I came in with the idea that ISB has tremendous potential to make an impact in India. A research-based business school should also serve the purpose of India—its businesses, its government, etc. It can happen in a couple of ways: if we are investing in research and research faculty, then the question is how and who is benefiting—just its students or a larger base. It can have an impact in a couple of ways. One is to deepen relations with states. Skilling is an obvious area as governments see that as a vehicle to increase productivity, providing skills ourselves, creating content, etc.
Second, bring our research expertise to tell what kind of skills, knowledge are key and match those skills with opportunity. We can work with private partners and governments. We are already talking to Andhra Pradesh, Telangana and Punjab.
Also, can we help other business schools and commerce schools in improving the ecosystem? We have models available. We don’t want to be just a resource for 900-plus people who come through our programmes, we can be a resource for India.
What would you like ISB to be as a B-school in three years’ time?
We would like to become the platform provider of skills for, let’s say, 10 to 15 states. Second, we wish to be a role model for business schools that should be there in developing economies and solving problems rather than just catering to the MBA population.
And MBA students will be attracted by that. Three years from now, when you look at a distinct model you can look at ISB. Third, let’s say in three emerging areas, we should be a research powerhouse—not just in India but in the global context. What areas we want to focus on, we won’t talk right now.
There are noises in government corridors that ISB is willing to come under a regulatory framework, have a university-like structure rather than be an independent school. Where are you on that?
It’s an evolution. I started with the hypothesis that you need to be part and parcel of the regulatory framework. I still believe that you have to be. But along the way, we need to have a more nuanced evaluation of the benefits of that. For example, the new education policy—we will be comfortable in being part of. That does not mean we will become multi-disciplinary ourselves but build deep connections with like-minded schools in India. And then, if there is a light-touch regulatory framework, we would very much like to be part of that.
At this point of time, given what we want to do and the kind of programmes we wish to offer, it will be a little difficult to match up with what the regulatory framework is. They don’t recognise a one-year (management) programme as a degree programme. Being part of the framework and not being able to offer the one-year degree programme is not something we would like to do. The one-year programme is unique to ISB.
Are you ready to offer two-year programmes like the Indian Institutes of Management, if the regulator allows you to have one- and two-years programmes?
I have not thought about that…but my immediate reaction is: We don’t want our one-year programme to be seen as inferior to a two-year programme. One is a degree and another a diploma—we don’t want that. Like IIMs, both the programmes should be degrees. Our marque product is the one-year programme and we don’t want to undermine that.
Are you looking to diversify from being a one-programme B-school?
Harvard Business School is a one-programme school. But yes, not all schools can pull it off. We have a family business programme and PGPMAX (postgraduate programme in management for senior executives). I understand you are talking about specialist programmes—on that line, we have our digital initiatives. Through that we can offer more courses, electives. People will have a core and then tailor the programme as per individual needs. We can have people who will graduate with a core and with deep sectoral knowledge.
How are you incorporating changes, the new business realities affected by the pandemic, in your courses?
The teaching and learning environment has changed dramatically. A lot of it is now hybrid or online. Professors and experts have learnt engaging ways to deliver content online. Now you are forced to innovate. There are lot of data on what work from home is doing, what’s happening to cohesion, building teams, etc. But as a research-oriented B-school, we can separate what is temporary and what will be permanent. A lot of discussion is about how it is impacting immediately but the -term impact on the economy and business is yet to be known. What we are doing is making it part of the course and teachings and not as new courses. New courses will emerge if there is evidence that there is some kind of stickiness to the changes we are seeing immediately.
In organisational behaviour classes, burnout is becoming a discussion point; people are talking about exacerbation of inequality in the workplace—we are talking about that. We are adding nuances in the present context. Then there is the change in business model like increasing dependence on online shopping. There is also digital transformation happening.
Environmental, social and corporate governance (ESG) is increasingly becoming a key issue in investment decisions, regulatory requirements and, of course, the larger sustainability context. Are you teaching or planning to teach ESG to your students and executives at ISB?
Not yet but it has to. Fortunately, we have people in ISB who are interested in the issue. There will be an increasing interest in specialised courses on it to help businesses think and learn about it. It is a fact that ESG is what the government wants, businesses want, and top B-schools want to retain their global positions. The country is increasingly saying that ESG is our problem, too, so you will see more traction on this and we as a part of the ecosystem cannot ignore this.
Chief economic adviser K.V. Subramanian has said he is going back to academia (ISB) after his stint with the government, soon. I believe you have already met him. Do you have your plan ready for him?
An institution or organisation is as good as the people it has. When you get back talent who have gone on to do great things, it is fantastic. We have our plans ready.
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