When I joined XLRI Jamshedpur for my MBA in the late 1970s, fresh out of my mechanical engineering degree from NIT Trichy, I had no work experience. The programme introduced us to entirely new subjects—Economics, Accounting, Organizational Behaviour, and company laws. As management students, we were also trained in the case method, analyzing real-life business situations.
What I found most valuable were the group case studies. Working with students from different backgrounds, regions, and upbringings taught us to appreciate diverse perspectives. Today, the same system continues, but now students have AI, Machine Learning, and ChatGPT at their disposal.
In our era, pursuing an MBA was considered one of the best career choices because there were only 10 to 15 B-schools across the country—no second or third-tier institutions. The selection process focused on well-rounded personalities through entrance exams, group discussions, and in-depth personal interviews that probed your character. Over 70 percent of us came from engineering backgrounds, eager to learn new subjects. Today, many students come from BBA or BBM backgrounds, already familiar with management concepts, focusing more on placements than learning.
The cost difference is staggering. I took a loan of Rs 6,000 from State Bank of India in 1977 during my second year. Today, students borrow Rs 20 lakhs or more, obsessing over ROI and placement packages.
My management education proved invaluable throughout my industry career. The training to reason, question, think critically, and seek answers helped me tackle numerous challenges. I became known as a turnaround expert, successfully reviving three companies using what I learned at XLRI.
My most memorable achievement was with the erstwhile Indian Tube Company, which became a Tata Steel division. When I took charge in 2000, it had been losing money for 15 years. This once blue-chip company, formerly a 50-50 joint venture between British Steel and Tata Steel, had deteriorated significantly.
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The company itself was good—good people, excellent products. My training helped me identify that the real problems lay with market dynamics, dealer relationships, and internal processes. We addressed these systematically and turned the company around within one year. The Tata Steel MD had given me an ultimatum: either turn it around or he'd buy me a lock to shut it down, relocate people, and sell the business.
We succeeded. In the second year, profits grew 20-25 percent, then tripled thereafter. This success led me to another loss-making company. There's a particular formula I learned at XLRI that I applied successfully in all my turnarounds.
My message to current management students is clear: adapt to new technologies—they will rule tomorrow's world. B-schools must integrate more technology into their curriculum to prepare students adequately. I expect a gradual shift toward technology-focused courses, as future industries and businesses will depend heavily on these innovations. Management education must evolve to meet these demands.
As told to Abhinav Singh