What does it take to build an institution that doesn’t just educate managers but shapes nation builders? As India eyes its transition to a $5 trillion economy, the role of management education has never been more critical. The country today is home to over 6,000 management institutes, producing nearly 400,000 graduates every year, yet only a few stand at the intersection of industry relevance, global collaboration, and innovation-led growth. At a time when business schools are rethinking their purpose in an era defined by AI, sustainability, and start-up ecosystems, the conversation around how they evolve becomes central to India’s growth story.Amid this transformation, IIM Mumbai, formerly NITIE, has emerged as a dynamic model of how legacy and modernity can coexist. Backed by decades of excellence in operations and supply chain education, the institute is now reimagining itself with a global, technology-first lens. At the helm of this evolution is Shashi Kiran Shetty, Chairman, Board of Governors, IIM Mumbai.
In conversation with ETEducation, Shetty reflects on the future of management education through the prism of digital transformation, faculty empowerment, global competitiveness, and entrepreneurial leadership. He shares how IIM Mumbai’s initiatives from global collaborations like the Data-Driven Supply Chain Transformation course with MIT to nurturing start-ups through the AIC–NITIE Incubation Foundation are re-shaping leaders ready to navigate a complex, connected world. Here are the edited excerpts:
In recent years, we’ve seen major investments in higher education infrastructure across India. Beyond physical expansion, how do you view infrastructure as a catalyst for reimagining learning, research, and innovation in management education?
When we look at the infrastructure in education today, it is as much about digital infrastructure and global connectivity as it is about physical expansion. The intervention of digital technologies is essentially reshaping how courses are designed and delivered. Today, the convergence of traditional management education practices and digital technologies is opening countless opportunities that were beyond imagination in the recent past. It is truly a transformative phase where established classroom practices are being amplified by advanced applications such as virtual classrooms and interactive simulations. All these enhancements are revolutionising the learning experience, making it more inclusive, engaging, and future-ready.Technology interventions have opened new frontiers for management institutions, transcending the limits of geography and linking them to global research, innovation, and collaboration opportunities. The exposure to diverse ideas, tools and concepts is the cornerstone for nurturing leaders who will drive meaningful transformation across industries.
At IIM Mumbai, for instance, we successfully conducted a Global Online Certification Course on Data-Driven Supply Chain Transformation in 2024 with Prof. David Simchi-Levi, MIT Professor – Business & Supply Chain Analytics and Director, Data Science Lab, Massachusetts Institute of Technology, USA. Leveraging advanced digital tools and learning platforms, it demonstrated how technology can extend the reach of knowledge far beyond physical limits, accelerating the journey of leadership development. Reimagining management education through a digital and global lens is imperative to empower future leaders to navigate an increasingly interconnected and complex world.
Faculty recruitment and retention remain key challenges. What strategies should Indian management institutes adopt to attract world-class faculty while also nurturing home-grown talent for long-term academic excellence?
Faculty standards are intrinsically connected to multiple aspects such as academic performance, student enrolment, pedagogical excellence, and educational outcomes. In fact, together with curriculum and infrastructure, faculty form the three indispensable cornerstones that define the long-term success of any institution. Having said that, faculty shortfall is a widespread concern across institutions. And, there is no easy and immediate solution to it. Attracting and retaining quality educators and nurturing their professional aspirations for a strategic interplay that addresses institutional priorities and individual aspirations.
Faculty members feel motivated when their own growth trajectory is aligned with the institution’s vision for excellence. As building an institution of excellence is a collaborative effort, faculty views need to be adequately represented at various policy-making platforms. In addition, measures like offering research funding and flexibility to manage teaching responsibilities will go a long way in retaining qualified and deserving faculty members. At the same time, institutions must invest in developing a strong pipeline of home-grown faculty so that faculty scarcity does not impact academic quality. Individual and institutional pursuits need to find a synergy, which is the key.
Partnerships with industry are increasingly seen as critical for building future-ready graduates. In your view, what should be the next frontier for such collaborations beyond internships and placements-perhaps in research, innovation, or co-creation of curriculum?
Industry-academia collaboration must go beyond internships or placements. It should bridge the knowledge gaps and translate academic research into tangible, real-world solutions. It also serves as a pathway to innovation and skill development.
The setting up of Motilal Oswal Knowledge Centre in collaboration with Motilal Oswal Foundation at our IIM Mumbai campus reflects that philosophy. Industry and academia must come together to create a conducive environment to churn out leaders, innovators and change-makers for the future.
As Indian institutions aspire to become globally recognised, what do you see as the most critical factors-beyond rankings-that will define their success on the world stage?
In my view, institutions in India that have attained a certain scale, credibility and reputation need to embrace a global outlook. Building campuses in strategically important countries can help attract diverse talent and support global engagement. At the same time, there should be continued focus on building both financial and intellectual capital to fuel path-breaking research and innovation. World-class research capabilities and innovation are emerging as the real differentiators. These factors will elevate the global standing of Indian institutions.
Business schools are often looked at as incubators for entrepreneurship and innovation. How can management institutes balance their role as traditional educators with being active players in the startup and innovation ecosystem?
A fledgling start-up or an exciting business idea can thrive and achieve its goal only when it is nurtured by the right investors and mentors. In that sense, management institutions can play a critical role by supporting such promising entrepreneurial initiatives. Churning industry professionals should not be the only priority of management institutions at a time when India aims to emerge as a developed nation by 2047. They should work towards developing future business leaders and institution builders. It is this entrepreneurial spirit that will make our country self-reliant in the true sense of the term.
At IIM Mumbai, we are working towards bringing in the next wave of innovation to the country. AIC – NITIE Incubation Foundation for Innovation and Entrepreneurship (AIC-NIFIE), our umbrella organisation, aims to encourage entrepreneurship and nurture tech start-ups in sectors such as supply chain management and logistics, defense technologies, renewable energy and natural resources, agro and food processing, etc. Since 2004, our special initiative called Empresario has been empowering aspiring entrepreneurs and start-ups by providing a platform for interactions with industrial mentors, successful entrepreneurs, funding agencies, and venture capitalists. The Certificate Program in Entrepreneurship and Startup Mastery, in collaboration with NSDC, is also playing its part in equipping aspiring entrepreneurs, professionals, and students with the skills, mindset, and practical knowledge needed to launch and grow start-ups.
Instead of chasing rankings alone, what alternative markers of excellence (such as societal impact, inclusivity, or sustainability outcomes) should define a globally competitive Indian B-school?
The true benchmark of excellence of a management institution is its capability to shape leaders who are conscious of sustainability and societal impact. They need to create value that goes beyond numbers and profit margins. It is quite encouraging to see business schools showing the way by adopting special initiatives and curricula.
If you could identify one blind spot in Indian management education that urgently needs attention, what would it be?
Access to capital is the key challenge for business schools at the moment. There is an urgent need to look beyond tuition earnings to run institutions. This approach will help institutions to build better infrastructure and faculty lineups.
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