Spare a thought for Indian business schools’ Class of 2013. These young women and men will be heading out into a world where financial well-being is not guaranteed, the global economy is

epileptic, and the view from a management perch is vertiginous.“The bigger question is, how relevant are we in a changing world?”

asks Ajit Rangnekar, Dean of the Indian School of Business in Hyderabad. “How do we move from producing MBAs for financial institutions to producing talent that attacks major problems in society?” Students now think about meaningful careers, not just the instant gratification of a fat pay cheque. “I tell my students I care about how happy they are long-term.”

Rangnekar says today’s young managers have the chance to make money while doing something good. “For example, skilling five million people is a great business opportunity, or bringing out the value in SMEmanufacturing… You need one JRD (Tata), you need one Muhammad Yunus, you don’t need a million of them.”

The greater challenge, Dean Rangnekar feels, is equipping young people to deal with corruption. “How do you identify ethical issues? How do you qualify them? How do you negotiate them? We have to create a community of corruption-busters; then we will begin to see real change.” That ought to strike a chord at the Amrita School of Business in Bangalore that mixes spirituality with management (page 106).

Our annual bestseller B-school rankings hold a surprise this year: IIMBangalore has dethroned its Ahmedabad sister, and the reasons why are very interesting (page 72). In fact, IIM-A is No.3. The news to note is that seven of the top 10 slots have gone to IIMs; quality obviously tells. In other surprises, BTreporters uncovered a trove of heartening stories like the Department of Management Studies at Dhanbad’s ISM (page 102), and the growing number of law-and-business courses. You will enjoy reading the spirited debate between a senior banker and the head of IIMIndore on whether business schools are losing sight of what hirers want (page 88). Aware that our rankings are taken very seriously, we also worked with our partner Nielsen to thor-oughly revamp our methodology (page 64).

The objectivity and rigour of our survey, which covered 1,732 respondents across 13 cities in five categories, is growing by the year (this is the twelfth time we have ranked business schools). Take the Indian Institute of Foreign Trade in Delhi, which has leapt from No. 17 to No. 11 and then No. 7 this year, showing consistent improvement, or the Symbiosis Centre for Management and Human Resource Development in Pune, which vaulted from 37th to 12th.

Business Today also very proudly presents India’s most sophisticated and comprehensive online business-school package (go to page 120 for the very exciting menu). Our website is a cornucopia of rich content, from exclusive videos of faculty and students, wonderful stories narrated by well-known B-school alumni, and information-packed videos of the Top 10 schools. Go to www.businesstoday.in/bestbschools for a deep dive.

As if this collector’s edition were not “supercalifragilisticexpialido-cious” enough, we also have our annual survey of India’s top recruiters (who says we don’t give our readers the very best?) from page 122. And there is much, much more to savour. Gorge yourself.

chaitanya.kalbag@intoday.comwww.businesstoday.in/editor

From the Editor

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Editor's Letter.indd 2 8/12/2011 2:01:37 AM

6 BUSINESS TODAY September 4 2011

CONTENTS SEPTEMBER/4/2011 Volume 20/Number 18

FOCUS16 ❘ Good, Bad and Ugly The new takeover code tries to juggle the interests of different stakeholders, say Nishchal Joshipuraand Arun Scaria

18 ❘ Policy

19 ❘ Finance

20 ❘ Tech Review

24 ❘ Graphiti: Banking on Tech

26 ❘ Interview with Karin M. Finkelston, Vice President, Asia Pacific, IFC

28 ❘ Etcetera

CHIAROSCURO14 ❘ Quick takes on major events of the last fortnight

50 ❘ In Need of Some SteelIron ore supply is not the biggest problem before JSWSteel. Sajjan Jindal needs strong nerves to handle the Lokayukta’s charges

140 ❘ HBR Exclusive: Strategies for Learning from Failure

LBNL152 ❘ The Hilsa IndexHigh prices this year break the hearts of Bengalis

BT DRIVE156 ❘ Swift Change, Buzz IntactMaruti transferred the Swift waitlist from the old product to the new

BOOKEND158 ❘ How to Improve Corporate performanceBernd Vogel talks to N. Madhavan about new ways of harnessing organisational energy

EXECUTIVE HEALTH160 ❘ Seeking Balance

JOBS 161 ❘ Get Paid to Study

166 ❘ PEOPLEBUSINESSDeepak Ohri of Lebua Hotels and Resorts; Ameera Shah of Metropolis Healthcare; Andrea Jung of Avon; Jocelyn Vigreux of TomTom India; and Mohamad Ali of Avaya

LEADERSPEAK170 ❘ A. Mahendran, MD,Godrej Consumer Products

September 4 2011 BUSINESS TODAY 7

46

38

50

C OV E R B Y K A P I L , P H O T O G R A P H B Y V I VA N M E H R A

COVER STORY52 ❘ The Big ShuffleBusiness Today’s ranking of best B-schools shows major changes from previous years

64 ❘ How We Ranked Them

70 ❘ Rankings Through the Years

72 ❘ In the SpotlightIIM Bangalore comes out tops in ’11

76 ❘ Grappling for ControlB-schools have managed to fend off AICTE’s moves to curb their freedom

COLUMN: 80 ❘ R.C. Bhargava, Chairman, Maruti Suzuki/

82 ❘ A Case Fit for StudySome state university B-schools are among the country’s best, but many face constraints such as bureaucracy and poor funding

88 ❘ Are Top B-schools Losing Sight of What Hirers Want?

90 ❘ These Lawyers Mean BusinessAs regulatory issues become cru-cial, a combination of law and MBAdegrees could be the next big thing

94 ❘ Gung-ho GurusTeachers who advise Indian indus-try are increasingly in demand

98 ❘ Skilling Them SoftlyHow B-schools are coping with the demand for new soft skills

102 ❘ Tomorrow’s StarA dark horse emerges in Dhanbad

106 ❘ Mixing Business with PrayerThe Mata Amritanandamayi Trust-run school gives business education a touch of spirituality

112 ❘ And, Finally...... who came first, what matters most in choosing a B-school

120 ❘ Join the Digital ChatterFrom online videos to a Facebook app, we are making it easier for you to take part in the B-schools’ discussion

122 ❘ India's Top Recruiters Sixteen B-schools, 10 engineer-ing colleges, 3,119 job offers. A look at the top 25 hirers from professional institutes in India

156

FEATURES30 ❘ Ending StasisThe churn on global equity markets is the perfect setting to usher in institutional reforms in India

38 ❘ This, too, Shall PassAs in 2008, investor sen-timent has been hit by the global crisis, but India is likely to absorb the shock

COLUMNS40 ❘ Shubhada Rao: Lessons for India from the Global Crisis

42 ❘ Chaitanya Kalbag: Lemmings or Llamas?

44 ❘ Dipen Shah: Rate Regime Gear Change Answer to Muted Earnings

46 ❘ Wring ToneReorganisation at Bharti Airtel could return it to its vibrant past but only if the cellphone services market gets less bloody

120

Contents.indd 2-3 8/12/2011 1:09:24 AM

6 BUSINESS TODAY September 4 2011

CONTENTS SEPTEMBER/4/2011 Volume 20/Number 18

FOCUS16 ❘ Good, Bad and Ugly The new takeover code tries to juggle the interests of different stakeholders, say Nishchal Joshipuraand Arun Scaria

18 ❘ Policy

19 ❘ Finance

20 ❘ Tech Review

24 ❘ Graphiti: Banking on Tech

26 ❘ Interview with Karin M. Finkelston, Vice President, Asia Pacific, IFC

28 ❘ Etcetera

CHIAROSCURO14 ❘ Quick takes on major events of the last fortnight

50 ❘ In Need of Some SteelIron ore supply is not the biggest problem before JSWSteel. Sajjan Jindal needs strong nerves to handle the Lokayukta’s charges

140 ❘ HBR Exclusive: Strategies for Learning from Failure

LBNL152 ❘ The Hilsa IndexHigh prices this year break the hearts of Bengalis

BT DRIVE156 ❘ Swift Change, Buzz IntactMaruti transferred the Swift waitlist from the old product to the new

BOOKEND158 ❘ How to Improve Corporate performanceBernd Vogel talks to N. Madhavan about new ways of harnessing organisational energy

EXECUTIVE HEALTH160 ❘ Seeking Balance

JOBS 161 ❘ Get Paid to Study

166 ❘ PEOPLEBUSINESSDeepak Ohri of Lebua Hotels and Resorts; Ameera Shah of Metropolis Healthcare; Andrea Jung of Avon; Jocelyn Vigreux of TomTom India; and Mohamad Ali of Avaya

LEADERSPEAK170 ❘ A. Mahendran, MD,Godrej Consumer Products

September 4 2011 BUSINESS TODAY 7

46

38

50

C OV E R B Y K A P I L , P H O T O G R A P H B Y V I VA N M E H R A

COVER STORY52 ❘ The Big ShuffleBusiness Today’s ranking of best B-schools shows major changes from previous years

64 ❘ How We Ranked Them

70 ❘ Rankings Through the Years

72 ❘ In the SpotlightIIM Bangalore comes out tops in ’11

76 ❘ Grappling for ControlB-schools have managed to fend off AICTE’s moves to curb their freedom

COLUMN: 80 ❘ R.C. Bhargava, Chairman, Maruti Suzuki/

82 ❘ A Case Fit for StudySome state university B-schools are among the country’s best, but many face constraints such as bureaucracy and poor funding

88 ❘ Are Top B-schools Losing Sight of What Hirers Want?

90 ❘ These Lawyers Mean BusinessAs regulatory issues become cru-cial, a combination of law and MBAdegrees could be the next big thing

94 ❘ Gung-ho GurusTeachers who advise Indian indus-try are increasingly in demand

98 ❘ Skilling Them SoftlyHow B-schools are coping with the demand for new soft skills

102 ❘ Tomorrow’s StarA dark horse emerges in Dhanbad

106 ❘ Mixing Business with PrayerThe Mata Amritanandamayi Trust-run school gives business education a touch of spirituality

112 ❘ And, Finally...... who came first, what matters most in choosing a B-school

120 ❘ Join the Digital ChatterFrom online videos to a Facebook app, we are making it easier for you to take part in the B-schools’ discussion

122 ❘ India's Top Recruiters Sixteen B-schools, 10 engineer-ing colleges, 3,119 job offers. A look at the top 25 hirers from professional institutes in India

156

FEATURES30 ❘ Ending StasisThe churn on global equity markets is the perfect setting to usher in institutional reforms in India

38 ❘ This, too, Shall PassAs in 2008, investor sen-timent has been hit by the global crisis, but India is likely to absorb the shock

COLUMNS40 ❘ Shubhada Rao: Lessons for India from the Global Crisis

42 ❘ Chaitanya Kalbag: Lemmings or Llamas?

44 ❘ Dipen Shah: Rate Regime Gear Change Answer to Muted Earnings

46 ❘ Wring ToneReorganisation at Bharti Airtel could return it to its vibrant past but only if the cellphone services market gets less bloody

120

Contents.indd 2-3 8/12/2011 1:09:24 AM

8 BUSINESS TODAY September 4 2011

Auto Blues Can India actually become a hub of low-cost auto manufacturing? After reading your cover story (Rough Ride, August 21), one is not very optimistic. Where does the problem lie? It lies in the domestic market, what with the rise in the cost of raw materials – steel, rubber and plastic – which make up most of a car. The interesting bit, though, is that despite sales of cars going down, growth still continues. P. Ghai, Chandigarh

Controlling Inflation The interview with RBI Deputy Governor Subir Gokarn (No Reason to Change the Policy We Have Adopted,August 21) has skillfully rolled out the details of the policy interventions of the central bank to restrain the inflationary pressures hurting the economy. The frequent interest rate calibrations do not augur well for the future of the economy as cascading monetary moves will dissipate the confidence of the investors. The Indian economy needs to be fortified vigorously to inspire renewed faith, especially in the wake of Standard and Poor’s downgrade of the United States. B. Rajasekaran, Bangalore

Food for EfficiencyThe food contract industry is in early stages in India, with huge potential to grow in the near future (Thought for Food, August 21). By providing quality

WRITE TO: The Editor, Business Today, Videocon Tower, 5th Floor, E-1, Jhandewalan Extension, New Delhi—110055. E-mail: letters.bt@intoday.com Website: www.businesstoday.inUnsolicited articles will not be returned or acknowledged.Business Today reserves the right to edit letters for brevity and clarity before publication.

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Re: Letters To The Editor

www.businesstoday.in/coverstory: Rough Ride (August 21) looks at auto manufacturers focusing on the volatile domestic market

www.businesstoday.in/coverstory: The Shock Around the Corner (August 7) takes a look at India’s grim energy scenario

and hygienic food to its employees, a company can, in turn, create a greater bonding with them, boosting their efficiency level. The only thing which will determine profit and loss for these food supplying companies is the sustainable quality of the food.Bal Govind, Noida

The Lokpal Saga The controversial Lokpal Bill has been referred to a Standing Committee of Parliament. But both the Houses should change their age-old rules, which continue with the secrecy clause that makes the proceedings of Standing Committees confidential. As the Centre has formed a joint drafting committee for the Bill, many people are likely to send their representations before the panel. Subhash Chandra Agrawal, Delhi

The interesting bit, though, is that de-spite sales of cars going down, growth still continues. So, there is light at the end of the tunnel, after all

Letters.indd 2 8/11/2011 8:57:52 PM