The last few decades saw Multinational Corporations from abroad do business and prosper in India but this decade will belong to the Indian MNCs, he said, after laying the foundation stone for the permanent campus of IIM-Sambalpur in Odisha through video conference.
“Today’s start-ups can become tomorrow’s MNCs as India seeks to make its start-up ecosystem inclusive to ensure speedy development,” he said.
Noting that start-ups are mostly coming up in Tier-II and Tier-III cities in the country, Modi said, they need professional managers, and the youth require to be prepared for the massive opportunities that lie ahead.
“In this new decade, we all are accountable to give a new image to brand India globally,” he said, asking young managers to align their career goals to the aspirations of the country.
The country had 13 IIMs in 2014 and 20 now, and this talent pool can expand the scope and boost the mission of creating a self-reliant India, he said.
“Innovation, integrity and inclusion have emerged as the key mantras in the field of management which are important for ‘Atmanirbhar Bharat’ mission. The goal of a self-reliant India will also be achieved with the help of collaborative, innovative, and transformative concepts in management,” Modi said.
“Technology management is as important as human management,” he said, adding the country has been able to build substantial capacity over the last decade which was evident in the handling of the COVID-19 crisis.
Modi said the new campus of IIM Sambalpur will give Odisha a new identity in the world of management education with proper recognition of the state’s great culture and resources.
Management experts, who are coming out with new experiences in fresh areas, will play a big role in taking India to new heights, Modi said, underlining that despite the COVID-19 crisis the country has given more unicorns this year than the previous years.
A unicorn is a term used in the venture capital industry to describe a privately held start-up company with a value of over USD 1 billion.
Speaking about the role students could play in making the “local rise to the global” level, he asked them to work on ideas to improve tourism in the light of the immense potential for it in Sambalpur and also promote its textile, tribal art, and craft.
The IIM students can work as a bridge between the “local and global” as part of the ‘Atmanirbhar Bharat’ mission.
“You have to show your management skills with the mantra of innovation, integrity, and inclusiveness,” Modi said.
Referring to the new management challenges in the light of new technologies like additive printing, changing production techniques, logistics, and supply chain management, he said, these technologies coupled with digital connectivity, and work from anywhere concept have turned the world into a global village.
India has undertaken rapid reforms in recent months and tried not only to keep pace with the changes but also to anticipate and adapt to them, he said.
The changing work styles are impacting demands on management techniques and top-down or top-heavy management skills are being replaced by collaborative, innovative, and transformative management, Modi said.
With bots and algorithms in picture, he repeated, technological management has become as important as human resource management.
The prime minister also asked the students to research the way the COVID crisis was handled in the country with innovation and collaboration on such a big scale.
During the COVID-19 crisis the country found permanent solutions for tackling shortage of PPE kits, masks and ventilators, he said.
“Management is not just about handling big companies. It also means taking care of lives,” Modi said.
It is important to understand the challenges before the country to become good managers for which higher educational institutions should not limit their focus on their areas of expertise, the prime minister said.
He said the new National Education Policy emphasises a broad-based, multi-disciplinary and holistic approach to remove silos in professional education that have emerged over a period of time.
Odisha Governor Ganeshi Lal, Chief Minister Naveen Patnaik, Union ministers Ramesh Pokhriyal, Dharmendra Pradhan, and Pratap Sarangi attended the function virtually.
The state government has provided 200 acres for the construction of the proposed campus, while the Union Ministry of Education has extended continued administrative support and financial grant of Rs 401.97 crore.
IIM Sambalpur is the first Indian Institute of Management to implement the flipped classroom, a learning environment where the basic concepts are learnt in digital mode and in the class the experiential learning happens through live projects from the industry.