There has been an unprecedented expansion of higher education institutions in recent years in India. Much of the money invested in these institutions is public money. This investment has often triggered debate on the contribution and relevance of these institutions.

The standard view of the top-rated, public-funded management institutions is that they admit young bright students through a challenging, competitive entrance examination, train them, and place them in lucrative jobs. The restricted supply in the context of huge demand has contributed to the brand equity of these institutions, which attract exceptionally bright students who are showered with job opportunities in the rapidly and consistently growing industrial world. Therefore, it is relatively easy to find placements for this small number of students— about 2,000—every year. The contribution of the faculty in these institutions is rather marginal. This view is borne out by the publication track record of the faculty of these institutions in peer-reviewed international journals; what we observe is a poor show that corroborates the perception that no research of any significance or social relevance is carried out in these institutions.

But is it fair to expect the world from institutions that are still growing, maturing, and evolving? The two oldest IIMs have 50 years behind them, the next-oldest is 40. The fourth one is 25 years old and the fifth and sixth are 12 years old. The remaining seven institutions are less than two years old. Surely they need time to mature.

These institutions are faculty driven in terms of administration and governance. Much of their academic and financial status is a consequence of faculty involvement, and the faculty’s academic accomplishments. These institutions stand for a value system that is represented by a clean, transparent, and fair admission process. This needs to be contrasted with the fact that in our social life, nearly everything is available for a price.

Several of these institutions have earned a reputation and contributed to industry in a significant way. The industry-academia collaboration is not confined to student placement activity only. Since 1990, consulting as a profession has seen remarkable progress in India. Several faculty members are also members of the board of various organizations.

They train mid-career executives for industry. Executive MBA programs launched by all these institutions are a clear example of the way they are contributing. Often institutions need at least ten years to stabilize at the infrastructure level as well as at the program level. We have accomplished the first stage of creating top-class management institutions. But we need to give some time to these institutions to mature. We cannot and should not sprint during a marathon.