in the classrooms but through practice, on platforms like clubs and projects. Changing Aspirations The need to do something purposeful, a sharper idea of work-life balance and social sensitivity are what mark the millennials and Gen Zs. At the same time, they want to have a great career in the corporate world. “In a way they want the best of both the worlds,” says Krishnan, adding, “The approach in IIMB is to provide them a platform to prepare for whichever path they want to take. We encourage them to be involved in various activities, including entrepreneurial, that will enable them to achieve all the goals they have set for themselves.” However, he reveals that their experience about students’ interest in entrepreneurship has been a little different from what is generally perceived to be – that of shunning corporate jobs in favour a startup. “The number of students who wish to launch a startup immediately after passing out is not that high. They would like to work for an existing startup to get the experience, but three to five years down the line, they would think of launching the startup – unless they already had an idea before they joined the B-school.” AI’s Impact Krishnan describes that the academic council of the institute discussed at length the impact of AI. While making the best use of AI, the students need to be able to think on their own. “We have our internal AI policy that encourages students to use AI tools, while setting boundaries and setting conditions that they need to follow.” Krishnan also points to some false and misleading results that these tools yield, and informs that the institute is making students mindful about these perils too. Opportunities and Challenges Management education, as Krishnan says, has a bright future. “The goals of the country – be it to become a $5 trillion economy or the Amrit kaal – require significant economic growth in the country. This economic growth will come from agriculture, industry and services. And this will not happen unless we have good managerial talent. Unlike other parts of the world where there is plateauing of growth and therefore limitation to employment opportunities, in India, we will see a steady demand for management graduates for years to come. Of course, they need to be adaptable to the growing requirements of the industry.” As regards challenges, Krishnan says, “The biggest challenge is to be abreast of all the changes – be it technological, social or geopolitical – and to continuously upgrade ourselves. The students too will have to keep their skills and knowledge current because what we learn today will not be adequate a few years down the line. They will have to be life-long learners. Our challenge is to make their foundation very strong, so that they can adapt to the changes.” B-SCHOOL SPECIAL DIRECTOR SPEAK
84 | B W BUSINESSWORLD | 16 December 2023 In the rapidly changing education ecosystem, IIM Indore strives to be a contextually relevant business school with global academic standards that develop socially conscious managers, leaders and entrepreneurs In the current times, India’s B-schools are confronted with a series of formidable challenges that necessitate innovative solutions for their sustained success. One of the paramount challenges is the heightened global competition and maintaining a reputation in the field of management education. The globalisation of B-schools has led to many contemporary issues and challenges affecting the quality of management education in India. To tackle such challenges, B-schools are required to establish their unique identity and global presence. Experts say that this can be achieved by the development of distinct programmes, international collaborations and a robust online presence. Notably, investing in research and innovation can further augment the global reputation of these institutions. So what Indian Institute of Management (IIM) Indore is doing differently to confront such hurdles and establish a unique identity? At IIM Indore, the Rural Engagement Programme and Executive Programme (REP) and the Himalaya Outbound Programme are providing students with hands-on experiences and leadership development opportunities. Through such initiatives, the institute is aiming for a holistic education at grassroots levels. Moreover, the institute’s collaboration with the government and various administrative bodies through several memorandums of IIM INDORE: CONFRONTING CHALLENGES, ESTABLISHING UNIQUE IDENTITY “Our commitment to providing diverse and tailored educational opportunities extends to over 180 executive education programmes, including specialised courses designed to cater to the specific needs of working professionals in the UAE and GCC nations” By Abhishek Sharma understanding (MoUs) is another step towards enhancing its engagement with policymaking and governance. “We at IIM Indore have collaborations with 45 foreign institutions in 18 nations and are among the 100 business schools with a Triple Crown Accreditation from EQUIS, AACSB and AMBA,” says Himanshu Rai, Director, IIM Indore. Notably, IIM Indore which was ranked 4th among the IIMs in the QS Global MBA Rankings 2023 dropped one rank down in this year’s rankings. But it maintained its position in the top 5 IIMs B-SCHOOL SPECIAL DIRECTOR SPEAK
16 December 2023 | B W BUSINESSWORLD | 85 offers an integrated pathway from undergraduate to postgraduate management education, has garnered substantial attention from young aspirants. Starting with 3,000 applicants in the first batch in 2011, this year it had more than 24,000 candidates appearing for the IPM admission test for 150 seats. It reflects the changing aspirations of students who are now keen to commence their management journey early in their academic careers. In addition, the Post Graduate Programme in Human Resource Management (PGP-HRM) at IIM Indore has displayed a transformation in its student composition, the Director says. Interestingly, a significant majority of female candidates have joined the programme, highlighting the increasing representation of women in traditionally male-dominated fields. This year, the institute has 91 per cent female students in the programme. The Director tells BW Businessworld that the field of executive education, including the Post Graduate Programme for Working Executives in Mumbai (PGPMX), has experienced growing interest. Working professionals now recognise the value of pursuing advanced degrees while continuing their careers. “Our commitment to providing diverse and tailored educational opportunities extends to over 180 executive education programmes, including specialised courses designed to cater to the specific needs of working professionals in the UAE and GCC nations. These programmes have not only enriched the skills and knowledge of participants but have also witnessed a notable shift in the student profile over the years,” he asserts. Recognising the evolving demands of the workforce and the need for career transitions, IIM Indore has introduced specialised offerings. These include general management programmes for senior leaders, strategic financial management programmes for executives and more. and top 10 business schools in India. Changing Landscape The landscape of business schools, including IIM Indore, has witnessed notable shifts in the profiles of students over the past decade. These changes reflect the evolving expectations, aspirations and dynamics within the realm of management education. At IIM Indore, one notable change has been the increase in the number of students applying for the five-year Integrated Programme in Management (IPM). This programme, which Himanshu Rai, Director, IIM Indore
86 | B W BUSINESSWORLD | 16 December 2023 Cruel, Cruel Tech Maintaining the reputation and quality of education at IIMs involves ongoing adaptation to the challenges presented by the increasing role of technology, especially the growing prominence of Artificial Intelligence (AI) and GenAI. With a rise in advanced e-learning platforms and tools, offering unprecedented flexibility and accessibility, students can now access lectures, study materials and interactive resources from virtually anywhere, enabling more personalised and selfpaced learning. “We at IIM Indore have included electives on cyber security, cryptos, etc. to keep our students updated. We also include simulations in our curriculum to help students enhance their skills. This integration of virtual and augmented reality enhances the learning process by creating immersive experiences, the Director informs. He adds that leveraging technology for data analytics and personalised learning can ensure a more tailored education experience, keeping B-schools relevant in the digital age. Meanwhile, in India’s B-schools, attracting and retaining top-notch faculty is also a challenge and IIM Indore addresses this by facilitating faculty development through exchange programmes with foreign universities. “Faculty should focus on research that has tangible implications for businesses and society, and the dissemination of their findings should be prioritised to benefit the broader community. Collaborative industry partnerships and advisory boards can help align the curriculum with evolving industry expectations,” asserts Rai. Educate and Equip: Youth and Industry 5.0 Every year, a flux of IIM pass-outs enter the industry with major hopes to contribute to the nation’s growth and earn massive money. However, industries now look for graduates who not only possess technical expertise in their specialised fields but also are also well-equipped with essential people skills. Industry 5.0 emphasises the convergence of human skills with management and technology, making the ability to handle complex human interactions and collaboration even more crucial, especially in the post-pandemic and hybrid workculture era. To educate students on the latest industry requirements, IIM Indore has aligned its curriculum and educational approach with the changing demands of the corporate world. Taking into account the holistic development of students from various programmes, the institute has designed its curriculum in a way that not only imparts technical knowledge but also focuses on the development of essential soft skills, claims Rai In line with the industry requirements, IIM Indore has revised its electives that help students gain skills in the evolving fields. Its 2023-24 electives include media and gender, cryptos, central bank and inflation targeting, Indian business history, labour economics, understanding power, metaverse and business applications, entrepreneurial marketing, technology management and innovation in organisations, cyber security etc. Rai comments, “IIM Indore forges strategic partnerships and collaborations with industry leaders, providing valuable insights into current industry expectations and trends. These partnerships often lead to guest lectures, internships, and live projects for students, further enhancing their understanding of complex human interactions and real-world business challenges.” He adds that this multifaceted approach reinforces the institute’s commitment to delivering a comprehensive and industry-relevant education, ensuring that students are prepared for the dynamic landscape of Industry 5.0. “We place a strong emphasis on faculty development, ensuring that educators are well-equipped to impart both technical and people skills to students effectively” B-SCHOOL SPECIAL DIRECTOR SPEAK
PGDM 5 Programmes (2 Years Full Time) General | Financial Management | E-Business Artificial Intelligence & Data Science Research & Business Analytics India’s Best Private B-Schools TIMES 4 Rank GROUP th THE Rank WEEK 14th 14 OUTLOOK th Rank BUSINESS TODAY Rank 18th PLACEMENTS of PGDM 2021-23 LAL BAHADUR SHASTRI INSTITUTE OF MANAGEMENT ESTD. 1995 | DWARKA - DELHI ADMISSIONS OPEN FOR 2024-26 BATCH Apply Online : Forms.LBSIM.ac.in Last Date for Submission : 10th Dec 2023 Plot 11/07, Sector-11, Dwarka, Delhi-110075 (Near Metro Station) 011-25307777 / 81 [email protected] www.Lbsim.ac.in 7011 244 311, 9811 320 320 Salient Features • Universities in Dubai, Malaysia, Indonesia Ø Scholarships on merit-cum-means basis • Rural Immersion Programme (NGOs) Ø AC Hostels for Girls & Boys with Transport Shuttle Ø International Immersion on selection basis to Ø 100% Immersion (Experiential Learning) for 10 Days • Outbound Leadership Treks (TATA Steel Adventure) Ø Incubation (Startup) Funding with IIM-Lucknow-EIC EXAMS ACCEPTED ACADEMIC PARTNERS 90% with Corporate Experience Faculty Ph.D from Eminent Institutions 60% 10% GROWTH IN AVERAGE SALARY 24.75 LPA HIGHEST 12.42 LPA AVERAGE
88 | B W BUSINESSWORLD | 16 December 2023 has been intellectual capital multiplied by social capital, which becomes reputation capital. And our reputation is more important than rank, although we have been ranked pretty high. We are talking of industry 5.0 now. What are the changing industry expectations, and how are B-schools meeting those expectations? B-schools do not run according to the QSQT (quarter se quarter tak) syndrome of industry. We are an education institution and do not Debashis Chatterjee, Director, IIM Kozhikode explains why the institute is in the top league of B-schools in India today, and the kind of learning platform that it is providing to students IIMK has a standing in the top-rung Bschools. What has gone into making the institute a success that it is today? The reason why we have succeeded is that we are not standing, we are running. We are ranked third in NIRF, 77th in the world for our open learning programmes and 72nd for our postgraduate programme. It’s a continuous progression from where we were. We have achieved this through one operative phrase – pursuit of excellence in whatever we do. That defines the IIM brand. The simple thumb rule in launching any initiative is to do it. If we are convinced about it and once we start it, we give it our best. IIMK has always set the benchmark for other management programmes in the country – in terms of gender diversity, diversity of management programmes. In 2013 we had 54 per cent women in our flagship programme. It was a defining time for other B-schools. It used to be 8 to 10 per cent before we brought that number of women. IIMK should not be remembered for being a ranked business school, it should be remembered as a pioneering business school. Excellence is the operative word but the ecological footprints of excellence are inclusiveness, diversity, hi-tech and social capital. All of these are critical elements that build brands of a B-school. If you ask me to define the IIM journey, it “WE SHOULD BE REMEMBERED AS A PIONEERING B-SCHOOL” B-SCHOOL SPECIAL DIRECTOR SPEAK By Meha Mathur
16 December 2023 | B W BUSINESSWORLD | 89 always get led by industry; we lead industry through our knowledge and systems. I am not beholden to industry; I am beholden to the currency of my thinking and the industry will follow us. For example, I wrote a coffee table book called 2047 which was given to all the stakeholders in the country and it gained currency from there. Rather than asking what has changed, you can ask me what has not changed and what is not going to change. And what is not going to change is the pursuit of learning, acquiring the ability to see that the frames of the past are not going to get you there. The problem is not the change. The problem is that we want to address change with the thinking of the past. And Industry 5.0 is not going to be radically different. It will be a point of technology taking over. Rest of what technology cannot take up becomes a province of business, of management, and of leadership. What AI cannot do is intuitive thinking, connecting the dots, recognising patterns from data. How is technology impacting management education? Already, Covid catapulted us into a different trajectory and now with AI knocking at the doors, how do you plan to imbibe that? AI has significantly changed our mental models that we have to be analytically sharp. This is old school system. Things that AI can do, it should be allowed to do. There is no reason why the recruiter who is doing the preliminary check on students should come down to the campus. A lot of recruitment has gone online. All the fringe aspects of corporate life are taken care of and technology has made it very transparent that you don’t have to waste time and energy these. IIMK has been a pioneer in interactive distance learning. We were the first ones in Asia, to introduce this in 2001. At the same time, there are somethings that technology cannot do, which is non-routine. Technology will take over routine work but if you look at the non-routine, complex work, that’s where the province of the human is. You cannot interview me on future of India which require flagship deliberations, reading between the lines, discerning what the person is conveying. For example, at IIMK, we ideate, discuss about climate future, among other things. We We are an education institution and do not always get led by industry; we lead industry through our knowledge and systems. I am not beholden to industry; I am beholden to the currency of my thinking and the industry will follow us
90 | B W BUSINESSWORLD | 16 December 2023 work-life balance, mental health and gig work. How is that resonating on the campuses? And how are B-schools responding to the changing aspirations of students? We mismeasure aspirations; we think students are here only to get a job. That may be a want, not an aspiration. And this is not an employment exchange. The deeper aspects of aspirations are what we cater to. Although we get them good jobs too. In the business of enhancing employability — connecting you to what you are good at and honing the skills in what you are natural good at. We give them a portfolio of options. Like our Liberal Studies in Management was a way to get a chef or a national cricketer to come to join the campus. So we have stiff entry barriers but provide multiple exit options. What are some of the biggest challenges that B-schools must overcome? The biggest challenge is that we come in our own way of success; we do more of the same. The approach that brought us success earlier might not yield the same results. The future will not be replicated the way the past played up. It will be a unique combination of forces that impact the future and also our creative ability to shape that future. I would like every student to believe that he or she is in the business of shaping that future, rather than job seekers. The question is not whether India has enough managers or doctors or engineers; the question is, does India have enough dreamers, and we would like to create a school for dreamers. [email protected] are setting up a climate lab, comparing multiple districts of India. What technology can do is micro picture of districts, and what we have to do is make decisions and policies based on that. In Bschools too, there has been a shift from nano stakeholder view of reality to a larger ecological view. For that, you need a vision. You require human capability. How are Indian B-schools sensitising students about diversity? We were the first IIM to have 54 per cent women. It meant that toilets had to be redone, hostels had to be provided for. It meant another kind of intelligence and learning. There are other forms of diversity which are critical to our growth. We started four new programmes in one year - MBA Liberal Studies and Management; MBA Finance, one-year MBA in Business Leadership and Ph.D in Management for Practice Track Professionals. We look at diversity not just in terms of gender but diversity in any form. Diversity is not just about human rights; it’s about living rights and it includes flora and fauna. We have cat shelter and dog shelter, and we don’t allow a single tree to be cut except with director’s permission. It has to be a larger ecological and economic perspective and the sensitisation has to come from multiple angles. This year, during induction, I asked the faculty not to tell the students what we are all about, but to let the students discover on their own. It sensitises them to the diversity of narratives, rather than top down, which is typical of B-schools. Covid has brought in a different narrative among the youth, especially regarding If you ask me to define the IIM journey, it has been intellectual capital multiplied by social capital, which becomes reputation capital B-SCHOOL SPECIAL DIRECTOR SPEAK
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92 | B W BUSINESSWORLD | 16 December 2023 B-SCHOOL SPECIAL DIRECTOR SPEAK other countries? I think the quality of the students tends to match up to what you can find anywhere in the world. In many ways, they are actually ahead of what I have seen at London Business School, or at University of Texas at Austin, where I’ve spent the maximum time. The second major strength, I believe, is that many of the faculty are equal to or better than others, from what I have seen in my stints abroad. I’ve seen instances where faculty at different institutions in India have been on the same programmes as faculty from leading institutions abroad. And they have performed equally if not better than the faculty abroad in terms of teaching, ratings and outcomes. In terms of intellectual horsepower, again, we are comparable. And in physical infrastructure, we are almost there. I think if there is a difference, it is in the level of research and industry engagement, which is relatively more prevalent in some places in the West, especially the USA and UK. Having said that, in the last 19 years that I have been back in the country, the level of engagement with industry, and the level of research that is being Arvind Sahay, who has recently taken over as Director, Management Development Institute (MDI) Gurgaon, after a long stint at IIM Ahmedabad, talks about the strengths of management education and B-schools in India, in an interview to BW Businessworld. We bring to you excerpts from the interview You’ve recently assumed charge as the director of MDI Gurgaon. Tell us broadly what your vision is for the Institute as its director. It’s just a few weeks since I have come to the institution. Any vision for an institution is a combination of many different things, which include the viewpoints of stakeholders, i.e. the faculty, the staff, the Board of Governors, the society, the government and the alumni, who have the longest-term stake in the reputation of an institution. Right now, I’m in the mode of getting a sense of what different stakeholders think about the desired path for the institute. Once I have a sense of how these different stakeholders think, and what are the possibilities in terms of human and financial resources, then it would be a better time for me to be able to articulate a vision for the institute. You have a vast experience in management education, the last stint being at IIM Ahmedabad. Also, you have had international stints too. What are the strengths of our B-schools, and what is it that we can imbibe from management programmes in “OUR STUDENTS AND FACULTY EQUAL TO GLOBAL COUNTERPARTS” By Arjun Yadav
16 December 2023 | B W BUSINESSWORLD | 93 “Part of the reality about many top business schools is that a teaching is not valued. And I feel a little sad about that. Because if you're in the profession as an academic, then you should value both teaching and research” done at good institutions in India, has increased by leaps and bounds and some of it is flowing back into the classroom. What can be imbibed from others is a more serious research culture without losing our focus on teaching. Part of the reality about many top business schools is that a teaching is not valued. And I feel a little sad about that. Because if you’re in the profession as an academic, then you should value both teaching and research. Institutions build reputation, not just because of the research, but because of good teachers who connect with the students, who then become alumni. I hope that we can actually act as an exemplar for other parts of the world on this one dimension. How do you envision the levels of industry engagement? To me, industry engagement is at multiple levels. It can happen through faculty research projects, it can happen through consulting engagements, both by faculty and by students, through cultural events and internships. And yes, it happens through the recruitment process. I think recruiters are looking for people who can hit the ground running faster, who are able to engage with other people, leaders who have the behavioural skills and technical skills. The more important part of the industry engagement to me is what you’re doing in terms of Photographs by Naval Kishor
94 | B W BUSINESSWORLD | 16 December 2023 B-SCHOOL SPECIAL DIRECTOR SPEAK which have a lesser element of risk. As Gen Z is entering the workforce, they have different aspirations and a lot of debates continuously keep happening on social media about their outlook towards work culture. How are their aspirations reflected on the management campus? Whether you are Gen Z or Gen Y or baby boomer, we are all human beings. We are all subject to the same neurotransmitters. The amount of these neurotransmitters that we look for changes with age, and the relative mix changes. What that neurotransmitter is triggered by, also changes. What triggers their neurotransmitters is a function of the culture that they have grown up in. And much of the inputs that they get is online. On the campus, one needs to be able to engage with them in a more calibrated fashion, that allows us to help them understand themselves, and hone their technical skills and behavioural skills, because ultimately, if they are on the campus, part of the value add from the campus is that combination of technical and behavioural skills. I want to understand your views on the National Education Policy (NEP). How far do you think we have come? And how do you see it changing the face of management education in our country? I think the single biggest thing that the NEP has got right is an implicit, if not an explicit, recognition that any education, including management education, is not a standalone thing. There is an influence of many other disciplines, which significantly influence your own actions and outcomes in your own discipline, whether it is management or physics. There’s the issue of scale to be addressed. Quality education and scale are somewhat antagonistic - it is very difficult to maintain real quality in higher education space. And so therefore, our challenge at MDI, as we implement the different facets of NEP, is, what are the choices that we are going to make. Full interview on www.businessworld.in & BWTV faculty engagement with industry on research, and faculty- and student engagement with the industry in terms of consulting. I see industry becoming a little more aware of the value that academia can bring to the table in terms of being able to get more nuanced, finely grained outputs that are utilisable by industry. There are some institutions like the Tata Group and the Aditya Birla Group who have ongoing faculty engagement processes for research purposes. The third one is the student consulting clubs on many campuses. Many of these consulting projects are done at an entry level and recruiters get relatively lower-cost resource projects, “Institutions build reputation, not just because of the research, but because of good teachers who connect with the students, who then become alumni. I hope that we can actually act as an exemplar for other parts of the world on this one dimension”
Kongu Engineering College (An Autonomous Institution) Perundurai - Tamilnadu - India Department of Management Studies A++ Grade www.kongu.ac.in All India Rank 100-150 Finance MBAProgramme Two- Year Degree Why MBA @ KONGU Marketing Operations Entrepreneurship Human Resources Business Analytics Investment Banking Specilisations Offered Faculty with rich academic and industrial experience Industry Oriented Curriculum Autonomous Institution with Trimester Pattern Features Contemporary Participant Centric Pedagogy Air condtioned Classrooms with modern gadgets Frequent Interactions with Industry Experts Experiential learning International Business 2020 2021 2022 2023 Salary in Lakh % of students(2023) placed in the industries Prominent Recruiters
96 | B W BUSINESSWORLD | 16 December 2023 B-SCHOOL SPECIAL DIRECTOR SPEAK Drawing from your vast experience, what would you say are the strengths of Indian education, particularly since India is vying to be the Vishwa guru? What will it take for us to reach there? And how does higher education play a role there? One of our biggest strengths is what we call the ‘Guru Shishya’ tradition, which of course manifests very differently in this day and age. In academia, it promotes empathy, mutual respect and a shared vision to excel. At the same time, there is a zeal to learn and the aspiration to move into a higher orbit. This urge to better oneself has a direct relationship with the kind of courses that students would like to do. Without undermining the importance of other subjects, the Indian education system has had its fair share of STEM related subjects. This has directly or indirectly benefited India’s talent pipeline, resulting in technical, managerial and administrative skill development. The impact of India-born CEOs and entrepreneurs making their mark is evident, indicating the potential of the Indian education system. It is imperative that people in smaller towns and cities benefit from higher education. Not just admission enrolment numbers, successful completion and graduation rates are also important. Technological barriers must be overcome to ensure the democratisation of learning across India. The onus is on well-resourced and successful institutions to mentor their counterparts in smaller towns and cities. The Indian Startup ecosystem is another area that needs to be focused upon. Data suggests that while the non-metro cities have their fair share of startups, they tend to receive less than 10 per cent of the funding that’s available to startups in metropolitan cities. What are the expectations placed on higher education institutions and their graduates, including B-Schools? What kind of larger leadership can they provide when the world is grappling with geo-political and environmental crises? The right blend of technical and domain understanding, clarity of thought, depth of learning and constant self-reinvention are the attributes that we need to cultivate among our students. A lot of transformation is required in how we teach, and how students learn. By learning how to operate in ambiguity and making critical decisions, individuals can become more effective in their roles and contribute to the rapidly evolving ecosystem. What is the kind of community engagement that B-Schools foster? What about interdisciplinary research, which is becoming a crucial part of any field of study? Community engagement is an important aspect of business education. IMT Ghaziabad has a Centre for Sports Research which works with children in the villages in the region to foster learning through sports. Our belief is that sports can be a great equaliser and enables socio-economic mobility. The Centre recently tied up with the All India Football Federation to enable research based innovation and grass root development of football across India. Innovation is not just about what happens in the classroom; it’s about engaging students in immersive projects outside of the classroom. External industry oriented stakeholders should be brought into the classroom to further accentuate learning. Our Centre for Financial Markets works with alumni, students and financial sector practitioners to create research and learning opportunities. Our Sustainability and Social Responsibility programme is an internationally recognised initiative that connects Vishal Talwar, Director, IMT Ghaziabad, provides an overarching view of management education in the country today, and delineates what B-schools are doing right and what needs to be improved upon “A BLEND OF TECHNICALITY, DEPTH AND HOLISTIC ORIENTATION REQUIRED” By Meha Mathur & Barkha Rawat Photographs by Naval Kishor
98 | B W BUSINESSWORLD | 16 December 2023 What change has come about in aspirations of students? Are they still drawn to B-Schools because of the placement component, or are they open to starting their own business on their own terms? B-School students have their own aspirations, reasons for existence as well as constraints they may be operating under. Traditionally, most students tend to take up roles in the corporate world, however, we at IMT Ghaziabad have noticed a definite change and more students are happy to explore startup options whilst in the campus. A survey was conducted to gauge students’ interest in starting their own ventures. Many expressed a desire to use their time in the campus to start on their own. This bodes well for the future and our Innovation & Incubation Centre (IIC) is committed to helping such students hone their skills and ambition with respect to startups. The right processes, mentoring, guidance, logistic support and people can help build confidence and imagination. A number of our alumni are successful entrepreneurs. B-schools should be measured not just by their placement performance but also by how entrepreneurial they can make their students. “Innovation is not just about what happens in the classroom; it’s about engaging students in projects outside of the classroom. External stakeholders should be brought into the classroom to create better avenues for learning and commitment” B-SCHOOL SPECIAL DIRECTOR SPEAK our students to very small and micro enterprises that are trying to make a difference in society. IMT Ghaziabad’s Centre for Enterprise and Business Improvement works with SMEs to solve critical real problems. Both students and faculty are involved in this and enables a richer learning environment. By their very nature, B-schools are multidisciplinary and are a sort of melting pot of varied ideas, research and courses. We have seen much more inter-disciplinarity being integrated into the core curriculum of progressive B-schools such as IMT Ghaziabad. This will only increase further with the rapid changes affecting the ecosystem. Not only is IMT Ghaziabad one of the top B-Schools in the country, it is ranked in some of the top global B-School rankings. What factors contribute to an institution’s success? Our debut ranking within the Global Top 100 in the Financial Times (FT) Master’s in Management ranking is a function of our constant focus on the student. I am happy to state that within this ranking, we were actually #20 globally for alumni career progression and #3 in India. FT also acknowledged us for the gender parity that IMT Ghaziabad has with respect to faculty. Recently, we also made it to the prestigious QS World Business Master’s rankings. Our Master’s in Management was in the 151+ band, our Master’s in Marketing was in the 101+ band and in the Master’s in Finance ranking, we were placed in the 151+ band. Such outcomes don’t happen in a day and I am grateful to the faculty, students, alumni and all other stakeholders who have contributed to the learning and outcomes driven culture at IMT Ghaziabad. What is the kind of alumni engagement at IMT Ghaziabad? IMT Ghaziabad has over 1,000 alumni at CXO level positions. Our alumni have made the institution proud through their impact across the various spheres of business. IMT Ghaziabad consistently engages with its alumni in various forums - events, workshops, leadership summits for example. In fact, we have a very successful corporate mentoring programme for our students that is run by our esteemed alumni. This gives our students a ring-side view and better prepares them for life once they finish their studies. Our Innovation & Incubation Centre is headed by our very own alumni from the 2012 batch. Recently, we have had our international alumni meets across London, New York and Dubai. You will see a lot more of our engagement with the alumni playing out in different forms in the days to come.
L E G A C Y IN EDUCATION & HEALTHCARE -DECADESArtificial Intelligence Business Analytics Entrepreneurship Finance Management Human Resource Management IT & Systems Management Marketing Management Supply Chain Management MBA: New Age Specializations’ in BBA (Hons) B.Com (Hons) Executive - MBA Regular | BFSI Retail Operations with Apprenticeship ACCA CMA CA Foundation Digital Marketing General SCM Inspiring for a better WHY SHOULD YOU CHOOSE OUR MBA PROGRAMS Curriculum that reflects the changing times and the onset of a digital age Pedagogy that enhances program flexibility and ease of learning Centre of Proficiency Enhancement (Business Analytics, Supply Chain, Business Communication HR & Leadership, Digital Transformation and Entrepreneurship) for experiential learning Industry Preparedness Program – A superbly crafted initiative that prepares a student for the larger world beyond the campus and a placement agenda that creates sustainable high-quality jobs Brilliant faculty, both scholarly and practice who have superb credentials and are passionate mentors Outreach programs that promote real-world learning Our students represent greater than 600 of the best organizations in India and abroad AWARDS & ACCOLADES ADMISSION HELPLINE: 080 4646 1800, +91 636 688 5507 DSU CITY INNOVATION CAMPUS Kudlu Gate, Srinivasa Nagar, Hal Layout, Singasandra, Hosur Road, Bengaluru, DSU MAIN CAMPUS Devarakaggalahalli, Harohalli, Kanakapura Road, Bengaluru – 562 112 ADMISSIONS OPEN 2024 17-Month Week-end Program for Working Professionals AWARDS & CONFERENCE 2021 EDUCATIONAL EXCELLENCE Leading&MostTrusted ManagementCollege oftheYear 2021 AAA Ranking 2021 RANKED A+++ CATEGORY Education S URVEY - 202 3 B SCHOOL IIRF -2023 STATE RANK 4 SOUTH ZONE RANK 4 DAYANANDA SAGAR UNIVERSITY, SCMS IS RANKED As Top B-School 2022 # 61 All India, # 41 All India Pvt. B Schools, #17 in South India
100 | B W BUSINESSWORLD | 16 December 2023 Varun Nagaraj, Dean, SP Jain Institute of Management & Research, Mumbai, describes the factors behind the institute’s success, while providing an overarching picture of management education today What are the current thrust areas and infrastructure upgradations in the last few years at SPJIMR? One of the current thrust areas at SPJIMR is the promotion of entrepreneurship and innovation. We’ve taken significant steps to foster an entrepreneurial mindset among our students and provide them with the necessary resources and support to pursue their entrepreneurial aspirations. SPJIMR has consistently invested in enhancing the campus facilities to provide a conducive learning environment for our students. Over the last few years, we’ve taken initiatives to modernise our infrastructure, including the creation of state-ofthe-art classrooms and learning spaces equipped with the latest technology. We’ve also expanded our library resources and digital infrastructure to support contemporary pedagogical methods. Additionally, we’ve made efforts to ensure sustainability and eco-friendliness in our infrastructure development. How will artificial intelligence (AI) impact management education and what is your institute’s approach to disruptive technologies? AI’s impact on management education is inevitable, with the potential to reshape how students learn and interact with the business world. As AI disrupts various industries, including education, SPJIMR recognises the need to adapt. From a pedagogical perspective, SPJIMR believes in focusing on the fundamentals. Rather than merely chasing technology, the institution emphasises critical “WE ARE DEEPLY COMMITTED TO WISE INNOVATION” B-SCHOOL SPECIAL DEAN’S PERSPECTIVE By Meha Mathur