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Creating wealth with poverty eradication

?AMIRI BADHAO? was the new slogan given for the 21st century by Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani while inaugurating and dedicating the new campus of Indian Institute of Management, Indore (IIM-I) at Pigdamber, Rau today.

india Updated: Jan 18, 2006 13:55 IST

‘AMIRI BADHAO’ was the new slogan given for the 21st century by Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani while inaugurating and dedicating the new campus of Indian Institute of Management, Indore (IIM-I) at Pigdamber, Rau today.

Chief guest Union Human Resource Development (HRD) Minister Arjun Singh could not make it due to some unavoidable circumstances.

Ambani in his speech stressed that the model of growth in the 20th century generating wealth on an unprecedented scale and at the same time creating wide economic disparities had become untenable. The 21st century thus has to combine creation of wealth with eradication of poverty by applying technological tools to redistribute wealth on a larger scale.

To meet this challenge business schools would have to produce professional managers who can blend corporate goals with social objectives and align individual aspirations with national ones and handle the complex business situations in a dynamic environment.

Unprecedented opportunities were looming large on the Indian horizons as investors from East and West vie with each other to pen businesses here.

The new brand of world-class managers who are leaders and innovators, sensitive to social, economic and technological changes will drive business in the 21st century, said Ambani.

Business as a profession was to be practiced and not merely professed and it was all the more important as a manger practiced several disciplines in his day’s work broadly including mathematics, economics, psychology, philosophy and sociology.

The emerging sectors of the economy namely- agriculture and infrastructure will see massive investment and enormous activities and trained managers would be required in these emerging sectors of the economy. The need therefore, was for managers who could operate in networked, open and often virtual organisations.

He concluded that the new campus of IIM-I would prove to be a home for making new beginnings and renewed aspirations. The institute would have the opportunity to be in the frontier of an inspiring future based on great economic thrusts and its students would be in the vanguard of building a new, prosperous and powerful India.

IIM-I Board of Governors (BoG) Chairman BN Kalyani in his welcome address said that despite the IIM at Indore being just seven years old it had made gigantic strides and established itself as a strong brand. Counting the strengths of India making it a superpower economy he concluded that deployment in innovative pursuits and higher productivity and output would change the face of India. He later introduced the guest.

BoG member and leading industrialist of the City Dr Ramesh Baheti narrated how the IIM was brought to Indore. He credited Arjun Singh for making efforts in this direction and then Chief Minister Digvijay Singh for granting the 194-acre of land on which this campus was located.

IIM-I Director Dr SP Parashar read out the achievements of the institute and laid out future plans on which the institute had already begun work with the meticulous precision the IIM’s were known for.

Ambani unveiled the plaque dedicating the institute to the nation and was presented with a memento. IIM-I student Shiv Dewan conducted the function and Hushidhar A Kharas proposed the vote of thanks.

‘IIMs must first meet domestic demand’
GIVING A new twist to the ongoing controversy surrounding the Union Government’s refusal to give permission to IIM Bangalore to start a campus in Singapore, Reliance Industries Chairman and Managing Director Mukesh Ambani said that the Indian Institutes of Management (IIMs) should first meet the demands of the country before going abroad to open branches.

However, he hastened to add that, “there is no question of either or (either this or that). India has reached a stage where it is this and that.”

Buttonholed by journalists at the premises of IIM campus here today, Ambani said management institutes in the country should first increase their capacity to satisfy domestic demand before going global. When asked to comment on the Union Human Resource Development (HRD) Ministry’s recent refusal of permission to IIM Bangalore’s proposal for starting a campus in Singapore, Ambani said, “hamare navjawano ko pahale chance milna chahiye”.

Mukesh Ambani, who is the Chairman of the Board of Governors of IIM Bangalore, said the Reliance Industries will come to IIM Indore campus for recruitment.

He said Indore, for that matter all the cities in the country, would see unprecedented growth in the next 10 years. “Our cities will grow at such a pace in the next 10 years that it will surpass the growth of last 50 years,” he said.

He said that business management education would no longer be the preserve of traditional business schools as education companies, executive development centres, consulting firms and corporate universities would enter this segment in a big way.

Backing his statement, Ambani said that top mangers of RIL would be present on IIM campus for about a fortnight and the students would benefit in more ways than one from their expertise.

The management institutions would have to urgently work on development of space and structures to meet the demands of the emerging sectors of Indian economy. New technological devices would have to be brought in use enabling the institution to impart education in a multiple format.

Multiple campuses, on-site campuses, part time and weekend courses, cross campus courses and e-learning formats would have to be encouraged.

It would be essential to incorporate faculty with global exposure. As the growth of management education the world over was phenomenal, ways had to be evolved to encourage home grown talent to pursue doctoral and post-doctoral programmes.

New strategies had to be evolved to retain the best talent in this field and taking academically oriented executives from business organisations could be an answer to this matter of serious concern.