CHIDAMBARAM ENVISIONS: ISB Mohali to be a world class institute

Mohali, December 2, 2012:Punjab Chief Minister Parkash Singh Badal today announced that Punjab would soon become a 'Educational Hub' in the country with the establishment of ISB – a world class institution in business management studies and the prestigious national level institute of higher learning – the Indian Institute Science Education and Research here in the knowledge city. 

Addressing a distinguished gathering comprising faculty, students and the dignitaries here on the inauguration ceremony of ISB, Badal said that apart from these, two more institutes of repute – National Food Bio-Technology and National Institute of Nano-Technology were coming up soon in the vicinity of knowledge city, which would usher in a new era of quality education in higher learning and research.   

The Chief Minister said that he was confident that the unique model and the ambience of the prestigious ISB Mohali campus would encourage and promote free thought process for professional learning.   He said that the concept of modern management being taught by the experienced faculty at ISB will have a strong local flavor that would result in the upliftment of the rural and spread new ideas for further developing small and medium enterprises for which Punjab was known for.  

Badal congratulated of Analjit Singh of Max Healthcare, Sunik Kant of Munjal group, Rakesh Bharti Mittal of Mittal Group and Atul Punj of the Punj Lloyd group for their active support in cherishing this dream as two years back when this superb infrastructure was barren piece of land, was now transformed into a magnificent institute. 

The Chief Minister mentioned that Punjab attained a growth rate of 6.74 percent as against target of 5.90 percent growth rate in the 11^th five year plan.  The state had already created a revolution in the education because of our strenuous efforts Punjab had jumped from the 14^th position to the third position in the National educational Development index.  To boost higher education across the state, the Punjab government had already set up 8 universities and 17 new degree colleges.  He hoped that ISB would be a new trend setter and continue to invest in human resources to become a school at par with Harvard or a Wharton.     

In his address on the inaugural ceremony of ISB Mohali campus the Union Finance Minister P. Chidambaram asked the faculty and the business partners of ISB to further make concerted efforts for emerging this prestigious institute as world class institute in the near future.  He said; “I firmly believe that talent is evenly distributed throughout society. What is missing is opportunity. My deepest regret is that many of our universities are teaching shops, with poor infrastructure, outdated textbooks, poor pedagogy and methodology, and untrained teachers. What we need is world-class institutions. ISB is one of a handful of such institutions in India.”

Chidambaram highly appreciated the efforts of the Punjab government especially the Chief Minister for taking personal pains by providing 70 acres of land for establishment of state-of-the-art ISB campus at Mohali, adding that this institute would prove to be a milestone in transforming the economy of Punjab. 

Chidambaram said that investment in terms of human resources never goes waste rather it yields rich dividends in the future.  He appreciated the initiatives of Badal in setting up 8 universities in the state to impart higher learning to the students. 

Chidambaram however said that the number of universities should have been at least 18 instead of 8 because the need of the hour was to build a superb educational infrastructure to enable our youth to be gainfully employed.  He also lauded the immense contribution made by the four key-partners Munjal group, Punj Lloyd, Mittal Group and Max group in setting up of this renowned institution.  Felicitating these key players, he said that  these industrial houses have returned much more to the society through this benevolent gesture than what they had actually earned from their business.

Further, Chidambaram asked the students of the current academic session not to the swayed by the greener pastures rather they should concentrate to serve their motherland after completing their studies because there was no dearth of opportunities as well as challenges here in India.  He said: "What is it that you want to be after you leave this campus? There will be a temptation to take a job in another part of the world. Seize the opportunity - but please remember, there's no other place in the world that can challenge you like India. The greatest challenge is building India.   He quoted India was the only country in the world where there was the great challenges like adding 10000 MW of power every year and building nearly 120000 KMs of roads every year besides catering to the enormous needs of drinking water and sanitation to the ever swelling population year after year. 

The  Union Finance Minister admitted that the quality education was quite expensive due to the heavy investments involved in creating the best infrastructure besides engaging the most talented and experienced faculty and therefore it was not within everyone's reach.  He however, said that undoubtedly the educational loans had played a major role in shaping the destiny of our youngsters by providing them opportunities to pursue higher education be it medical, engineering, management etc. thereby realizing their dreams.  He said he has often asked the bankers to be liberal in providing loans to the students for higher education and mentioned as on today 24 lakh students had taken educational loans worth Rs.52000 crore and efforts were still on to enhance the ambit of these loans to accommodate more and more aspirants for seeking  opportunities in higher education.

Striking a personal note, Chidambaram said: “I would love to have the chance to audit a lecture at ISB. And if you invite me to teach, I can teach you how to make mistakes.”  Referring to bondage with one's Alma matter, Chidambaram said that I am sure that in the future you will return to your campus. I have returned to my own business school on a couple of occasions, and I believe that you can take yourself out of business school, but your business school will stay with you.”

Earlier, the Chief Minister alongwith Chidambaram jointly unveiled the plaque crafted by the legendary architect and founder of Rock Garden Nek Chand to mark the formal inauguration of the ISB.  They also lighted a lamp and planted trees prior to the inaugural ceremony.   

Earlier, the Deputy Chief Minister Sukhbir Singh Badal had deliberations with the Union Finance Minister P. Chidambaram during lunch and later on had a round of the entire campus along with Finance Minister and other business partners. 

Prominent amongst others who spoke on the occasion included Chairman of the Executive Board Adi Godrej, the outgoing Chairman Advisory Board Analjit Singh, Dean ISB Ajit Rangraker, Deputy Dean and CEO ISB Mohali Savita Mahajan.  Chief Secretary Rakesh Singh and Principal Secretary to Chief Minister SK Sandhu and Special Principal Secretary to Chief Minister KJS Cheema.