Everyone was eagerly waiting for the announcement of this year’s annual budget after the election results going in favor of the Bhartiya Janta Party and Mr. Arun Jaitely becoming the Finance Minister and Mrs.Smriti Zubin Irani becoming the HRD Minister. Well there were many new reforms and decisions made on several issues like health, food and safety, defense, agriculture, railways but one of the prime attention seeking and focused decision taken was the announcement of establishment of new IIMs in the nation at multiple locations.
Positive Impacts: Now if we look at the positive impacts, IIM is like a dream for the aspirants of management studies. At present there are 13 IIM’s in India and the Union budget has announced 5 new IIM’s to be opened now.This will surely infuse positive impacts like:
1) Increased opportunity for aspirants: Due to the opening of new IIM’ s there would be increased no. of seats and so an increased number of opportunities for the aspirants who dream to take admission in IIM.
2) Improvement in the level of management education: Due to increment in the number of IIM’s there would be a boost up and increased prospect in the level of management education in our nation thereby heading us towards being a more developed and educated nation in the world.
3) More flourishing career growth for students: As the number of students would increase so would the number of quality students and so would the number of firms from foreign nations who come for campus recruitment in IIMs and take quality students at mighty packages.
Negative Impact: Now if we take out the negative impacts that might hamper the decision of introducing new IIM’s then we may come across following points:
1. Thriving hard and forcing immediate implications: As is already announced that 5 new IIM’s are to be established in India in five states namely: Bihar, Himachal Pradesh, Odisha, Punjab and Maharashtra so there would be a quest for their immediate start-up and in the process there would be problems like lack of quality faculty, infrastructure etc that may hamper and adversely affect the Brand name of IIM and so the students may also suffer.
2. Fear of loss of quality students: Since increase in the number of IIMs would let in more intake of students though through a process of course, but then that would be a risk factor resulting in lesser number of quality students at various campuses of IIM during the time of placements.
3. Tough competition for other top B-Schools in India: Due to more number of IIM’s the inclination of students would be more towards IIM and in the process other top management B-Schools like: MDI-Gurgaon, IMT-Ghaziabad, XLRI-Jamshedpur, IIFT-New Delhi etc. will lose their importance and hence the overall impact would be negative on the education of management studies.
In nut-shell, the impact of introducing new IIM’s in the Union Budget 2014 is having both the sides i.e positive as well as negative. The point is that IIM is a brand name of India’s top most Management B-School that imparts quality education with it’s excellent bunch of eminent and highly intellect faculty members, excellent pay package offers at placements and outcome of cream students with tremendous knowledge in the field of management. So, these mandatory things need to be kept in mind before the chain of IIM is increased and Government expands the role of IIM in imparting quality education to the emerging aspirants.
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