IIM Calcutta Is Fast Evolving To Meet New Challenges, Realities Of Biz World

It is the first national institute for post-graduate studies and research in management that has evolved and emerged as an International Centre of Excellence in all facets of management education, rooted in Indian ethos and societal values and is still continuing its journey.

Speaking to Bizz Buzz, Srikrishna G Kulkarni, Chairperson, Board of Governors, Indian Institute of Management Calcutta, explains different facets of how this institute, established by the government of India in November 1961 in collaboration with Alfred P Sloan School of Management (MIT), the Government of West Bengal, The Ford Foundation and Indian industry, is actively evolving to meet the new challenges and realities of the business world by focusing on key areas like entrepreneurship, innovation, and interdisciplinary learning

The unprecedented volatility in the world of business caused by some recent geopolitical events—from the Covid-19 pandemic to the Russia-Ukraine war and the tensions in the Middle East, has prompted large companies to take a relook at business and operational strategies. Did it have a ripple effect on the way management professionals are normally trained by the B-schools?

The unprecedented volatility in the business world, driven by recent geopolitical events has forced large companies to reassess their business and operational strategies. This disruption has also triggered a ripple effect on how management professionals are trained in business schools. In response, Indian Institute of Management Calcutta is now incorporating more adaptive learning models, emphasizing crisis management, global supply chain resilience, and agility in leadership, to better prepare our students to be future leaders who are comfortable in complex, unpredictable environments.

How is IIM Calcutta gearing up to meet these new challenges and the new realities of business and changing demands from potential employers?

IIM Calcutta is actively evolving to meet the new challenges and realities of the business world by focusing on key areas like entrepreneurship, innovation, and interdisciplinary learning. The institute has introduced a range of courses that foster entrepreneurial thinking including design thinking that will equip our students to respond to complex, unpredictable environments.

We are also promoting interdisciplinary programs that combine management theory, technology, social sciences, law and digital innovation, with an aim to equip our students to better respond to multifaceted problems. With a strong emphasis on digital enablement, IIM Calcutta ensures that its graduates are well-prepared to meet the changing demands of potential employers in a fast-evolving global landscape.

We have seen living India Yogi, spiritual master, educationist and social reformer Padma Bhushan Sri M addressing and interacting with the students of IIM Calcutta time and again. How traditional Indian knowledge system getting seamlessly assimilated into modern management system through such initiatives?

Sri M's work transcends religious and ideological boundaries, profoundly influencing society while embodying values that align closely with IIM Calcutta’s commitment to openness, diversity, and societal responsiveness. Through his lectures at the Institute Lecture Series and his engagements with students at the Management Centre for Human Values, where he is currently an Honorary Professor, Sri M illuminates India's rich spiritual heritage in ways that surpass conventional religious frameworks.

His emphasis on unity, drawn from a deep understanding of various spiritual traditions, has not only gained international acclaim through his work with the United Nations but also offers IIM Calcutta students a model of holistic and value-driven leadership.

Sri M’s influence is particularly resonant at IIM Calcutta because it extends beyond spiritual teachings to actionable compassion. His initiatives have spurred sustainable change, fostering peace, uplifting marginalized communities, and enhancing overall societal well-being. His life's work stands as a compelling example of the transformative power of empathy and unity, inspiring students to apply these principles in their own lives.

One of his most impactful achievements includes the founding of Satsang Vidyalayas, schools that provide free, high-quality education to children in rural, underserved regions. In the healthcare sector, Sri M has promoted integrative medicine, blending modern practices with traditional wisdom to holistically improve both physical and mental well-being. His environmental initiatives, such as the MyTree project, advocate for sustainable living through widespread tree planting. Engaging with Sri M and exploring his teachings in these areas affirm IIM Calcutta’s mission to develop ethical and innovative leaders capable of managing change and transformation.

Could you please throw some light on the executive management programme IIM Calcutta has launched in Dubai, with a different pedagogy focused on the fragile Middle East?

IIM Calcutta has launched a specialized Executive Management Programme in Dubai, tailored to address the unique challenges of the fragile Middle East region. This program offers a distinct pedagogy focused on real-world case studies, particularly in global business, supply chain management, and the complexities of geopolitical tensions.

By incorporating international participants, the course fosters a diverse learning environment, offering valuable insights into global business dynamics. A key feature of this programme is its unique face-to-face interaction model, which encourages direct engagement with industry leaders and peers, helping participants develop practical solutions to the region's specific business challenges.

IIM Calcutta is laying increasing thrust on ESG, inclusivity, sustainability, and the challenges that firms face, and on regional transformation. Isn’t it? What were the thoughts and ideas behind this move?

Yes, IIM Calcutta is placing significant emphasis on management models that take into account the needs of ESG (Environment, Society, and Governance), inclusivity, sustainability, and regional transformation. The institute's efforts are driven by interdisciplinary courses that involve more than 40 faculty members, creating a comprehensive and collaborative learning environment. Centers focused on development and the environment are integral to this move, addressing the broader challenges firms face in these areas.

IIM Calcutta has also introduced specific courses and executive programs on sustainability – thus equipping future leaders with the skills to identify and address these factors that impact business strategies and cause problems for the unprepared manager. Additionally, through its Innovation Park, the institute fosters entrepreneurship and encourages innovative solutions that promote sustainability and contributing to stable and sustainable regional transformation. This holistic approach reflects IIM Calcutta's commitment to shaping socially sensitive and responsible business leaders.

In the wake of the ongoing job crisis and at a time when different corporate entities are cutting down on their hiring plans, how is IIMC maintaining its placement rates?

In the wake of the ongoing job crisis and corporate entities reducing their hiring plans, a premier Institute like IIM Calcutta has as yet remained robust, thus effecting placement percentages marginally. One key reason is the increasing interest among students in joining start-ups and entrepreneurial ventures, diversifying their career paths.

Consulting and finance-related jobs continue to traditionally dominate the placement landscape, providing opportunities that use core management competencies. IIM Calcutta is also adapting by training students based on evolving business requirements, ensuring they are equipped with the skills and knowledge needed to stay ahead of the game and meet market demands effectively.

Experts sometime say that the way business schools teach sometimes does not match what jobs need. Experts are of this view that these B-schools should change their lessons every two to three years. What is your take on this?

We agree with the experts that the premier Institutes like IIM Calcutta need to be more flexible when choosing their teaching and pedagogy so that the pedagogy can better align with the curriculum that addresses the evolving job market. This is essential in today’s fast changing environment. At IIM Calcutta, there is a structured process in place to regularly revise the course curriculum, ensuring it meets both current and future market needs. The institute's various centers actively engage in consulting and developing industry relations, keeping the curriculum relevant.

Additionally, industry experts and Professors of Practice bring critical practical perspectives and up to date domain knowledge not just into our classroom, but also helps in our regular process of curriculum review. IIM Calcutta’s Case Research Center further compliments learning goals by developing case studies that reflect real-life business problems and helps our students experience firsthand how for a given set of conditions there can be multiple perspectives and more than one approach and more than one solution. Thus making the learning experience as close to real life situation and hence more impactful.

With government financial support decreasing, IIMs often have to rely more on student fees and money from executive education. Raising fees even further is also a difficult choice/option. How do you propose to address such challenges?

IIM Calcutta has been generating its own revenue to sustain and expand its operations for many years, relying not only on student fees and executive education but also on consulting services and company training programs. These contribute significantly to our financial health. While raising fees further is a difficult option, the institute continuously strives to maintain a balance between the fees charged and the value delivered to students.

The possibility of expansion is carefully evaluated, considering infrastructural and faculty constraints. By diversifying revenue streams and ensuring a strong value proposition, IIM Calcutta is addressing these financial challenges without compromising on the quality of education.

How is IIMC contributing in strengthening and promoting the Indian entrepreneurial/ start-up ecosystem?

IIMC boasts of reputed multidisciplinary faculty and houses centres of excellence focused on several domains, including entrepreneurship and innovation.

Centre for Entrepreneurship and Innovation (CEI) is dedicated to the creation, collation, and dissemination of knowledge on entrepreneurship and innovation. Through its IIMCreate series, CEI connects academia with industry knowledge research and celebrates the entrepreneurial journeys of IIMC alumni.

IIM Calcutta Innovation Park (IIMCIP) is a not-for-profit (Section 8) company established under the aegis of IIM Calcutta. It is a thriving ecosystem that nurtures startups, empowering them to transform ideas into impactful businesses. IIMCIP actively fosters innovation, incubates socially impactful entrepreneurial ventures, and enables livelihood creation.

It has supported 1000+ startups since its inception, with start-up presence in 22 states, and works with 100+ mentors across the country for entrepreneurial development. IIMCIP has a rich experience of working with multiple state governments (West Bengal, Assam, Meghalaya, Bihar, Arunachal Pradesh) as a knowledge partner for implementation of their entrepreneurship development policies.

Entrepreneurship Cell (E-Cell) is a dynamic IIIMC student-run body that spearheads the propagation of entrepreneurship within and beyond the campus confines. Genesis, its annual Entrepreneurship Summit, boasts of having more than 25,000 attendees so far. The E-Cell facilitates workshops, competitions, and insightful panel discussions with students attending from across the globe.

The Institute is working towards collaborating with the Ministry of Tribal Affairs for setting up an entrepreneurship ecosystem and also towards developing the Centre for Excellence in Entrepreneurship. The Lalit Mohanka & Madan Mohanka Centre for Excellence in Entrepreneurship & Innovation was established with Madan Mohanka, Chairman, Tega Industries.