The P&Q Interview: Himanshu Rai, Director Of The Indian Institute Of Management Indore

When Professor Himanshu Rai speaks about leadership, he doesn’t just talk about boardrooms, strategy, or organizational dynamics. He also draws from the ancient wisdom of Sanskrit philosophy, Himalayan vistas, and his own journey to director of the Indian Institute of Management Indore.

Rai’s views about ethical leadership and personal integrity rely heavily on his study of Sanskrit philosophy, originated in Rai’s native India. The idea of Nishkaam Karma – acting without attachment to outcomes – emphasizes a selfless commitment to duty.

“This principle has guided me to focus on the collective good, developing resilience and clarity in both professional decisions and personal endeavors,” Rai tells Poets&Quants.

He has infused the philosophy into the mission of IIM Indore, one of India’s top business schools, since becoming director at the tail end of 2018. IIM Indore is among just 1% of business schools worldwide to achieve Triple Crown accreditation from AACSB, AMBA, and EQUIS. It also has an extension campus in Mumbai.

A LOOK AT IIM INDORE

Though relatively new – at least compared to the U.S. and Europe – business education in India has exploded over the last few decades. It was introduced in 1953 with the Indian Institute of Social Welfare and Business Management in Calcutta. Today, India has around 3,500 business schools though only 29 are internationally accredited. Fewer still, 14 in total, appear in the The Financial Times’ rankings.

IIM Indore, one of 21 IIM’s in the country was founded in 1996 to help serve growing demand with the liberalization of India’s economy. It enrolls about 5,000 students per year at all academic levels, including a range of executive education programs.

Its flagship Post Graduate Programme in Management (PGP) is a two-year, full-time MBA accredited by AMBA – a UK based accreditation agency. Its Executive Post Graduate Programme (EPGP) is a one-year executive MBA with all three major accreditations. Meanwhile, IIM Indore’s five-year Integrated Programme in Management (IPM) combines undergraduate and graduate studies, appealing to younger students seeking a fast-track into business education – a feature relatively unique compared to U.S. offerings. With over 200 executive programs, including partnerships with institutions across 24 countries, the school has also carved a niche in leadership and skill development.

India’s main ranking agency, the National Institutional Ranking Framework (NIRF), ranked IIM Indore No. 8 the last two years in management education. It consistently ranks among the top five business schools in India, and the Financial Times ranked it 83rd globally in its 2024 Masters In Management ranking. It is lauded for its academic excellence, innovative programs, and leadership.

IIM Indore is also undergoing a $65 million campus expansion. The project includes new state-of-the-art classrooms, faculty offices, residential spaces for students and faculty, a dedicated executive education facility, and an incubation center.

“Notably, this is a net-zero project, aligning with our sustainability goals. I am excited about how this project will add immense value to our beautiful 193-acre campus,” Rai says.

Q&A WITH IIM INDORE DIRECTOR HIMANSHU RAI

Rai’s vision for IIM Indore emphasizes ethical leadership and holistic education with a goal of producing socially conscious, globally aware leaders capable of tackling complex problems, he tells P&Q. Initiatives like the Himalayan Outbound Programme and the Rural Engagement Programme push students to apply their learning in challenging, real-world scenarios.

Before joining IIM Indore, Rai served as dean of SDA Bocconi’s India campus, taught at SDA Bocconi Milan and other institutions, and spent eight years at Tata Steel, India’s largest steel producer.

Rai introduced free Sanskrit workshops at IIM Indore, along with programs for training global government officials. Outside his role as director, he consults for the Government of India and the World Bank and writes for major Indian publications with a readership of 25 million. He is also a professor of strategic business negotiations, leadership through literature and Justice, ethics and morality at the Indian Institute of Management, Lucknow.

Poets&Quants recently asked Rai about his leadership philosophy, the transformation of IIM Indore, and the evolving role of business schools in addressing global challenges.

How has your background in philosophy and literature influenced your approach to leading IIM Indore?

The study of literature significantly enhances my understanding of leadership. Through the books I read, I embark on journeys I would otherwise never undertake, meeting people I wouldn’t have encountered and feeling emotions I might not otherwise experience. This exploration aids me in making better decisions, as literature inspires reflection and introspection. I often find resonance with the themes and characters of the books I read. For instance, the teachings of the Bhagavad Gita resonate with me, particularly the themes of duty, adherence to values, and performing one’s responsibilities.

Likewise, philosophy profoundly influences my leadership style, providing a framework for distinguishing right from wrong. Many people make decisions and later seek philosophical justification for them. However, it is essential to establish your yardstick for judgment and remain true to it when making decisions about right and wrong. Consistency is more important than taking recourse to convenient philosophies after the action has been undertaken.

Philosophy has helped me better understand human behavior, both in myself and in others. Through philosophical discourse and exchanges, I gain a broader perspective on life, envisioning the kind of universe I want to inhabit and create. Whether navigating personal challenges or professional responsibilities, the ability to reflect philosophically and draw lessons from literature is invaluable.

Thus, at IIM Indore, in addition to management courses, we also emphasize courses focused on philosophy, literature, spirituality, and ethics. In a world where business practices often prioritize profit over purpose, future leaders must learn to balance both. Our courses are curated in a way that challenges students to think beyond conventional business models and to consider the broader impact of their decisions on society, the environment, and their personal growth. We aim to produce leaders who are not only intellectually capable but also deeply rooted in ethical values and spiritual wisdom.

What, in your opinion, sets IIM Indore apart from other Indian business schools?

IIM Indore’s prestigious Triple Crown Accreditation places it among an elite group of business schools worldwide, with less than 1% – only about 100 institutions – achieving this distinction. Accredited by AMBA (UK), AACSB (USA), and EQUIS (Europe), this recognition signifies the institute’s global excellence and validates our commitment to delivering a world-class education.

What sets us apart from other business schools in the world is a commitment to solve problems and participate in nation building. Our faculty teams actively work on problems of inequity, rural challenges, urban infrastructure, and environment through research, data driven policy making, and implementing solutions with local administrations and state governments.

Our students also contribute toward finding solutions to these problems through courses built into our regular curriculum. Our unique programmes, such as the Himalayan Outbound Programme (HOP) and the Rural Engagement Programme (REP), aid in creating responsible leaders.

HOP is a key differentiator for us. The students go trekking in the Himalayas and learn leadership skills in the extreme outdoors, while developing sensitivity for the environment. It’s not just about trekking in the mountains; it’s about self-discovery, team building, and leadership under extreme conditions. The programme instills resilience, empathy, problem-solving skills, and an appreciation for nature, all of which are essential qualities for any leader.

Similarly, REP brings students face-to-face with the challenges and opportunities in rural India. Around 600 students go and live in the rural villages of Madhya Pradesh for a week, connect with the villagers, understand their challenges, and offer solutions to their problems. Through this programme, students gain a first-hand understanding of rural dynamics. These unique initiatives collectively contribute to a well-rounded education, preparing our students to be leaders who not only excel in business but are mindful of their social and environmental impact.

What lessons from ancient Sanskrit philosophy have shaped your views on ethical leadership?

Ancient Sanskrit philosophy, particularly from texts like the Bhagavad Gita and other Vedic scriptures, has deeply informed my views on ethical leadership and personal integrity. The concept of Nishkaam Karma – performing actions without attachment to the results – is drawn from the Gita and emphasizes selfless dedication to one’s duties. This principle has guided me to focus on the collective good, developing resilience and clarity in both professional decisions and personal endeavors.

Additionally, the concept of Dharma, central to Vedic and Upanishadic thought, emphasizes moral responsibility and integrity. Dharma teaches the importance of aligning thoughts, words, and actions and encourages us to act fearlessly in alignment with what is right, rejecting any endeavor that induces fear, embarrassment, or doubt. I apply this principle when leading teams, nurturing relationships, and navigating ethical dilemmas. It has encouraged me to stay calm and focused even in challenging circumstances, enabling ethical decision-making.

What inspired the introduction of courses in ancient Sanskrit at IIM Indore, and how have students responded to them?

I launched the Sanskrit workshops at IIM Indore, inspired by my profound belief that ancient knowledge systems possess timeless value for modern leaders. Sanskrit, as a language, is not just a medium of communication but a treasure trove of wisdom related to leadership, ethics, governance, and human behavior.

These workshops are offered free of cost to the entire IIM Indore community, including students, faculty, staff, and their families. Participation has extended beyond just students and staff, with families – including school-going children – actively taking part as well. The response has been overwhelmingly positive, and this year, we launched the third batch. The feedback from participants has been incredibly encouraging. Alongside Sanskrit, we have also organized workshops for other Indian languages like Tamil, Odia, and Bengali, reflecting our commitment to preserving India’s rich linguistic and cultural heritage.

The training courses for officials from other countries are a unique initiative. Can you share the goals and outcomes of this program?

IIM Indore has emerged as a leading institution for hosting executive courses for senior government officials from around the world, aiming to enhance knowledge sharing and promote global collaboration. These courses are conducted in collaboration with the Indian Technical and Economic Cooperation (ITEC) under the Ministry of External Affairs, Government of India.

IIM Indore has hosted impactful management development programmes for senior officials from countries such as Mongolia, Cambodia, Iraq, the Ivory Coast, and others, contributing to a broader educational outreach. Most recently, the institute conducted the Executive Course on Global Trends in Building Infrastructure for Development. This programme was attended by 26 senior officials from 14 countries, including Mozambique, Tanzania, Uganda, Madagascar, Comoros, Maldives, Sri Lanka, Myanmar, Bangladesh, Kiribati, Eswatini, Cambodia, Burundi, and Botswana.

The course focused on critical aspects of infrastructure development, such as sustainable energy solutions, innovative financing mechanisms, disaster-resilient infrastructure, and the integration of digital public infrastructure. These topics are particularly relevant as countries around the world strive for sustainable development in the face of climate change and economic challenges. Participants gained insights into how digital platforms can streamline public services and enhance transparency, and how agriculture and renewable energy can intersect with infrastructure development to build more resilient economies.

The outcome of these courses goes beyond knowledge transfer; it creates a platform for global cooperation. It empowers participants to implement effective, long-term infrastructure solutions in their own countries while simultaneously strengthening diplomatic ties.

IIM Indore is now among the elite 100 institutions with triple-crown accreditation. What strategies were key to achieving this milestone?

IIM Indore’s attainment of the Triple Crown accreditation by AACSB, AMBA, and EQUIS was driven by its focus on innovation, academic excellence, and international collaboration. The institute introduced unique programmes like the Five-Year Integrated Programme and the Weekend Post Graduate Programme for Working Executives in Mumbai, alongside its global reach and growing alumni base. It ensured rigorous research, faculty development, and internationalization, which aligned with the accreditation criteria. Furthermore, its commitment to socially conscious education, sustainable development, and the holistic growth of students strengthened its position as a leader in management education on the global stage.

The triple accreditation of IIM Indore has significantly elevated the institute’s global reputation, creating numerous opportunities for both the institution and its students. It has placed IIM Indore among an exclusive group of business schools worldwide, which not only enhances its standing in global rankings but also opens doors to an array of international partnerships, exchange programmes, and placement opportunities. IIM Indore now attracts a more diverse cohort of students and faculty with an enriched learning environment that blends global perspectives with cutting-edge research. This global recognition strengthens the institute’s collaborations with 60 institutions across 24 countries, providing students with unparalleled opportunities for international exposure. These partnerships facilitate student exchange programmes, allowing IIM Indore students to gain global experience, broaden their horizons, and develop cross-cultural skills that are highly valued in today’s interconnected business world.

Moreover, it has enhanced student placements by making IIM Indore a preferred choice for global recruiters. As the institute continues to attract top-tier companies from around the world, students benefit from access to a broader range of career opportunities and higher salaries. The enhanced global reputation and network also empower IIM Indore to offer specialized programmes in collaboration with prestigious international institutions. We are now offering four joint executive education programmes in collaboration with the University of Glasgow, the University of Denver, University of Liverpool, and Arizona State University.

With a diverse teaching background that spans IIM Lucknow, XLRI, and SDA Bocconi, how has your academic journey influenced the curriculum and pedagogy at IIM Indore?

Each of these institutions imparted unique perspectives on leadership, management, and education, which I have sought to integrate into our programmes at IIM Indore.

At IIM Indore, we strive to blend contextual relevance with global standards of excellence. For example, our Rural Engagement Programme exposes students to grassroots challenges, encouraging a socially conscious mindset. This aligns with my experience at XLRI, where social justice and ethics are emphasized, and at SDA Bocconi, where global business practices take centerstage. Similarly, our curriculum incorporates cutting-edge areas like business analytics and artificial intelligence, influenced by insights gained from teaching at institutions known for innovation, like SDA Bocconi.

Another prime example is the Master of Science in Data Science and Management (MSDSM), a unique programme launched in collaboration with the Indian Institute of Technology Indore. Now in its fourth batch, this programme blends management principles with cutting-edge data science, preparing students for the complexities of a technology-driven world. This initiative exemplifies our commitment to innovation in education, offering an interdisciplinary approach that bridges technical and managerial expertise.

Pedagogically, IIM Indore uses experiential learning extensively, including live projects, simulations, and case-based discussions. This is enhanced by interdisciplinary collaborations and international partnerships, reflecting a commitment to prepare students for dynamic, global challenges. By merging practical learning with academic rigor, we aim to develop not just competent professionals but also empathetic leaders.

How do you ensure IIM Indore balances academic rigor with practical learning experiences like the Himalayan treks?

As someone who has summited Mount Everest Basecamp and Kilimanjaro, among many other peaks around the globe, I personally know how powerful such experiences can be in shaping one’s character and leadership abilities. Our curriculum at IIM Indore places a strong emphasis on academic excellence, ensuring students are equipped with the knowledge and skills needed to excel in the business world. But we also know that true leadership goes beyond just intellectual capability—it’s about resilience, teamwork, and the ability to adapt under pressure.

The Himalayan Outbound Programme (HOP) is a perfect example of how we bring practical learning into the fold. These treks are not just about physical endurance; they’re about building mental toughness, learning to lead under uncertainty, and working collaboratively to overcome challenges. Just like my own mountaineering experiences, these treks help students develop crucial life skills—perseverance, adaptability, and decision-making in high-pressure situations—that can’t always be taught in the classroom.

What’s truly exciting for me is how these experiences integrate with the lessons we teach at IIM Indore. They allow our students to apply leadership principles in real-life contexts, and they gain a deeper understanding of themselves. Through such initiatives, we ensure that our students don’t just graduate with business acumen but with a well-rounded, global perspective that prepares them for the multifaceted challenges of today’s world.

What is your vision for IIM Indore over the next five years, particularly in terms of innovation and global partnerships?

As IIM Indore makes giant strides towards multifaceted excellence, my vision is to further solidify its position as a global leader in management education. Innovation will be at the heart of this vision – both in terms of academia and infrastructure.

I am currently overseeing the expansion of IIM Indore’s campus, with a substantial budget of $65 million. The development includes new facilities such as a new academic block, state-of-the-art classrooms, faculty offices, residential spaces for students and faculty, a dedicated executive education facility, and an incubation center. Notably, this is a net-zero project, aligning with our sustainability goals. I am excited about how this project will add immense value to our beautiful 193-acre campus.

We will be expanding our international footprints with meaningful partnerships that go beyond student exchange, and incorporate faculty exchange, dual degree programmes, joint executive education, and joint research projects, to name just a few initiatives. We have already had several faculty from our international partnership institutions visit us and engage with the IIM Indore community, hosted our first International Partners Day, finalized two dual degree programmes with our partner institutions, won joint research grants, and more. We will continue to strengthen these partnerships in the next five years.

On the academic front, we will continue to enhance our experiential learning programmes, such as the Himalayan Outbound Programme and the Rural Engagement Programme, which encourage holistic leadership development by challenging students to think beyond the conventional business classroom. We also plan to offer these courses to international participants.

Looking ahead, we will expand our portfolio of joint executive programmes with prestigious international institutions, creating avenues for impactful knowledge exchange and skill development. These initiatives will not only cater to the evolving needs of global executives but also bolster IIM Indore’s global presence. Our vision extends beyond traditional collaborations, emphasizing co-designed curriculums, collaborative research, and comprehensive exchange programmes that expose students and professionals to diverse global perspectives.

We also envision deepening our focus on sustainability, ethics, and responsible leadership. As the world faces complex challenges, future business leaders must be equipped with the tools to address issues like climate change and social inequality. Our programmes will continue to evolve to integrate these critical aspects of business and leadership into our participants’ education.

What are the challenges for Indian business schools in the next several years? What about challenges specific to IIM Indore?

The coming years pose several challenges for Indian business schools, driven primarily by the need to adapt to rapidly changing global markets. One major challenge is the integration of emerging technologies like artificial intelligence, big data, and automation into curricula. Business schools will need to ensure that students are equipped with the skills required to thrive in this digital age, balancing technical proficiency with traditional management knowledge.

Another challenge is ensuring that students are prepared for the complexities of global business. Indian business schools must enhance their international collaborations and focus on providing a global perspective while addressing local business nuances. Additionally, the demand for ethical leadership, sustainability, and social responsibility is rising. Business schools must incorporate these values into their curricula.

At IIM Indore, we approach challenges as opportunities to innovate, expand, and excel. As we maintain our leadership among top-tier business schools, we aim to redefine the boundaries of education by evolving programmes to address global needs. Initiatives like the Himalayan Outbound Programme and Rural Engagement Programme are just the beginning of our holistic approach. We see growth in scaling operations, enhancing global collaborations, and deepening our impact through research and technology. Our vision focuses on creating an ecosystem where personalized excellence blooms, diversity flourishes, and the institute becomes a global hub for transformative education.

What are the opportunities for Indian business schools in the next several years? For IIM Indore?

Indian business schools have ample opportunities to lead in the future. The global demand for business education continues to grow, particularly in emerging markets, creating space for Indian institutions to expand their influence globally. Additionally, there is a growing focus on interdisciplinary learning and the integration of technology, offering business schools an opportunity to redefine management education. Indian schools can leverage their strengths in areas like innovation, sustainability, and governance to create programmes that prepare students for leadership in complex, rapidly evolving global industries. The growing emphasis on ethical leadership and socially responsible business practices also presents an opportunity for Indian business schools to redefine their roles as key players in shaping the future of leadership.

As one of India’s top business schools, we at IIM Indore aim to further strengthen our position by expanding its international reach, particularly through collaborations with global institutions and offering joint programmes. The increasing demand for customized executive education programmes presents an opportunity for IIM Indore to enhance its executive offerings and engage with professionals globally. Expanding our unique programmes like the HOP and the REP and offering those on a global scale could attract a broader international student base. Additionally, by further integrating technology and entrepreneurship into its curriculum, IIM Indore can continue to be a frontrunner in shaping the leaders of tomorrow.

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