In August 2023, the National Institute of Industrial Engineering (NITIE) officially transformed into the Indian Institute of Management (IIM) Mumbai.
In an exclusive interview with The Free Press Journal, Director Mr. Manoj Tiwari shared insights on the impact of the IIM status on the institution and provided an update on IIM Mumbai's readiness for the academic year 2024-25.
Interview Excerpts:
How has the transition of NITIE to IIM Mumbai impacted the institution's academic and operational landscape?
"The transition to IIM Mumbai has brought about significant changes. We recognised the strong appeal of the IIM brand in India, and this transition allows us to offer a more prominent and recognized business school. We've revamped our academic curriculum to address current industrial needs, incorporating components like data science and data analytics to equip students with tech-driven management skills."
NITIE Mumbai is famous for specialisation in Operations. Will that change?
"We definitely want to keep up the legacy and even strengthen it we have started a special MBA program in operations and supply chain. There's also a general MBA for those who want to mix it up while still focusing on operations and supply chain."
Have there been any recent changes to the bylaws and institutional rules?
"We've gone through significant changes. We used to have strict rules, but now we're following the IIM regulations prescribed by the Act. Our first board meeting has already taken place, and we're aligning with these new bylaws. Being under the IIM Act comes with more academic freedom and collaborative power."
Just like IIM A,B,C; Will IIM Mumbai be one of the tops?
"If you check our ranking, you'll notice a steady climb in the NIRF ranking. When I started, it was at 39, and now we're at 7. Our professor ranking was at 19 last time. I believe that becoming an IIM will improve our perception, and our research component is already strong compared to other IIMs. We might get closer to the top institutions, although we respect their promise. We're giving our best to lead alongside them, and judging by our ranking improvement, we're not far off."
Has the new board for IIM Mumbai been officially constituted?
"Within a year, they need to act. The ministry announced IIM status just in August. It will take some time to appoint a new board. In the meanwhile, the current board will continue the work."
Will the academic council at IIM Mumbai be reconstituted as well?
"We already have an academic council, and we will continue with the same team until the new by-laws come into effect. We won't necessarily need to elect a new council. The existing members are meeting the current requirements, and any changes mentioned in the by-laws will be incorporated."
Can you share details about the new research centers and Fin Tech study models that are set to be established soon?
"We're launching a one-year program in collaboration with the National Stock Exchange (NSE). They've asked us to set up a lab with software like Bloomberg and others, which will be crucial for complex financial computations. We're also equipped with various data science software for our labs. We already have a center for logistics and supply chain where we work on industry issues. We're planning to soon establish a full-fledged Fin Tech center near our entrance as well. Our goal is to bring in market-oriented experts and offer various three-month and six-month courses, providing certificates to professionals. All of these plans are currently underway and we are working on them."
What are the plans related to the infrastructural development?
"We are meticulously planning our expansion. In the first phase, we're adding two hostels, and the GP2 hostel is already in progress with CPWD overseeing it. We've formed advisory groups for infrastructure to identify suitable locations.
Also, we'll request the Maharashtra government to install clear signage at various points, ensuring that IIM Mumbai's location is easily identifiable for visitors."
Will new faculty and administrative positions be added as IIM Mumbai introduces new courses?
"Previously, we had 84 faculty vacancies, but now, we can have around 130 faculty members. We're planning to hire 24-25 new faculty members, considering reservations and other requirements. We're also engaging industry experts as visiting professors, guest faculty and we aim to have 20 more well-qualified and experienced faculty members on board."
What advice would you offer to students aspiring to secure admission to IIM Mumbai?
"Because we weren't an IIM, some bright students were hesitant to join us due to the brand name. Now that we have that recognition, I urge them to consider joining us. They can experience the rich content offered by IIM Mumbai, especially in quantitative skills and current industry knowledge. Our close ties with the industry will give them a strong foundation for a successful management career. I believe even the brightest students will now prefer IIM Mumbai."
