India's Best Performing Business Schools, 2023–24.pdf

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Vol. 12 | Issue 01 | 2023
Vol. 12 | Issue 01 | 2023
Vol. 12 | Issue 01 | 2023
India
The Role of Articial Intelligence in
Revolutionizing Indian Retail
Faculty of Management and Commerce (FMC),
M.S. Ramaiah University
of Applied Sciences
Oﬀering Flexible and Customized Learning Paths
India's Best
Performing
BUSINESS
Schools,
2023-24

n the pulsating heart of a nation known for
Iits entrepreneurial spirit and economic
prowess, India has witnessed a remarkable
evolution in its approach to grooming future
business leaders. Our nation's business schools
have become crucibles of transformation,
fostering intellects that not only navigate the
complexities of today's global marketplace but
also shape its contours.
In its latest edition, "India's Best Performing
Business Schools, 2023–24," The Knowledge
Review embarks on a compelling narrative,
spotlighting the institutions that stand as beacons
of educational excellence. We delve into the
stories behind the campuses, the visionary
leaders steering the ship, and the vibrant
community of students who bring these
institutions to life. From state-of-the-art facilities
to pioneering pedagogies, each featured business
school is a testament to the commitment to
nurturing talent and fostering a culture of
innovation.
Char ng Excellence
for Tomorrow's
Business Leaders

This edition is a journey into the heart of
each business school, exploring the ethos
that sets them apart. It goes beyond
rankings, unraveling the tales of
resilience, adaptability, and commitment
to academic excellence that deﬁne these
institutions. As the pages unfold, you will
witness a tapestry of stories – of
challenges surmounted, of milestones
achieved, and of the unwavering pursuit of
knowledge.
Whether you're a prospective student
seeking the ideal launchpad for your
career, an industry professional staying
abreast of educational trends, or an
enthusiast curious about the shaping of
future business landscapes, this edition is
your compass.
Join us in celebrating the cradle of
business education in India. As we
navigate the narratives and unveil the
triumphs, let this edition be your guide to
excellence. The future of business is
written in these stories – and it's a story
you won't want to miss.
Happy reading!
Editor’s
Note
-Riya Chatterjee
Riya Chatterjee

Cer Story
08
of Applied Sciences

Moulding Aspiring Professionals
for Corporate Success
Vivekanand Education Society's
Institute of Management
Studies and Research
An Advocate for Education and Gender Equality
Pamarty Venkataramana
Profiles
Aicles
A Thriving Landscape
Start-up Ecosystem in India
Enhancing Proficiency
of Business Sector
The Role of Artificial Intelligence in
Revolutionizing Indian Retail
20
30
38
34
24
Contents
Vijay Patil School
of Management
Redefining Traditional
Management Education

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Faculty of Management
and Commerce (FMC),
of Applied Sciences
Brief
Name of the Institute
Faculty of Management and Commerce, M.S.
Ramaiah University of Applied Sciences, aims
to be a globally recognized management
institute that nurtures and empowers leaders.
https://www.msrim.in/
URL
Institute of Rural
Management Anand
https://irma.ac.in/
The Institute of Rural Management Anand is
driven by the dream of serving underserved
segments of the economy through professional
management.
Kochi Business school https://kbs.edu.in/
Kochi Business School is a well-established and
one of the top MBA colleges in Kochi, India,
with a legacy of 12 years of imparting quality
education.
Vijay Patil School of
Management (VPSM)
https://dypatil.edu/?
Vijay Patil School of Management aims for
global recognition by fostering international
collaborations and exchange programs with
renowned business schools.
Vivekanand
Education Society’s
Institute of Management
Studies and Research
https://vesim.ves.ac.in/
Since its inception, Vivekanand Education
Society’s Institute of Management Studies and
Research has been at the forefront of business
studies, developing business leaders who
strive to make a positive impact.
India's Best
Performing
BUSINESS
Schools,
2023-24

of Applied Sciences

“
“
Our management
program addresses the
core func ons of business, such as
marke ng, ﬁnance, strategy, with the
latest addi ons in entrepreneurship
and business analy cs .

The core of business school
education encompasses a
comprehensive and
multifaceted approach to preparing
individuals for success in the business
world. It equip students with essential
knowledge, skills, and perspectives
that are fundamental to navigating the
complexities of modern business
environments.
Business education is continuously
evolving to adapt to the rapidly
changing business landscape, driven by
technological advancements,
globalization, shifting market
dynamics, and societal expectations.
In these ever-changing times, the
Faculty of Management and
Commerce (FMC) of M.S. Ramaiah
University of Applied Sciences is
oﬀering Management Program
Development, Personality
Development, and Skill Enhancement
through experiential learning. Further,
Students undertake Management
Development Programmes,
MOOCs/Online Courses, Field Visits,
and International Immersion
Programmes to obtain an holistic
exposure of experiential learnings.
Striving at the Startup Capital
Bangalore is deemed as a Startup
Capital of India. The B-School has set
up a ‘Center for Entrepreneurship’ to
instil Entrepreneurial Intentions among
the Student Community. To equip the
students with theoretical knowledge
and practical skills, the B-school has
incorporated experiential learning
through various means like: Internships
to provide opportunities for students to
participate in internships or co-op
programs with industry partners to gain
practical experience.
addresses the core functions of
business, such as marketing, ﬁnance,
strategy, and decision-making, with the
latest additions in entrepreneurship
development and business analytics
skills. The MBA program highlights:
Ÿ Focus on managerial, team, and
communication skills
Ÿ Experiential learning through
theoretical concepts and practical
skills in the domain
Ÿ Leverage digital transformation for
a smooth transition to a real-life
environment
FMC’s teaching methods encompass
more than just classroom learning. The
B-School equip students for life
beyond academia by enabling students
to experience world-class internship
opportunities, training sessions by
Industry Experts, Leadership
India's Best Performing Business Schools, 2023-24

Emphasis is oriented towards case
studies to simulate real-world business
scenarios and encourage critical
thinking and problem-solving skills.
Finally, research-based real-time
projects ensure a well-rounded
education by addressing contemporary
business problems or consulting
projects with local companies.
FMC has an INNOVATION CENTRE
to nurture innovation and
entrepreneurial intentions among the
students. Moreover, the Startup Society
is initiated by the Center for
Entrepreneurship, which is run by
Students. Recently, a Business Mela
was conducted by the B-School to
instill Entrepreneurial Intentions
among Student Community.
Ideas are assessed based on their
relevance and impact on the society.
These are consequently translated into
Students and Faculty Members of CFE
pursue innovation and
entrepreneurship for the utilization of
strategic global/national initiatives
from conceptualization to the
development of products/services. This
leads to formulating and
recommending solutions through
critical as well as design thinking to
address the challenges of business
start-ups in adopting the good practices
of innovation and entrepreneurial
development.
working projects that are entered in
national and international competitions
and for registration as patents.
Pursuing Innovation and
Entrepreneurship
The Faculty Members of FMC are part
of Center for Entrepreneurship which
endeavour to develop frameworks for
sustainable business ecosystems for the
enrichment and nurturing of both
innovation and entrepreneurship
among students.
Our business school
oﬀer consultancy and advisory
services to businesses and organiza ons
based on their research exper se.

The business school create avenues for
students to collaborate and network
with industry professionals, investors
and alumni through various means. In
addition, the B-School frequently
arranges networking events and
conferences, providing students with
opportunities to engage with guest
speakers, industry experts,
entrepreneurs and alumni.
By virtue of these ecosystem , it serve
as a platform for students to
FMC conducts mentorship programs
that match students with seasoned
alumni, entrepreneurs or industry
experts who can provide guidance,
counsel, and career assistance.
acquire knowledge about current
industry dynamics, share ideas, and
cultivate important connections.
Moreover, FMC has alumni
associations that empower students to
connect with peers who share similar
interests and connect with individuals
entrenched within their chosen ﬁeld.
Prof. K.M. Sharath Kumar
Professor and Head,
Faculty of Management
and Commerce
of Applied Sciences

Our business school
creates avenues for students
to collaborate and network with
industry professionals, entrepreneurs
and alumni through various
means.
Providing Focused Experiences
The students of the FMC gain rich
multi-disciplinary knowledge by
closely engaging in cross-functional
projects and assignments by working
with the students of other
Faculties/Schools in the University:
Social Sciences, Art and Design,
Mathematical and Physical Sciences,
Life and Allied Health Sciences,
Engineering and Technology,
business curriculum to foster
understanding and awareness among
students. The University has
established support services, such as
counseling and mentorship programs,
to assist students from diverse
backgrounds in adjusting to the
academic environment and aligning
towards a cosmopolitan lifestyle in
Bangalore.
In today’s scenario, Digital
Transformation is a domain-agnostic
trend for any Business and Corporate
Houses. Students should be well-
versed in adopting technologies
pertaining to Digital Transformation.
To prepare students for adapting to
emerging trends and technologies in
various business sectors, the courses
are integrated with emerging
technologies and trends relevant to
different business sectors. It include
courses on artificial intelligence,
blockchain, data analytics, digital
marketing, etc. Therefore, FMC
provides access to state-of-the-art
technologies, tools, and techniques
where students can gain hands-on
experience with emerging tools and
platforms.
Shaping Better Careers
Mr. Abdul Muneer and Mr. Anoop
were proud alumni of FMC. Both
Hospitality Management, Pharmacy,
Dental Sciences etc. Every
Specialization has a Chair, which is
headed by a senior professor who
connects with Industries and Startups
to provide a focused experience to
students.
In terms of experience and exposure to
humbleness as well as humility,
Students undertake Group Projects
addressing Societal Challenges to
attain outreach and extension activities.
Some activities include cleaning a
pond, painting an under-privileged
school etc. By virtue of this, an aspect
of humanity is imbibed into students
along with a money-making mindset.
Curriculum with Global Outlook
FMC actively seeks out and recruits
faculty members from diverse
backgrounds to reflect a variety of
perspectives and experiences. The B-
School encourages faculty to engage in
research and teaching that promotes
diversity and inclusion in the Student
Community.
The curriculum includes diverse
perspectives, case studies, and
examples that reflect a global and
inclusive outlook.
Courses are integrated on diversity,
equity, and inclusion within the

students completed Management
education with the perception to
sustain and scale up their business.
Today, Madox Technologies offers
robotic and automation solutions to
companies. FMC is proud to have Mr.
Abdul and Mr. Anoop as its proud
Alma Matters
The B-School has a dedicated
Placement Team. FMC supports
students in securing internships and job
placements through the following
initiatives:
Ÿ Career services office staffed with
professionals who specialize in
helping students with job
placement, resume building,
interview preparation, and career
strategy development.
operations, entrepreneurship, and
organizational behavior. This research
generates new knowledge and insights
for the stakeholders in the business to
make better decisions.
The business school offer consultancy
and advisory services to businesses and
organizations based on their research
expertise. This can include helping
companies optimize processes,
implement strategic changes, and
address specific challenges. As a
complement, the success stories are
included as case studies in the
classroom discussions emphasizing
experiential learning.
Showcasing Remarkable Initiatives
Ÿ FMC conducts workshops and one-
on-one sessions to assist students in
crafting effective resumes tailored
to their career goals and the specific
positions they are targeting.
Ÿ Maintain strong relationships with a
network of companies and
organizations that offer internship
opportunities and placements.
Ÿ Include industry requirements in
syllabi to match the job markets.
Ÿ Organize Industry Conclaves –
Specialization-wise etc.
Emphasizing Experiential Learning
The faculty members of FMC conduct
relevant research on various aspects of
business and management, including
strategy, finance, marketing,

FMC has an integrated course on
Ethics, Sustainability, and CSR into the
curriculum to provide students with a
strong foundation to promote humanity
and imbibe humility. These courses
explore real-world case studies and
ethical dilemmas from a societal
perspective and the entire globe at
large. FMC encourages faculty and
students to conduct research in these
areas and share their findings with
students for societal benefit.
In March 2023, FMC showcased
remarkable initiatives that
demonstrated their commitment to
academic excellence and fostering
entrepreneurial growth. At the
forefront was the initiation of the
Member of the Board of Governors,
MSRUAS and Founder CEO of
BrahMos Aerospace, spearheaded this
program, imparting invaluable
knowledge and mentorship to aspiring
business leaders.
In the spirit of mentorship and support,
FMC opened its doors for aspiring
entrepreneurs through an ‘Open
Mentoring’ program, facilitated by the
Centre for Entrepreneurship. This
initiative underscored their dedication
to nurturing and guiding emerging
entrepreneurs on their journey to
success.
The international reach of FMC’s
initiatives was further highlighted by
their involvement as Steering
Committee Members at the ASIP-
Conference held in Malaysia. This
esteemed participation showcased their
influence and recognition on an
international platform, solidifying their
position as leaders in academia.
Faculty members at FMC
demonstrated their prowess by
assuming roles in elite boards,
acting as resource persons, and
serving as reviewers for prestigious
Scopus Journals. Their notable
MDP3.0 program, tailored exclusively
for Small and Medium Enterprise
(SME) owners. The program bore the
theme 'Re-Vitalise, Muscle Up and
Scale up' their Businesses, aimed at
empowering SMEs to thrive and
expand their operations.
Collaboration was a key aspect of
FMC's efforts, as evidenced by their
research on ' Entrepreneurship,'
conducted in partnership with
esteemed institutions. This research
aimed to delve into the experiences and
contributions of entrepreneurs who
returned to their home countries,
enriching the entrepreneurial
landscape.
Adding an international dimension to
their endeavors, FMC undertook a
consultancy project in collaboration
with the prestigious EDHEC Business
School in France. This exemplified
their global engagement and
commitment to providing valuable
insights and expertise to a broader
audience.
Imparting Invaluable Knowledge
The academic enrichment continued
with a Leadership Development
Program (LDP) curated for MBA
students. Dr. A. Sivathanu Pillai, the
Our teaching methods
encompass more than just
classroom learning, known as
experien al learning.

contributions were acknowledged
through awards for Best Paper/Case,
exemplifying the high standards of
intellectual scholarship maintained
within the institution.
Looking ahead, FMC continued to
foster global connections, with plans
for a visit by 20 international students
from Germany to enrich the academic
and cultural exchange.
Enhancing Student Engagement
FMC has set up various management
clubs like the Marketing Club, HR
Club, Finance Club etc. that conduct
activities regularly to enhance student
engagement every Friday post-lunch
sessions. The B-School also
encourages students to take part in a
wide range of extracurricular activities
The B-School regularly
conducts management fests to
provide a dynamic pla orm to our
students for learning, networking, and
showcasing their talents.

that cater to diﬀerent interests,
including professional development,
cultural, sports, and social needs of
students.
In parallel, the B-School regularly
conducts management fests to provide
a dynamic platform to its students for
learning, networking, and showcasing
their talents. These Management Fests
allow students to develop and
showcase their leadership, teamwork,
problem-solving, and communication
skills. In addition, the University has
numerous Student Clubs to attract
students from various disciplines. This
shall equip Management Students to
inculcate Leadership Skills and Team
Behavior among the Management
Students.
Making the Curriculum More
Relevant
FMC has swiftly transitioned to remote
learning during COVID-19 by
leveraging online platforms and
technology to deliver lectures,
seminars, etc. This allowed students to
continue their education while
adhering to social distancing
guidelines.
The University has invested in a
lecture capturing system with
interactive displays to facilitate
student’s online learning. The professor
incorporated case studies and examples
with simulations related to the
pandemic's impact on businesses,
making the curriculum relevant and
timelier.
The business world is progressing and
is now experiencing the fourth
industrial revolution, popularly termed
Industry 4.0. In Industry 4.0,
technology is the prime mover. A few
technologies driving Industry 4.0 are
Business Analytics, Automation,
Artiﬁcial Intelligence, Machine
Learning, Cloud Computing, Big Data,
Internet of Things, Blockchain, and
Simulation.
Delivering Outcome-Based
Education
Like Corporations, leading business
schools like FMC aspire to align
technological shifts in Digital
Transformaton by incorporating into
the curricula. On the other hand,
emphasis is provided on ‘Co-
Creation’ for supplementing and
complementing each other’s
competencies to leverage synergies.
FMC of M.S. Ramaiah University of
Applied Sciences aim to deliver
competency and outcome-based
management and commerce education
with an inter and multi-disciplinary
approach. This is carried out by
adopting global educational practices
with an emphasis on development of
critical, analytical, and problem-
solving abilities with a passion for
lifelong learning and independent
thinking.
For more information
Contact at 801000444 or
visit the website
https://www.msruas.ac.in/

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THE KNOWLEDGE REVIEW
THE KNOWLEDGE REVIEW

n today's rapidly evolving
Ibusiness landscape, business
education in India stands at the
crossroads of tradition and innovation.
The nation's institutions are adapting to
these changes by offering a diverse
range of programs, interactive teaching
methods, and practical learning
experiences. The emphasis on holistic
development, global perspectives, and
industry integration reflects India's
commitment to producing graduates
who are not just academically
accomplished but also well-equipped
to thrive in the ever-changing world of
business.
Vivekanand Education Society's
Institute of Management Studies and
Research is a pioneering institute in
the business education field. The
institute has been catering to aspiring
professionals from all walks of life and
guiding them to their desired careers.
In 1962, Vivekanand Education
Society (VES) was founded by the
visionary Late Shri. Hashu Advaniji.
It pioneered accessible education in
Mumbai, growing from 256 students to
25,000 across 23 institutions. VESIM
was established in 1994 with 60 MMS
seats, and now it is offering 180 MMS
intake. It molds aspiring professionals
for corporate success, emphasizing
positive impacts on companies, people,
and society.
Creating Socially Responsible
Business Leaders
VESIM's excellence is driven by its
humanistic management approach, top-
notch faculty, interactive teaching, and
robust alumni network. The institute
focuses on creating socially
responsible business leaders in a
conducive learning environment.
VESIM's vision is to be amongst the
most preferred institutes for higher
management education in India with a
global outlook.
Its mission is:
Ÿ To develop socially responsible
managers and entrepreneurs well-
grounded in theory and real-world
application who can lead in their
respective fields.
Ÿ To develop an institution that
emphasizes research and
innovation with cutting-edge
technology with an approach of
high impact international
dimension.
Ÿ To develop faculty capable of
synthesizing, creating knowledge,
and communicating with industry,
peers, alumni, and students.
The core values of VESIM are:
Ÿ To impart quality education and
contribute towards character
building.
Ÿ Delivery of contemporary courses
that nurture holistic development
with professional integrity and
social consciousness.
Ÿ Inculcating consciousness of social
need, fair, transparent, and ethical
standards in all practices towards
personal and professional conduct.
Ÿ Encouraging innovative approaches
to promote inclusive growth.
Effective use of E-learning
VESIM offers a two-year full-time
MMS program approved by AICTE,
Govt. of India, and is recognized by
the University of Mumbai. The
program is spread across four
semesters and holds NBA accreditation
for academic years 2016-2017 to 2018-
2022.
E-learning has indeed enhanced
education facilities and it has also
offered several benefits such as:
flexibility, access to resources, global
reach, interactive learning, and cost
and time efficiency. However, it's
important to note that, while e-learning
offers numerous advantages, it may not
completely replace the benefits of face-
to-face interactions and hands-on
experiences that traditional education
provides. The most effective approach
often involves a blend of both
traditional and e-learning methods,
known as blended learning, to create a
comprehensive and engaging
educational experience.
| December 2023
20

“
Our vision is to be
amongst the most
preferred institutes for
higher management
education in India with a
global outlook.
Sparking Innovation
The institute offers a wide variety of
extra-curricular and co-curricular
activities for a holistic education.
Notably, VESIM has an
Entrepreneurship Program to spark
innovation, a Foundation Course for
strong educational basics, and
Employability Skills workshops for
real-world success. A Business
Simulation Game and Python course
cater to tech and business interests.
In co-curricular, there's a Leadership
Series for nurturing leaders, an
Outbound Program for team building,
and a Pitch Festival to showcase
innovation. Its Literature Fest
celebrates art and literature. To ensure
engagement, VESIM involves
students in planning, linking activities
to real-world contexts, and creating
an inclusive environment that
encourages participation.
Recognitions, awards, and certificates
are presented to acknowledge
students' efforts and
accomplishments, fostering a sense of
achievement and motivation.
Enriching Educational Journeys
This commitment to engagement and a
student-centred approach enriches
every student's educational journey.
Placement is crucial for professional
success, and VESIM prioritizes it. The
dedicated placement team focuses on
optimal opportunities, corporate ties,
and employability skills. They organize
diverse activities for universal student
exposure and employ CGPT – a
collaboration of placement managers,
students, faculty, and alumni to guide
students toward industry readiness
through events and coordination.
Its awards reflects the quality of
education it provides. Recognized by
students and the intellectual
community, this recognition highlights
why VESIM is a sought-after B-school
in Mumbai.
VESIM's two-year Master of
Management Studies (MMS) is
AICTE-approved and accredited by the
National Board of Accreditation
(NBA) for the academic years 2016-
2017 to 2018-2022, w.e.f 10th March
2017 in both the MMS and PGDM
sections. The MMS is affiliated with
the University of Mumbai.
VESIM is accredited by the National
Assessment and Accreditation Council.
VESIM has been accepted as a
member of the AACSB International
Association to Advance Collegiate
Schools of Business. AACSB
International is a global association of
leaders in education and business
dedicated to supporting and advancing
quality business education worldwide.
AACSB Membership creates a
concrete framework to continually
measure program and school quality.
NBA and NAAC accreditation
symbolizes that the institution follows
all relevant mechanisms to ensure
outcome-based learning as the
approach for quality education and
maintains a positive and vibrant
teaching and learning
environment.
www.theknowledgereview.in | 21
India's Best Performing Business Schools, 2023-24

VESIM was awarded an 'A' grade by
the Directorate of Technical Education
(DTE), Govt. of Maharashtra.
Enhance Stakeholder Value through
Meaningful Partnerships
VESIM's core objective is to provide a
distinct learning experience, conduct
impactful research, and enhance
stakeholder value through meaningful
partnerships.
Accredited by NBA and NAAC,
VESIM ranks among the top 125 in
India. Its MMS program is affiliated
with the University of Mumbai,
recognized by AICTE, and includes
global academic ties. VESIM
emphasizes research, encourages Ph.D.
pursuits, and offers an innovation
centre for start-up ideas.
Over the next five years, VESIM aims
to consolidate its position in Business
Analytics, offer specialized programs,
and promote lifelong learning, robust
research, industry engagement, and
alumni relationships. It plans to
enhance HR functions, wellness,
governance, and infrastructure.
The strategic imperative of big data
analytics drives its curriculum. VESIM
prepares professionals who leverage
data for decisions and innovation. Its
focus aligns with industry needs,
fostering adaptable graduates equipped
with 'thinking tools.'
Empowering Individuals to
Safeguard Themselves
In 2001, Dr. Modh's encounter with the
aftermath of the Gujarat earthquake
instilled in him a profound interest in
disaster management. This newfound
passion led him to deliver lectures on
the subject, specifically focusing on
empowering individuals to safeguard
themselves and assist others during
disasters.
Director's Role in Executing Comprehensive Culture
With over a decade of experience as a Professor within the
Indian university system and a quarter-century of
involvement in the Indian aviation industry, Director, Dr.
Satish Modh possesses an extensive and impressive career.
Commencing his professional journey with the Ministry of
Information and Broadcasting under the Government of
India, Dr. Modh entered through the Indian Engineering
Services selection process. However, he swiftly transitioned
to become an Aircraft Maintenance Engineer at Air India.
Notably, he played a pivotal role in designing, developing, and
executing a comprehensive culture transformation initiative
spanning Air India's vast workforce of over 20,000
employees. Additionally, he was a key contributor to the
'Business Transformation Group,' charged with devising a
turnaround strategy following the merger of Air India with
Indian Airlines. Throughout his distinguished tenure at Air
India, he assumed roles such as General Secretary of the
Aircraft Maintenance Engineers Association and held
positions of distinction within the Aeronautical Society of
India's Mumbai Branch.
In 2011, Dr. Modh made a deliberate choice to retire from Air
India, subsequently joining NMIMS University, Mumbai, as a
Professor. There, he imparted knowledge across subjects
encompassing 'Business Strategy' and 'Business Ethics.' His
responsibilities extended to serving as the Associate Dean of
the MPSTME (MBA Tech Program), and he actively
participated in NMIMS' Academic Council and other
governing bodies. Four years later, he transitioned to become
the Professor and Director at the VES Institute of
Management, affiliated with the University of Mumbai. One
of his notable accomplishments at VESIM was the complete
overhaul of the PGDM program, centred around 'Business
Analytics,' with an academic partnership forged with 'SAS.'
Under his adept leadership, the institute secured
accreditation from the NBA and NAAC. Additionally, VESIM
consistently ranked among the top 100 business schools
according to the NIRF rankings for a continuous span of five
years. Dr. Modh also contributed to the National Board of
Accreditation (NBA) as an esteemed expert, participating in
the assessment of various management institutes throughout
the country.
| December 2023
22

Dr. Satish Modh
Director, VESIM
Our focus aligns
with industry
needs, fostering
adaptable
graduates
equipped with
thinking tools.

ach second, a new revolution is happening in the
Ecentre of the busy streets of Delhi, Bangalore’s
tech-savvy lanes, and Mumbai’s busy roads. An
increasingly prominent player in the startup scene is
India, a nation renowned for its rich cultural heritage and
long history. Investors, business owners, and innovators
from all over the world have been drawn to India’s
burgeoning startup scene, which has been progressively
changing over the past several years.
The tale of the Indian company is one of determination,
willpower, and an unwavering will to conquer challenges.
The shift from when starting a business was seen as a
leap of faith to the present, when India is acknowledged
as having one of the world’s fastest-growing startup
ecosystems, is astounding. This article walks you through
the many facets of this fantastic scene, illuminating the
distinctive and dynamic qualities of India’s startup scene.
A Cultural Hub of Innovation
The startup scene in India is as varied as the nation. This
diversity fundamentally fuels innovation. Indian startups
are addressing a wide range of possibilities and
diﬃculties in a variety of industries, including ﬁntech,
edtech, aggrotech, and healthtech. This is made much
more fascinating by the way old and modern elements are
combined. Startups are frequently viewed as bridging the
gap between traditional practices and state-of-the-art
technologies to create a distinctive combination that
appeals to a broad range of consumers.
One such instance is the emerging “AyurTech”
movement, which combines modern technology with
India’s traditional medical practice, Ayurveda. Innovative
wellness and healthcare startups grounded in ancient
A Thriving Landscape
| December 2023
24
Start-up
Ecosystemin
INDIA

wisdom are drawing in clients from across the world who
seek comprehensive well-being in addition to Indians.
The Power of Demographics
India’s booming startup environment might also be
attributed to its demographic dividend. It has an
exceptionally youthful and vibrant population, with a
median age of only 28 years. This youngness creates an
environment conducive to innovation and entrepreneurship
since it offers a new viewpoint and a tech-savvy mindset.
With over half a billion smartphone users and about 700
million internet users, the nation’s digital revolution has
further driven this trend. In addition to offering a ready
market, this sizable digital audience is a testing ground for
technologically advanced solutions.
Government Initiatives and Policies
The Indian government has played an essential role in
fostering the startup ecosystem. Programs like “Startup
India” and “Digital India” have given much-needed
assistance, promoting the expansion of startups nationwide.
These initiatives have streamlined legal requirements, cut
bureaucracy, and improved the climate for
entrepreneurship.
Also, implementing the Goods and Services Tax (GST) has
simplified tax laws, facilitating the management of startup
funds. Furthermore, initiatives like the Atal Creativity
Mission have promoted entrepreneurship and creativity
among young people.
Blooming Investment Ecosystem
Global investors are recognizing India’s potential and
contributing large sums of money to help budding firms.
Angel, venture, and private equity investing have all
increased significantly in India. Due to the enormous
development potential that India has, top venture capital
firms and angel investors have expressed a significant deal
of interest in the country.
In India, unicorns—startups valued at more than a billion
dollars—have become the norm. Several notable success
stories have emerged from the nation, such as Flipkart,
Paytm, Ola, and Byjus, to mention a few. This raises trust
among international investors to place bets on the Indian
ecosystem while showcasing the enormous potential of
Indian startups.
Concerns on Social Impact
The emphasis on the social impact that characterizes India’s
startup scene is distinctive. Numerous firms are tackling
social and environmental issues and focusing on making
money. Social entrepreneurship is growing in India,
whether by delivering accessible healthcare, developing
sustainable energy sources, or enhancing the standard of
living for rural populations.
A significant instance is the “Clean India” initiative, which
has motivated several companies to strive for a greener and
more sustainable environment. These upstarts coordinate
their objectives with national aims by creating creative
solutions to manage garbage, conserve water, and
encourage eco-friendly practices.
Collaborative Spirit and Mentorship
The startup culture in India is firmly rooted in the values of
mentorship and teamwork. Co-working spaces, incubators,
and accelerators are becoming centers of innovation and
education. These platforms give entrepreneurs networking
opportunities, mentorship, and necessary resources.
Expert businesspeople frequently adopt the position of
mentors, offering advice and knowledge to the next wave of
company founders. This collaborative attitude helps startups
expand quickly and fosters a community where people
work towards the same objectives.
Challenges and the Road Ahead
Notwithstanding its impressive advancements, the Indian
startup scene is not without difficulties. The citizens still
need to focus on issues like the demand for qualified labor,
bureaucratic obstacles, and funding access for early-stage
firms. Nonetheless, it is encouraging to see how resilient the
ecosystem is and how determined Indian businesspeople are
to overcome these obstacles.
To address these issues in the future, collaboration between
the government, business leaders, and the education sector
will be crucial. It will be essential to keep up efforts to
support innovation and establish a favorable atmosphere for
entrepreneurs.
Conclusion
The startup ecosystem in India is a remarkable journey of
transformation. From a nation with immense potential to a
global powerhouse of innovation, India has come a long
way. The amalgamation of tradition and technology, the
support of government initiatives, a thriving investment
ecosystem, a youthful demographic, and a focus on social
impact make it a genuinely dynamic sphere.
The world is eager to see how India will continue to change
and adapt. The nation is establishing itself as a global
innovation center, and the startup culture is thriving. India’s
startup scene is a model for the rest of the globe, shining
with its varied solutions, collaborative spirit, and rich
cultural tapestry. Looking ahead, it is evident that India is
spearheading the startup movement rather than merely
participating.
| December 2023
26

Redefining Traditional Management Education
ith businesses becoming
Wincreasingly global,
management schools
contribute to developing a global
mindset among students. Business
schools offer programs and
opportunities for international exposure,
fostering an understanding of diverse
cultures and business practices.
Vijay Patil School of Management
(VPSM), founded with the same aim
and vision, provides high-quality
management education that integrates
theoretical knowledge with practical
skills.
VPSM has accreditation from relevant
educational authorities to ensure its
programs meet the required standards.
The school provides undergraduate and
postgraduate programs in various
management disciplines. These
programs emphasize creating a
curriculum aligned with industry
needs, and faculty members are
encouraged to engage in research and
industry collaborations.
Recognizing the importance of a strong
faculty, VPSM invests in hiring
experienced professors with industry
exposure. Faculty development
programs are implemented to keep the
teaching staff updated with the latest
trends in management. The school also
has quality infrastructure, including
state-of-the-art classrooms, a well-
equipped library, and modern
technology for teaching and learning.
Enhancing Academic Reputation
VPSM actively forges partnerships
with industry leaders. This has led to
| December 2023
30

the creation of internship programs,
allowing students to gain practical
experience and connect with potential
employers. The school organizes
regular industry visits, workshops,
and guest lectures, creating a bridge
between academia and the business
world.
VPSM encourages faculty and
students to engage in research to
enhance its academic reputation. The
school facilitates a research centre
and supports initiatives leading to
publications in reputed journals. This
not only contributes to the academic
standing but also helps attract
students and faculty interested in
cutting-edge research.
VPSM aims for global recognition by
fostering international collaborations
and exchange programs with
renowned business schools. This
allows students to study abroad, gain
a global perspective, and build a
network with students and
professionals worldwide.
Commitment to Innovative
Architectural Principles
VPSM has a campus that meets
functional needs and reflects a
commitment to aesthetic and
innovative architectural principles. The
result is a state-of-the-art campus that
combines functionality with a visually
appealing environment, providing an
inspiring backdrop for academic
pursuit.
Additionally, the management at VPSM
prioritizes the development of cutting-
edge facilities. Its sprawling computer
lab equipped with the latest technology
ensures students have hands-on
experience with industry-relevant tools.
Harvard-style classrooms are designed
to encourage interactive and
collaborative learning, fostering a
dynamic and engaging educational
atmosphere. Recognizing the
importance of a robust library, VPSM
has a Learning Resource Centre.
VPSM's vision, mission, and values
clearly outline its commitment to
becoming a globally respected
institution of management learning with
a significant impact on practice and
developing future leaders for
sustainable businesses.
It aims to be a globally respected
management learning institution that
positively impacts practice and
develops future leaders for sustainable
businesses.
This vision sets a high standard for
global recognition and emphasizes the
institution's dedication to positively
impacting the field of management.
It positions VPSM as a catalyst for
developing leaders who are not only
successful in their professional
endeavours but also contribute to
sustainable and ethical business
practices.
VPSM strives to create an academic
environment that encourages
participants to achieve excellence in
management through a holistic
educational process that promotes
critical inquiry, creativity, problem-
solving, ethical conduct, global
outlook, equity, and ecological
sensitivity.
Additionally, VSPM stands as one of
the schools under D Y Patil University.
The Chancellor and President of D Y
Patil University, Dr. Vijay D. Patil,
harbours a vision to provide
exceptional education coupled with
world-class facilities and infrastructure
to the youth. In his relentless pursuit of
transforming this vision into reality,
Dr. Vijay D. Patil has spared no effort
in establishing top-notch infrastructure
at D Y Patil, solidifying its status as the
University of Navi Mumbai.
“VPSM aims for global
recognition by fostering
international collaborations
and exchange programs
with renowned business
schools.

Today, safeguarding the future of our
planet by enhancing efficiency,
reducing carbon emissions, and
creating healthier environments is
crucial. At D Y Patil University, the
Centre of Excellence building, crafted
by the esteemed British architecture
firm Fosters & Partners, has attained
Platinum LEED certification. This
recognition is a testament to the
building's compliance with the LEED
GREEN BUILDING rating system
certifications set forth by the US Green
Building Council. D Y Patil University
takes pride in being counted among the
select educational institutions
worldwide that have achieved the
prestigious Platinum LEED
certification.
Ensuring Rich Learning Experiences
VPSM values diversity, equity, and
inclusion, fostering an environment
where individuals from various
backgrounds feel welcomed and
respected. This commitment ensures a
rich and diverse learning experience for
all participants.
Ethical conduct is the foundational
value of VPSM, emphasizing the
importance of integrity, honesty, and
moral behaviour in both academic and
professional pursuits. This value
underscores the Institute's dedication to
producing ethically responsible leaders.
The value of internationalization
reflects VPSM's commitment to
providing a global perspective in its
educational programs. This includes
exposure to international best practices,
collaboration with global institutions,
and preparing participants for an
interconnected business world.
VPSM places a high value on social
responsibility, encouraging participants
to understand and address the societal
impact of business practices. This
commitment extends beyond profit-
making to consider the broader well-
being of communities and society.
The well-being of stakeholders,
including students, faculty, staff, and
the broader community, is a central
value. VPSM aims to create an
environment where all stakeholders
thrive and contribute to the institution's
overall success and positive impact.
Commitment to Environmentally
Conscious Practices
Sustainability is a key value, reflecting
VPSM's commitment to
environmentally conscious practices
and preparing future leaders who
understand the importance of
sustainable business models for long-
term success.
These values collectively form the
ethical and philosophical foundation of
VPSM, guiding its decisions, actions,
and interactions within the institution
and the broader community. They also
signal to stakeholders the type of
educational experience and leadership
qualities that VPSM strives to instil in
its participants.
Navigating Dynamic Business
Landscape
The courses at VPSM are designed to
provide a comprehensive grasp of
management processes and
frameworks. This encompasses not
only the industry context in which
organizations operate but also delves
into the intricacies of their internal
workings. The overarching goal is to
equip students with the knowledge and
skills necessary to navigate the
dynamic business landscape, fostering
sustainable competitive advantages.
The educational approach emphasizes
an ecosystem-sensitive perspective,
encouraging students to understand and
appreciate the interconnectedness of
organizations within their broader
environments. This involves
considering the impact of business
decisions on various stakeholders,
thereby instilling a multi-stakeholder
appreciation in the learning process.
Furthermore, the courses involve a
deep dive into functional areas,
ensuring that students acquire
specialized knowledge in specific
aspects of management. This depth of
understanding facilitates the
development of solutions grounded in
a nuanced comprehension of
organizational functions. The learning
outcomes, therefore, go beyond
theoretical knowledge to practical
32 | December 2023

“
We place a high
value on social
responsibility,
encouraging participants
to understand and
address the societal
impact of business
practices.
Honourable
Dr. Vijay D Patil
Chancellor & President,
D Y Patil University
application, preparing students to
contribute meaningfully in real-world
business scenarios.
In essence, VPSM's courses aim to go
beyond traditional management
education by instilling a holistic
understanding of the business
landscape, a sensitivity to
environmental factors, recognition of
diverse stakeholder interests, and the
ability to formulate strategically sound
and ethically grounded solutions.
Prioritizing Personal and
Professional Development
Encouraging students to form
committees in various areas such as
sports, cultural activities,
theatre/dramatics, literary pursuits, and
more is an excellent initiative for
VPSM. This approach not only
enhances the overall campus
experience but also contributes
signiﬁcantly to the personal and
professional development of the
students.
A few are listed here:
Ÿ Intramural sports leagues
Ÿ Fitness classes and challenges
Ÿ Inter-school sports competitions
Ÿ Yoga and meditation sessions
Ÿ Cultural festivals showcasing
music, dance, and art
Ÿ Talent shows and open mic nights
Ÿ Language and cultural exchange
programs
Ÿ Drama and theatrical performances
Ÿ Quiz competitions
Ÿ Debates and public speaking events
Ÿ Science and math Olympiads
Ÿ Hackathons and coding
competitions
Ÿ Volunteer programs
Ÿ Charity events and fundraisers
Ÿ Environmental initiatives and
clean-up drives
Ÿ Health awareness campaigns
Ÿ Workshops and guest lectures
Ÿ Leadership and professional
development
Ÿ Adventure and outdoor activities
Ÿ Clubs and student organizations

he advent of Artificial Intelligence (AI) is a
Trevolutionary force in the dynamic Indian retail
industry, with the potential to change customer
behavior and business operations completely. Artificial
Intelligence is more than just a catchphrase; it’s a
revolutionary technology whose uses are changing the retail
scene in India. This article will examine the significant
influence artificial intelligence (AI) is having on Indian retail
and how it is improving customer experiences, streamlining
processes, and spurring expansion.
Comprehending Retail Artificial Intelligence
The replication of human cognition in computers that have
been programmed to think and learn like humans is known as
artificial intelligence. In the retail industry, artificial
intelligence (AI) encompasses a wide range of technological
advancements, including machine learning, computer vision,
natural language processing, and predictive analytics. These
technologies enable retailers to offer highly personalized
shopping experiences and make data-driven choices.
The ability of AI to support a customer-centric strategy is one
of the biggest ways the retail industry in India is changing.
Large volumes of consumer data can be analyzed by AI
systems to learn about the preferences, routines, and
behaviours of shoppers. Retailers can develop extremely
customized purchasing experiences with this information.
Recommendation engines driven by AI examine a customer’s
past browsing and purchase activity to make
recommendations for goods they are likely to purchase. Sales
rise as a result, and customer satisfaction rises as well.
AI-powered chatbots and virtual assistants offer round-the-
clock customer service, responding to questions and assisting
clients with their purchasing. The overall purchasing
experience is enhanced by this.
| December 2023
34
The Role of
Artificial
Intelligence
in Revolutionizing
Indian Retail

Enhancing Proﬁciency of Business Sector

Retailers can improve prices in real-time with the aid of AI
systems. To guarantee that customers receive fair pricing,
they can modify rates in response to demand, rival pricing,
and other factors.
Inventory Management and Supply Chain Optimization
AI is also helpful in improving supply chain optimization
and inventory management, two crucial facets of the retail
sector.
AI-driven demand forecasting makes precise demand
predictions by examining past data and outside variables.
By keeping the appropriate products in the right quantity,
retailers can lessen instances of overstock and understock.
Real-time visibility into inventory levels across different
sites is made possible by AI systems. This guarantees that
consumers may locate the goods they desire in stock in both
real and virtual retailers.
Delivery times and transportation costs can be decreased by
using AI algorithms to optimize logistics and delivery
routes. This holds particular significance for Indian e-
commerce enterprises.
Loss Prevention and Security
Because AI technology can identify fraudulent activity and
guarantee the security of both online and offline retail
operations, it is essential for preventing losses. AI helps
shops stop credit card fraud, return fraud, and other forms
of financial loss by spotting anomalous transaction patterns.
Security can be improved by using AI-powered video
surveillance systems to keep an eye out for suspicious
activity in businesses and warehouses.
Enhanced In-Store Experience
Even traditional brick-and-mortar retailers in India are
harnessing the power of AI to enhance the in-store shopping
experience.
AI-driven smart shelves can monitor inventory levels and
even provide product information to customers. Automated
checkout systems reduce waiting times, creating a more
convenient shopping experience.
AR and VR technologies powered by AI are being used in
showrooms to allow customers to visualize products in their
own space before making a purchase.
AI enables retailers to perform advanced market basket
analysis, identifying patterns in customer purchases. This
information is invaluable for optimizing product placement
and cross-selling.
Challenges and Considerations
While AI offers immense potential for Indian retail, there
are challenges to consider.
• Retailers must handle customer data responsibly and
ensure data privacy and security.
• The successful implementation of AI requires a skilled
workforce, which can be a challenge in a market like
India.
• Implementing AI systems can be expensive, which may
pose a hurdle for small retailers.
• Building trust with customers when implementing AI-
powered solutions is essential. Many customers may be
cautious about sharing data and interacting with AI.
Ai’s Prospects in Indian Retail
In the upcoming years, AI’s influence in Indian retail is
expected to increase even further.
• As AI develops further, customers will be able to have
ever more individualized experiences, which may boost
sales and customer loyalty.
• AI will be used more and more by retailers to make
data-driven decisions on everything from marketing
plans to inventory control.
• Supply chains will continue to be optimized by AI,
which will lower costs and increase efficiency.
• Artificial Intelligence will be vital in enhancing the
online buying experience as India’s e-commerce grows.
Conclusion
The retail industry in India is driven by artificial
intelligence, which has an impact on the country’s unique
retail scene. Artificial Intelligence is changing the retail
industry, whether it is in small shops or major corporations.
AI adoption in Indian retail is not merely a fad; rather, it is
essential for companies looking to prosper in the digital era.
The retail industry is transforming, and this trend is
expected to continue in the years to come as AI
technologies enable the delivery of highly personalized
experiences, operational optimization, and outstanding
customer service. With AI paving the path for a future that
is more customer-centric, efficient, and innovative, Indian
retail is in an exciting moment.
| December 2023
36

Education is one of the best gifts
in the world. As many often
misunderstand, it’s not a
privilege; it’s a priority, a right that can
empower individuals and mould a
saving economy for survival.
Educationists like Pamarty
Venkataramana are true advocate of
knowledge with shining persona.
Venkataramana is an eminent Jurist,
Poet, Essayist, Policy planner, and
Philanthropist.
Apart from all the designations earned,
he is a selﬂess man who chose to
dedicate all his earnings from his
literary works to supporting girls'
education in Africa and Asia. He is a
man with a heart who understands the
loopholes in society and tries to
salvage them in the best possible
manner. He shed light on his
remarkable journey in the industry
while discussing with The Knowledge
Review.
Below are the excerpts from the
interview:
Your essays and lectures have always
harped more on the need for
universal education. Why?
Education is the cornerstone for the
growth of civilization. Literacy is
basic, yet educational methods alone
help to instill values and spread good
vibes in society, generation after
generation.
Why have you chosen to dedicate all
earnings from your literary works to
support girls' education in Africa
and Asia? Could you please
emphasize the importance of this
cause?
Every girl child is a special creation of
Mother Nature. You educate a girl, and
she grows up to be a model citizen,
Pamarty
Venkataramana
An Advocate for Education
and Gender Equality
Pamarty Venkataramana
Chief
PVR Laws Global
38 | December 2023

tending to the children she raises and
keeping up the pride of an entire
household or workplace. Over the past
few generations, they have grown up to
become self-sufficient, courageously
braver, and stronger in their resolve to
match and outclass male counterparts
in a perennial tussle for gender
supremacy.
Is it true that all your literature is
penned amidst arduous, long work
hours?
In my case, literature has sprung from
handling and witnessing a host of
incongruities, day in and day out, in
the course of a hectic work regimen. I
feel it necessary on the part of every
practitioner to chronicle the
observations, which shall act as a
lighthouse for others in society to stay
away from friction, litigation, and
unsavory incidents.
Why is there resistance to education
among poorer sections of society,
such as farm laborers, casual
workers, and hut-dwellers?
The economic factor prompts them to
prefer child earning alongside them on
a construction site to supplement
family income and overcome
improvement. However, morning
walkers can easily get these
unfortunate street kids to congregate
and impart basic lessons in language,
hygiene, and life sciences and
encourage them to participate in
outdoor games or other sporting
activities. This will be a great way to
exhibit the social responsibility of
more fortunate ones towards the
underprivileged.
How has literature influenced your
understanding of legal principles
and the human condition in your
career as a lawyer?
It is the other way round, you can say,
because golden tenets of jurisprudence
are often transgressed or violated to
result in various forms of litigation.
Literature should aim at stimulating the
reader to think appropriately and
discern what is right and what is
wrong.
Even fiction is never imaginary but
rests on past events, everyday
happenings, and probabilities. A good
judge or a good lawyer is one who
exhibits kindness, compassion, and
maturity while examining any given
set of facts or circumstances.
In what ways do you believe the
intersection of law and literature can
contribute to a more just and
empathetic society?
Both are inter-mingled forever because
morality and legality pose an eternal
dilemma for all generations and
civilizations.
What is your opinion on the need for
a changed educational system in our
country?
A uniform curriculum across all
educational institutions is a must. A
comprehensive overhauling of
procedures and systems to teach,
evaluate, and promote pupils at every
stage and course is a must that ought to
be spearheaded by educationists and
not federations of educational
institutions or by the bureaucracy.
This apart, keeping in view the
logistical and social problems faced
today, it may be prudent to have
schools within a radius of fifteen
kilometers of residence. Traffic woes,
too, will vanish. The capitation fees
system ought to be abolished just as
the pernicious practice of corporal
punishment was made illegal.
Have you established any school or
college, and if so, where?
My first experience was when I helped
establish a primary school at a
Naxalite-infested village bordering
Andhra Pradesh and Madhya Pradesh.
It has now grown to become a senior
secondary school catering to the tribal
community and other sections of at
least a dozen surrounding village
panchayats. Then, there have been
degree colleges and medical varsities
with which I have been closely
associated.
The dream project, though, is to
establish a law college in every state
exclusively for women students. The
free legal aid camps we keep
conducting periodically have
highlighted the need for such a pan-
India institution of excellence in Law
aimed at churning out learned lady
lawyers. They are the torchbearers of
human rights both on the domestic
front as well as in public space.
In this season of entrance
examinations, what tips will you give
to students appearing for the CAT
and other important tests like the
CA, CS, CWA, NEET/other
professional courses?
I am a staunch advocate of early rise
and regular studies only formula. This
era of social media tyranny has turned
many into nocturnal creatures, which
leads to body cycle changes, the
biological clock going awry, and, in the
net result, capable candidates
underperforming on D-day.
Plenty of water, milk, or fresh fruit
juices help maintain strength. Binge-
watching movies and binge-eating
unhealthy foodstuffs can be avoided.
Revision must begin at least ten weeks
before the day of the examination.
More importantly, focus and
determination without succumbing to
tuition/coaching center pressure-tactics
or peers-created stress is a sine qua non
to clear the bar in this rat-race.

India's Best Performing Business Schools, 2023–24.pdf

India's Best Performing Business Schools, 2023–24.pdf

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