Yearly Archives: 2016

The-Economics-of-Innovation

The Economics of Innovation

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Innovation has become key buzzword for the economy around the world. There are reasons for that.  The recent research shows that a major part of the rise of productivity in developed economies comes through innovation. Innovation in technology and management practices has raised productivity all across industries. This has increased the size of GDP and also per capita income. The good part Innovation led growth is that it requires improvement in quality of education and health and also human rights and democracy. They all contribute to this factor.

The role of  innovation in economy was recognized by famous economist Schumpeter, calling it necessary condition for economic growth through the process of ‘creative destruction” where new firms come up and old firms die out and in the process the overall economy and society get benefitted.

Economic growth depends on two ways in modern economy.  The one way is to increase inputs as land, capital and labour and the output increases. The accumulation of capital leads to the increase in output .But there is limit to this economic growth.  A low per capita income economy can rise to middle level economy. After that if the country does not start focusing on the research and innovation, the economic growth stagnates. The middle income trap sets in.

There is another way to increase the output by improving the productivity through improvement in technology and management of existing resources. It is also about finding cheaper alternative which increases productivity and lowers cost. Over the last few decades, the economic growth in developed economies has been spurred by that innovation. The computer, IT, telecom, Internet, Bio-tech revolutions have done stellar role in that.  New materials which are used in cars, airplanes, glass buildings, mobile phones and other gadgets make products better, cheaper and more effective. Innovations in medical equipment and diagnostic will make more effective .

Some of the innovations have done wonders to Indian economy. The best one is High Yield Variety  seeds which led to increase in production of food grains in India ,making it self sufficient in that. The productivity per hectare also increased, farm incomes in Punjab, Haryana and western UP also increased. Overall economic condition improved.

But to make innovation happen, one needs an eco system. The eco system includes Universities, R&D laboratories, interdisciplinary research, private companies spending on research and also sponsoring research in universities, culture of experimentation, investment in education, the facility of incubators, accelerators for start ups, the  private equity  firms and venture capitalists and Angel investors, robust  Intellectual property  and patent laws,  a start- up culture where student are encouraged to come up with new ideas and allowed to set up companies.

It is a tall order but a few shoots of this Innovation culture is springing up in India lately. Companies like Flipkart, Paytm, Snapdeal and Ola ,musigma, Inmobi, and many others have tried to become successful in recent days. There are thousands of small companies which are trying very hard.

The other part of startup eco system is focus on high growth small companies. The higher growth comes from scaling up and going beyond their home market.

India needs innovation because we are capital scarce country with huge population and high level of inequality.   The quality of innovations will determine the growth in economy and the quality of life in India.  How do we create schools where fees are very low but quality of teaching very high? How do we create hospitals where quality of health care is very high but charges very affordable? Two sectors have done this kind of innovation; one is telecom service providers and second is Delhi Metro- they provide best class services at cheapest cost possible while making reasonable amount of profit. Ola and Uber have shown how innovations can make public transport smooth, standardized and profitable for everyone.

Society which will try to solve global problems through innovation will become richer and better.  That’s why governments across the world are scrambling to get on board of this bandwagon of innovation, but it requires whole range of co-ordinated and yet independent institutions and also culture of tinkering and experimentation.  This is really hard to achieve.

~ Professor Rahul Mishra
IILM Lodhi Road Campus

Top-5-Achievements-Of-Raghuram-Rajan-As-RBI-Governor

Top 5 Achievements Of Raghuram Rajan As RBI Governor

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Raghuram Rajan is the 23rd Governor of RBI, the central bank in India. He assumed charges on September 4, 2013. During his stint of almost 3 years, there are some commendable highlights of his contribution in the financial system that is hard to look by.

Here are his top 5 achievements as the RBI Governor – a financial master who is willing to take challenges head on, following facts and numbers about his work is certainly a hard look away.

1. Inflation

Rajan is known for his primary focus on curbing inflation. His biggest achievement is that he successfully brought down retail inflation to 3.78% in July 2015 from 9.8% in September 2013 – the lowest since the 1990’s.

2. Consumer Price Index (CPI)

Under Rajan, the RBI adopted consumer price index (CPI) as the key indicator of inflation, which is the global norm, despite the government recommending otherwise.

3. Strengthen Forex Reserve

India’s Forex Reserve is now stronger by about 30% than it was two years back. During the recent depreciation, Rajan said the central bank has Forex Reserves to the tune of $380 billion, which is a comfortable level, and would intervene if there was a need.

4. New Bank Licenses 

Under Rajan, two universal banks have been licensed and eleven payment banks have been given the nod. This is expected to extend banking services to the nearly two-thirds of the population who are still deprived of banking facilities.

5. Futuristic

Rajan has made an immense contribution to the field of economics, the greatest being his prediction of the economic turmoil in the US and Europe during 2008-2012. The prediction cemented his position among some of the greatest economists of our times.

Most of his reforms and policies are being praised highly. However, Rajan has been criticized on interest rates and inflation issues. He is known for his forward and practical approach as an instrument in battling the inflation which plagued the nation when he was designated the role of RBI Governor.

21st-Annual-Convocation

21st Annual Convocation – Class of 2016 at Lodhi Road Campus

Campus Life, Events, IILM Stories, , ,

IILM Convocation 2016, Presided Over by Dr. Jyotsna Suri, Chairperson and Managing Director – The Lalit Suri Hospitality Group Ltd

The Convocation of IILM for the Class of 2016 was held on May 4th, 2016 at its Lodhi Road campus.  The ceremony was conducted for all the three campuses of IILM – IILM Institute for Higher Education, Lodi Road; IILM Institute for Business and Management, Gurgaon and IILM Graduate School of Management, Greater Noida.

The ceremony started by lighting the lamp by Mrs. Malvika Rai – Chairperson, IILM ; Dr. Smitha Girija – Director, IILM Institute for Higher Education, Lodi Road ; Ms. Shivani Ahuja – Director, IILM Institute for Business and Management, Gurgaon ; Dr. Taruna Gautum – Director, IILM Graduate School of Management, Greater Noida. The students of all the three campuses were awarded their diplomas by Mrs. Malvika Rai, Dr. Smitha Girija Ms. Shivani Ahuja and Dr. Taruna Gautum. One hundred and sixty seven students completed their post graduate studies at IILM this year and were conferred their diplomas.

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Dr. Smitha Girija – Director, IILM then welcomed the chief guest- Dr. Jyotsna Suri – Chairperson & Managing Director of Bharat Hotels that runs the luxury hotels chain “THE LALIT” under the Lalit Suri Hospitality Group. In the past few years the Group has been recognized with number of awards for its distinguished performance like the National Tourism Awards and National Awards for Excellence in Hospitality Education. Dr. Jyotsna Suri was President FICCI in the year 2015-16.  She has been listed amongst the Top 50 Business Power Women in Asia by Forbes Asia and amongst the top 20 Most Powerful Woman in Indian Business by Business Today. She is the only Indian member on the International Executive Committee of the World Travel and Tourism Council (WTTC).

Dr. Smitha Girija, then presented the Annual Report to the audience in which she highlighted the various achievements of IILM in the last one year. She proudly announced that in the EdUniversal rankings of best business schools in India, IILM has been ranked 11 (3 Palmes of Excellence category) for 2015. She also mentioned that IILM offers a wide range of Executive Education Programmes on various platforms and has organized Training programmes for IAS and IPS officers for over 10 years. IILM has also been conducting customized Training programme for leading PSUs like NTPC, NBCC, BHEL, and EIL. IILM also offer specialized programmes for Defence Ministry’s Directorate General of Resettlement for defence officers.

She further mentioned that IILM has recently partnered with Indian Institute of Corporate Affairs to jointly conduct programmes for Government officers and executives of PSUs and corporates. And IILM has also signed an MoU with National Skill Development Corporation. Also, the IILM Startup Labs has been incorporated to support and bolster a start-up company’s creation and activity in the early stages before it becomes self sustainable. Through the incubation initiative, IILM aims to provide an environment where students and entrepreneurs feel that their experience with IILM is most productive and inspiring

Dr Smitha Girija, then welcomed Mr. Kapil Chanana – IILM’s first batch alummus (1994-96   batch). Mrs. Malvika Rai presented an award to Mr. Kapil Chanana. The honour was bestowed upon him for his outstanding accomplishments in his chosen field of endeavor thus bringing honor and prestige to his fellow Alumni and Alma Mater. Mr. Kapil Chanana is General Manager – Activation, Coca Cola India Private Ltd. Mr. Chanana then addressed the graduating students. In his address, he shared his challenges as an entrepreneur with the students and motivated them to work for their passions. He also encouraged the students that they should never lose their individuality due the challenges of the outside world. He said the education is important but what drives a person and his performance are his passions.

Dr. Jyotsna Suri then delivered her talk in which she motivated the students by saying that though it is very important to generate success and wealth but they must not forget the core values of humanity. She stressed that students should never deviate from honesty and integrity, respect for Individuals, responsible Communication, devotion to Duty in order to become successful individuals and should also Minimize Wastage to be called as responsible managers.

She then honored six faculty members of IILM for the “Excellence in Teaching” Award. The six faculty members who received this award are Prof Vinay Chirania – The best Teacher’s Award for Core module- at IGSM, Prof Ruchi Shah – IIBM and Dr. Shivani Khurana – IILM, LR. The best Teacher’s Award for Elective module- at IGSM was awarded to Prof Raju Majumdar,  Prof Shweta Sharma- at IIBM and Dr Preethi Srinivas at IILM, LR.

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Mrs. Malvika Rai, Chairperson, IILM Institute for Higher Education, presented Dr. Kulwant Rai Gold and Silver medals to the meritorious students as well as to the overall performers.

IILM-Convocation-2016

IILM Convocation 2016, Presided Over by Dr Jyotsna Suri, Chairperson and Managing Director – The Lalit Suri Hospitality Group

Campus Life, Events, IILM Stories, ,

IILM Convocation 2016, Presided Over by Dr. Jyotsna Suri, Chairperson and Managing Director – The Lalit Suri Hospitality Group Ltd. She enlightened us all with her speech for our fellow graduates and professors of IILM from all three campuses.

“Malavika & Anil Rai ji,  IILM Board of Governors, faculty members, proud parents and the graduating students, I am privileged to be here for the 21st Convocation of IILM – thank you very much for inviting me.

IILM is one of the leading business schools in India offering undergraduate and postgraduate programmes in management.  I believe the focus is to develop students as globally aware members of society who are responsible business leaders. The initiative to encourage students from J&K and Northeast by offering them 25% scholarship and 10% scholarships to every women student is highly commendable. I am delighted to know that there are 71 girls out of 178 students graduating this year.

Young ladies & Gentlemen, In the depressed global economic scenario India stands out like a bright spot.  The Indian economy is growing at 7.6% and will continue to do so in the future.  Historically, India is one of the oldest cultures and Demographically it is the youngest nation about 60% are below the age of 30. India with its 29 states, 7 Union Territories and its burgeoning middle class has both the Demand and Supply and therefore its Economy will continue to grow. The services sector is doing fairly well. The Governement’s initiative of ‘Make in India’ is giving a boost to India’s sluggish manufacturing sector.  The Prime Minister’s clarion call of ‘Startup India’ / ‘Standup India’ is aimed at you and is providing a stable platform to young new entrepreneurs. As you graduate, there is huge opportunity waiting for you. Some you may join established or establishing firms, some may add value to existing family businesses and some may become entrepreneurs, who will not only sustain themselves, but also offer employment to others.

While it is very important to generate success and wealth we must not forget the core values of humanity. Let me give you fist full of values:-

  • Honesty and Integrity
  • Respect for Individuals
  • Responsible Communication
  • Devotion to Duty
  • Minimize Wastage

Along with this strong fist are my good wishes to each one of you as you step out to establish yourself. Do your parents, your country and your planet proud.

Namaskar!”

Ideation , Innovation & Creativity in Business

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If you want to study business, launch your own startup or manage your family business, IILM is the place for you !

Requirements in the job market are dynamic and change constantly.  At IILM we have introduced an exceptional programme to incorporate the trend of startups and entrepreneurship. We have collaborated with the SBS Swiss Business School to bring to our students the change to earn a BBA in Entrepreneurship. The degree is awarded by the Swiss Business School and teaches modules that are aimed to equip students with the skills need to start their own ventures ,take on the responsibilities of entrepreneurship or manage their family business..

The programme spans over 3 years or 6 semesters and covers a variety of topics starting from the basics and moving up in difficulty. The initial semesters have introductory modules that introduce students to concepts of Accounting, Marketing, Management, Information Systems, Economics, Finance, Statistics and Law. These basics are aimed at bringing all students on the same platform as we have students from varied backgrounds applying to this course. Similarly, Foreign Language is also offered to students over the 3 years in order to diversify their knowledge base and give them an edge in the job market.

After the basics students study modules like Small Business Field Studies, Venture Capital and Private Equity, Entrepreneurship Case Studies and Mergers and Acquisitions – topics related to managing real world situations. These modules as well as the others offered are not only case study based but also incorporate learning through simulations in order to effectively instill the theories involved.Case studies used are from the Harvard Business School so that our students have access to the very best resources.

Experiential learning is also encouraged through Company Visits as a module students visit various companies belonging to various industries and interact with staff and department representatives to gain understanding of the working of the companies and respective departments. In tandem with the aim of experiential learning is the module of Internships. Students are attached to a company for a month long internship during their breaks and learn what it is like to be on the job in real life from experts.

Mentoring is a unique aspect of student life at IILM. Faculty and industry mentors are assigned to the students to guide them through the course of the programme. They advise the students so that effective decisions are taken with regards to modules, internships and careers. Students gain a lot from their expertise and experience.

Our programme is exceptional because of the unique mix of theory and practical application. We have understood the need for dynamism in curriculum and have molded our modules based on the requirements of the time. Our students study with the best resources, the best faculty and the best industry mentors, making them a cut above the rest when it comes to taking on the roles of an entrepreneur or top management of their family business.

Learn more about our exceptional programme at www.ubs.iilm.edu

Ms. Lekha Mukherjee

Jens Karbo : From Denmark To IILM

Guest Blog, IILM Stories

I recently visited IILM as a guest lecturer. It was my first visit to India in general and the experience was absolutely amazing – both from a personal and professional perspective.

Jens Karbo

I was teaching “Competing Globally” for post-graduate students and particularly a subject like that is inspirational to teach in an international and cross-cultural setting. As a Dane I come from a tiny country with a small economy and a very homogeneous society. India on the other hand is one of the world’s most dynamic economies and one of the big players globally and much more diverse. It was very fruitful for me to exchange ideas about the global economy, international business etc. with both students and colleagues alike. The main aim as an educator is obviously that the students learn from you, but personally I see it as a bonus if I can learn from my students as well. The very bright post graduate students taught me a lot of things that I take with me back home to Denmark. Their knowledge about India’s role in the world economy, dealing with India from a cultural perspective and specific Indian companies and cases were particularly beneficial and useful for me. The students were very engaged and knowledgeable and had one of the most important values at all: curiosity.

I would like to thank both the students and the faculty for their great hospitality during my visit. You feel very welcome as a guest lecturer. During my stay the Distinguished Global Thinker Award was given to Professor Ashish Nanda. It was very interesting to take part in the award ceremony, hear his lecture and the Q&A session afterwards…AND to taste all the delicious Indian food in the garden afterwards. Generally I believe that exchanges like this are mutually beneficial, but in particular within the area of business in this era of globalization.

I stayed at the Gurgaon Campus whereas the teaching was carried out at the Lodhi Road Campus. Both the accommodation and the very helpful staff at Gurgaon made me feel “home away from home”, and my colleagues at Lodhi Road were very hospitable and inspiring to exchange ideas with.

From a personal perspective I had the chance to visit both Agra and Jaipur, which were great experiences. I look forward to visiting India again sometime in the future.

Jens Karbo
Senior Lecturer
Business Academy Aarhus
University of Applied Sciences

Pathshala of Yuva Goonj Breaking for summers

Campus Life, Events, IILM Stories

“Paathshala”is an initiative of “Yuvagoonj, to educate the under privileged children. Yuvagoonj members used to visit the slum(in Sector 53, Gurgaon)regularly after college and took continuous classes. There were 30 children between the ages of 3 to 12 .To keep an account on whether this effort was successful or not, a small examination was held. The results generated after the test would definitely be of  help to the students in getting admission in schools to continue their studies further. The 1st session of Paathshala came to an end after enlightening the students with some basic knowledge that would help them in leading a good life later.To make Paathshala a beautiful memory for those little souls Yuva Goonj  celebrated the Birthday of all the 30students on the day of the last class. A huge cake was made to cut by the students of Pathshala. As a part of the celebration clothes were donated to them, games were played and snacks were distributed.The participants of North Eastern University Illinois who had visited IILM Gurgaon, had left with the Yuva Goonj members a lot of edible and stationery stuff for donation which was also distributed on that day. The hard work of Radhika Bansal a student of PGDM along with the other team members is worth an appreciationIMG_8731

Yuva Goonj Labour day celebration

Campus Life, Events, IILM Stories

Yuva Goonj the official NGO group of IILM Institute for Business & Management Gurgaon, having a vision of being a strategic leadership organisation influencing social transformation through developmental programmers & to work towards creating a better India which provides basic health, education and empowerment to every citizen took the initiative to organize a “SPORTS DAY” for all the workers of IILM GURGAON on the occasion of Labour’s Day.IMG_8956This event was organised on 22th of April 2016, & the main aim behind this occasion was to make the workers feel special & make them understand how important they are for our organization.We all know that “THERE IS A CHILD IN EVERY BEING” and to make our workers relive their childhood different events were organized.All the workers including the female workers & security guards of our organisation attended the occasion.To show gratitude to their work and for proper functioning of the institution during the activity time, our students were appointed at each of their positions. A role reversal was done. All the posts held by our workers were manned by our students. This ensured uninterrupted functioning of the institute even with the workforce coming out to enjoy this hour.Dr.Pinky Goswami with Yuva members, Shayna, Radhika, Nikita, Riya, Sheetlata, Karan, Rohit and the overwhelming support of every student led this activity to huge success. The cooperation of Dr. Sujata and all faculty members was a good boost to Yuva Goonj.

A Broad Liberal Business Education Is A Must

Faculty, General Blog

All across the world,business education has quite a narrow focus. The application oriented subjects which have got practical value are being taught to students. This serves well when the pace of technological, economic and social change is slow and managers mostly have to act with functional knowledge. When the pace of change quickens, managers must wear leader’s hat and think broadly beyond their functional knowledge.

The best B-schools of the world claim to educate leaders who are going to make a difference in the world. To make this happen, B-schools need to look at the curriculum more closely and bring in the broad liberal education component which can make students think and act like leaders whose action will have impact on society at large. The broad liberal education should include subjects like political science, sociology, literature, study of classics , history, business history, philosophy and ethics and evolution of science and technology. The broad liberal management education will stretch imagination of management student beyond functional knowledge.  Writing and public speaking skills should also be taught to make the offering complete.

Creating authentic, ethical and visionary business leaders should  be the main aim of business school. These leaders can act as entrepreneurs and can also don the hat of  a manager for day to day functioning if required. But they essentially remain a leader with broad social , economic and technological vision. They make ethical choices in their decision making. Without these kind of leaders , organizations will not thrive. In fact, companies like Enron  and Satyam  lost enormous value because of lack of those kind of authentic leaders.

Leaders with broad and general education have done pretty well. Anand Mahindra is one example who pursed film making and liberal arts education . Steve Jobs quest for calligraphy ,spiritualism and Zen Buddhism’s simplicity and aesthetics had enormous influence on business decisions he took . To get the glimpse of Bill Gate’s mind , one has to look at his wide and varied reading list. Leaders always look beyond immediate environment . Broad liberal education will help him doing that.

–  Mr Rahul K.Mishra
Professor- Strategy and International Business, IILM. 

From Denmark to IILM – Prof. Soren Ipland from Business Academy Aarhus University

Global Study, Guest Blog

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My visit at IILM was very inspiring on both a personal and professional level and the hospitality was extraordinary. The students in my classes were pro- active and took great interest in the topic of Digital Communication. I gave lectures for both UG and PG, and  i was enthralled to encounter the students were very interactive and eager to learn.

I met a lot of inspiring professors at Lodhi Road Campus that all took interest in my visit. This gave me the opportunity to associate myself with interesting people and left me with a clear picture of IILM as the top university, with a magnificent staff of professors.

I commuted to Lodhi Road campus from Gurgaon for daily lectures with ease traveling. Things were quite hopeful in both the campuses.

While at ILLM I had the opportunity to take part in the Global Thinker Award ceremony for Mr. Ashish Nanda. A part from an interesting meeting with Mr. Nanda the ceremony also included a variety of delicious food tastings, as well as the experience of taking part in an event grounded in the very interesting Indian culture.

During my stay in India, we visited the beautiful sight of the Taj Mahal, as well as the city of Jaipur. The days in Jaipur was during ’Holi’, giving us a unique look into the Indian culture. The practicalities of both trips was masterfully taken care of by staff at IILM.

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My wife joined me at my first week at IILM and the fantastic hospitality giving to me also included her. We were both invited to join professors and other guests to see a musical at a beautiful nearby location, again a unique experience and look in to Indian culture.

I can only emphasize my stay at IILM as a fantastic and an enriching learning experience.

– Soren Ipland
Business Academy Aarhus University, Denmark.