Study MBA in India | TopMBA

Indian business schools have decided to reinvent themselves to stay ahead of the race,  as a result of the Foreign Educational Institutions Bill.

Many leading schools such as the Indian Institutes of Management (IIMs) and the Indian School of Business are identifying best practices to help them benchmark with foreign schools and attract the best students and faculty.

Accreditation, evaluation and grading of programs, as is the norm with business schools in the West, are a few of the things being considered.

Ajit Rangnekar, dean, Indian School of Business notes: “We have always believed that the best public policy for improving educational institutions is to enable and encourage competition.”

Rangnekar’s observations are right on target. Over the next year or so, Indian business schools are likely to see a lot of competition.

According to the provisions of Union Minister Kapil Sibal’s Foreign Educational Institutions (Regulation of Entry and Operation) Bill, 2010, foreign business schools will soon be allowed to set up shop in the country.

Schools such as Duke University’s Fuqua School of Business (US), Georgia Institute of Technology (US), and York University’s Schulich School of Business (Canada) have already planned campuses in India.

Indian business schools hope to make their mark in an increasingly crowded marketplace by closely following global standards.

Many of the IIMs, for instance, such as IIM Calcutta, IIM Kozhikode, IIM Lucknow and the Indian School of Business in Hyderabad, have applied for global accreditation. Both IIM Ahmedabad and IIM Bangalore have received approval from European agency EQUIS. IIM Kozhikode has applied for accreditation from AMBA (Association of MBAs), a UK-based organization.

Even newer business schools such as the Chandigarh-based Aryans Business School have become members of US-based accreditation body Association to Advance Collegiate Schools of Business (AACSB). International accreditation will help students get their degrees recognized globally, while the business school will be successful in securing more foreign partnerships and linkages.