Author: Ram Kumar

On 3 October 2024, the inauguration of the 6th batch of the Larsen & Toubro Limited (L&T) Executive MBA programme took place at IFMR GSB, Krea University, Sri City. The event was graced by L&T dignitaries and participants. Mr Ramanathan, Executive Director of Executive Education at IFMR GSB, Krea University, served as the master of ceremonies. He extended a warm welcome to the distinguished guests, including Mr R Ganesan, Ms Jayanthi Anilkumar, Ms Febin MF, Dean of IFMR GSB Professor Lakshmi Kumar, Executive MBA Programme Chairperson Professor N Chandrasekaran, the L&T MBA students, faculty and staff.

Dean Lakshmi Kumar delivered the welcome address, acknowledging the presence of the L&T dignitaries, Mr Ganesan and Ms Jayanthi. She expressed gratitude to Mr Raghavendran, who has been the Single Point of Contact (SPOC) for the programme for over a decade. Professor Lakshmi also highlighted the background of Krea University, emphasising the exceptional quality of education and the distinguished faculty at IFMR GSB.

Professor N Chandrasekaran, Chairperson of the Executive MBA Programme at IFMR GSB, Krea University, provided an overview of the course structure, discussing the core and elective courses. He emphasised the significance of the project component, encouraging participants to fully engage in this critical part of the programme.

Mr R Ganesan, Head of the Corporate Centre at L&T and the event’s Chief Guest, spoke about the evolving business landscape, driven by technology. He urged participants to not only excel in their technical domains but also to harness the power of data using AI tools. He outlined three key areas for success at L&T beyond technical competency: cost management, people management, and data mastery. He encouraged the cohort to take full advantage of the programme to fast-track projects, mitigate client challenges, and enhance client experiences. After his address, Mr Ganesan interacted with participants individually.

Guest of Honour Ms Jayanthi Anilkumar, Head of the Shared Services Centre at L&T, lauded L&T’s commitment to employee education. She humorously noted that the acronym L&T could also stand for Learning & Training, given the company’s investment in employee development. She commended participants for their dedication to balancing work and education, highlighting the importance of self-reflection and live project work during the programme. She also emphasised diversity goals and the possibility of expanding the programme in the future.

Mr Raghavendran, Head of the L&D Delivery Centre at L&T, shared the origins of the programme, recounting how the need for an MBA programme arose when a young deputy left to pursue further studies. This prompted discussions with Dr C Jaya Kumar, leading to the co-creation of the L&T-specific MBA programme with IFMR GSB, Krea University. Drawing from his own experience of studying at XLRI while working at L&T, he advised participants to network with their 37 fellow high-potential colleagues and to build strong relationships with their bosses and co-workers to manage the demands of the programme.

Mr Aswin Kumar, Head of Customer Interface at IFMR GSB, Krea University, concluded the event with a vote of thanks, expressing gratitude to the dignitaries, participants, and organisers for a successful inauguration.

On 30 September, 2024, Krea University hosted a thought-provoking talk by Dr Raghuram G Rajan, Former Governor of the Reserve Bank of India, Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business and Member of the Governing Council at Krea University. He discussed the future of India’s development, drawing from his book Breaking the Mould: Reimagining India’s Economic Future. Dr Rajan emphasised that India faces significant challenges, particularly in creating enough jobs and increasing female employment rates. He noted that the pandemic has worsened these issues, making it even more crucial for India to explore new, innovative pathways. Rather than fixating on one specific route, he argued that India must expand its options.

He challenged the traditional belief that manufacturing is the key to prosperity. While China has succeeded through manufacturing, India has developed a stronger service sector. He posed an important question: Is India prematurely de-industrialising, or is it playing to its strengths? He pointed out that many semi-skilled jobs, which are important to our day-to-day lives, like plumbing and repair, are found in the service industry and hence shouldn’t be seen as inferior to manufacturing.

He also highlighted the global challenges in low-skill manufacturing, noting fierce competition from countries like Vietnam and Mexico along with protectionist policies, and the increasing role of robotics. Dr Rajan used the “smile curve” to illustrate how value in production is now concentrated in research, development and marketing. Companies like Apple, which focus on intellectual property, capture most of the profits, leaving little room for those focused solely on manufacturing.

Dr Rajan repeatedly stressed that India doesn’t have to choose between manufacturing and services but should strive to excel in both. He cited examples like Tilfi, which rebranded traditional weaving, and Agnikul, a company innovating in rocket design, as successful models that combine services and manufacturing.

A particularly compelling point that Dr Rajan made was the need for India to focus on developing intellectual capital rather than just industries. He argued that while building industries is important, nurturing minds and fostering innovation are the true engines of future growth. By investing in education research, and creativity, India can position itself as a leader in high-value services. Dr Rajan suggested that India prioritise the development of intellectuals — those who can drive innovation and design the products of tomorrow — rather than focusing solely on physical industries.

A report by Pranvi Khare, Cohort of 2026, SIAS