India

Vol. 12 | Issue 01 | 2023

www.theknowledgereview.in
India's Best
Performing
The Role of Articial Intelligence in
BUSINESS
Revolutionizing Indian Retail
Schools,
2023-24

Faculty of Management and Commerce (FMC),

M.S. Ramaiah
of Applied Sciences
University
Offering Flexible and Customized Learning Paths
 Char ng Excellence
for Tomorrow's
Business Leaders

I n the pulsating heart of a nation known for

its entrepreneurial spirit and economic
prowess, India has witnessed a remarkable
evolution in its approach to grooming future
business leaders. Our nation's business schools
have become crucibles of transformation,
fostering intellects that not only navigate the
complexities of today's global marketplace but
also shape its contours.

In its latest edition, "India's Best Performing

Business Schools, 2023–24," The Knowledge
Review embarks on a compelling narrative,
spotlighting the institutions that stand as beacons
of educational excellence. We delve into the
stories behind the campuses, the visionary
leaders steering the ship, and the vibrant
community of students who bring these
institutions to life. From state-of-the-art facilities
to pioneering pedagogies, each featured business
school is a testament to the commitment to
nurturing talent and fostering a culture of
innovation.
This edition is a journey into the heart of
each business school, exploring the ethos
that sets them apart. It goes beyond
rankings, unraveling the tales of
resilience, adaptability, and commitment
to academic excellence that define these
institutions. As the pages unfold, you will
witness a tapestry of stories – of
challenges surmounted, of milestones
achieved, and of the unwavering pursuit of
knowledge.

Whether you're a prospective student

seeking the ideal launchpad for your
career, an industry professional staying
abreast of educational trends, or an
enthusiast curious about the shaping of
future business landscapes, this edition is
your compass.

Join us in celebrating the cradle of

business education in India. As we
navigate the narratives and unveil the
triumphs, let this edition be your guide to
excellence. The future of business is
written in these stories – and it's a story
you won't want to miss.

Editor’s
Happy reading!

Riya Chatterjee
-Riya Chatterjee
Note
Cer Story
Faculty of Management and Commerce (FMC),

08 M.S. Ramaiah University

of Applied Sciences
Offering Flexible and Customized Learning Paths
 Profiles
Vivekanand Education Society's
20 Institute of Management
Studies and Research
Moulding Aspiring Professionals
for Corporate Success

30 Vijay Patil School

of Management
Redefining Traditional
Management Education

Pamarty Venkataramana
38 An Advocate for Education and Gender Equality

Aicles
24 34
A Thriving Landscape Enhancing Proficiency
Start-up Ecosystem in India of Business Sector
The Role of Artificial Intelligence in
Revolutionizing Indian Retail

Contents
Creators of
this Publication

Editor-in-Chief
Pooja Bansal

Managing Editor Assisting Editor

Riya Chatterjee Ananya Mishra December, 2023
sales@theknowledgereview.in
Art & Design Head and Visualiser
Rahul Shinde

Co-designer
Deepanjali Jena theknowledgereview theknowledgerv

Asst. Vice President Marketing Manager

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Sr. BDE
Swati More
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 India's Best
Performing
BUSINESS
Schools,
2023-24
Name of the Institute URL Brief

Faculty of Management Faculty of Management and Commerce, M.S.

and Commerce (FMC), Ramaiah University of Applied Sciences, aims
https://www.msrim.in/
M.S. Ramaiah University to be a globally recognized management
of Applied Sciences institute that nurtures and empowers leaders.

The Institute of Rural Management Anand is

Institute of Rural https://irma.ac.in/ driven by the dream of serving underserved
Management Anand segments of the economy through professional
management.

Kochi Business School is a well-established and

one of the top MBA colleges in Kochi, India,
Kochi Business school https://kbs.edu.in/
with a legacy of 12 years of imparting quality
education.

Vijay Patil School of Management aims for

Vijay Patil School of global recognition by fostering international
https://dypatil.edu/?
Management (VPSM) collaborations and exchange programs with
renowned business schools.

Since its inception, Vivekanand Education

Vivekanand
Society’s Institute of Management Studies and
Education Society’s https://vesim.ves.ac.in/ Research has been at the forefront of business
Institute of Management
studies, developing business leaders who
Studies and Research strive to make a positive impact.
 Faculty of Management and Commerce (FMC),
M.S. Ramaiah University
of Applied Sciences
Offering Flexible and Customized Learning Paths
 “
“
Our management
program addresses the
core func ons of business, such as
marke ng, finance, strategy, with the
latest addi ons in entrepreneurship
and business analy cs .
India's Best Performing Business Schools, 2023-24

T he core of business school

education encompasses a
comprehensive and
multifaceted approach to preparing
individuals for success in the business
addresses the core functions of
business, such as marketing, finance,
strategy, and decision-making, with the
latest additions in entrepreneurship
development and business analytics
Development, Personality
Development, and Skill Enhancement
through experiential learning. Further,
Students undertake Management
Development Programmes,
world. It equip students with essential skills. The MBA program highlights: MOOCs/Online Courses, Field Visits,
knowledge, skills, and perspectives and International Immersion
that are fundamental to navigating the Ÿ Focus on managerial, team, and Programmes to obtain an holistic
complexities of modern business communication skills exposure of experiential learnings.
environments. Ÿ Experiential learning through
theoretical concepts and practical Striving at the Startup Capital
Business education is continuously skills in the domain Bangalore is deemed as a Startup
evolving to adapt to the rapidly Ÿ Leverage digital transformation for Capital of India. The B-School has set
changing business landscape, driven by a smooth transition to a real-life up a ‘Center for Entrepreneurship’ to
technological advancements, environment instil Entrepreneurial Intentions among
globalization, shifting market the Student Community. To equip the
dynamics, and societal expectations. FMC’s teaching methods encompass students with theoretical knowledge
more than just classroom learning. The and practical skills, the B-school has
In these ever-changing times, the B-School equip students for life incorporated experiential learning
Faculty of Management and beyond academia by enabling students through various means like: Internships
Commerce (FMC) of M.S. Ramaiah to experience world-class internship to provide opportunities for students to
University of Applied Sciences is opportunities, training sessions by participate in internships or co-op
offering Management Program Industry Experts, Leadership programs with industry partners to gain
practical experience.
Emphasis is oriented towards case
studies to simulate real-world business Our business school
scenarios and encourage critical
thinking and problem-solving skills.
offer consultancy and advisory
Finally, research-based real-time services to businesses and organiza ons
projects ensure a well-rounded based on their research exper se.
education by addressing contemporary
business problems or consulting
projects with local companies.

FMC has an INNOVATION CENTRE

to nurture innovation and
entrepreneurial intentions among the working projects that are entered in Students and Faculty Members of CFE
students. Moreover, the Startup Society national and international competitions pursue innovation and
is initiated by the Center for and for registration as patents. entrepreneurship for the utilization of
Entrepreneurship, which is run by strategic global/national initiatives
Students. Recently, a Business Mela Pursuing Innovation and from conceptualization to the
was conducted by the B-School to Entrepreneurship development of products/services. This
instill Entrepreneurial Intentions The Faculty Members of FMC are part leads to formulating and
among Student Community. of Center for Entrepreneurship which recommending solutions through
endeavour to develop frameworks for critical as well as design thinking to
Ideas are assessed based on their sustainable business ecosystems for the address the challenges of business
relevance and impact on the society. enrichment and nurturing of both start-ups in adopting the good practices
These are consequently translated into innovation and entrepreneurship of innovation and entrepreneurial
among students. development.
The business school create avenues for acquire knowledge about current FMC conducts mentorship programs
students to collaborate and network industry dynamics, share ideas, and that match students with seasoned
with industry professionals, investors cultivate important connections. alumni, entrepreneurs or industry
and alumni through various means. In Moreover, FMC has alumni experts who can provide guidance,
addition, the B-School frequently associations that empower students to counsel, and career assistance.
arranges networking events and connect with peers who share similar
conferences, providing students with interests and connect with individuals
opportunities to engage with guest entrenched within their chosen field.
speakers, industry experts,
entrepreneurs and alumni.

By virtue of these ecosystem , it serve

as a platform for students to

Prof. K.M. Sharath Kumar

Professor and Head,
Faculty of Management
and Commerce
M.S. Ramaiah University
of Applied Sciences
Providing Focused Experiences
The students of the FMC gain rich
multi-disciplinary knowledge by
closely engaging in cross-functional
Our business school
projects and assignments by working creates avenues for students
with the students of other to collaborate and network with
Faculties/Schools in the University:
Social Sciences, Art and Design,
industry professionals, entrepreneurs
Mathematical and Physical Sciences, and alumni through various
Life and Allied Health Sciences, means.
Engineering and Technology,

Hospitality Management, Pharmacy, business curriculum to foster

Dental Sciences etc. Every understanding and awareness among
Specialization has a Chair, which is students. The University has
headed by a senior professor who established support services, such as
connects with Industries and Startups counseling and mentorship programs,
to provide a focused experience to to assist students from diverse
students. backgrounds in adjusting to the
academic environment and aligning
In terms of experience and exposure to towards a cosmopolitan lifestyle in
humbleness as well as humility, Bangalore.
Students undertake Group Projects
addressing Societal Challenges to In today’s scenario, Digital
attain outreach and extension activities. Transformation is a domain-agnostic
Some activities include cleaning a trend for any Business and Corporate
pond, painting an under-privileged Houses. Students should be well-
school etc. By virtue of this, an aspect versed in adopting technologies
of humanity is imbibed into students pertaining to Digital Transformation.
along with a money-making mindset.
To prepare students for adapting to
Curriculum with Global Outlook emerging trends and technologies in
FMC actively seeks out and recruits various business sectors, the courses
faculty members from diverse are integrated with emerging
backgrounds to reflect a variety of technologies and trends relevant to
perspectives and experiences. The B- different business sectors. It include
School encourages faculty to engage in courses on artificial intelligence,
research and teaching that promotes blockchain, data analytics, digital
diversity and inclusion in the Student marketing, etc. Therefore, FMC
Community. provides access to state-of-the-art
technologies, tools, and techniques
The curriculum includes diverse where students can gain hands-on
perspectives, case studies, and experience with emerging tools and
examples that reflect a global and platforms.
inclusive outlook.
Shaping Better Careers
Courses are integrated on diversity, Mr. Abdul Muneer and Mr. Anoop
equity, and inclusion within the were proud alumni of FMC. Both
students completed Management Ÿ FMC conducts workshops and one- operations, entrepreneurship, and
education with the perception to on-one sessions to assist students in organizational behavior. This research
sustain and scale up their business. crafting effective resumes tailored generates new knowledge and insights
Today, Madox Technologies offers to their career goals and the specific for the stakeholders in the business to
robotic and automation solutions to positions they are targeting. make better decisions.
companies. FMC is proud to have Mr. Ÿ Maintain strong relationships with a
Abdul and Mr. Anoop as its proud network of companies and The business school offer consultancy
Alma Matters organizations that offer internship and advisory services to businesses and
opportunities and placements. organizations based on their research
The B-School has a dedicated Ÿ Include industry requirements in expertise. This can include helping
Placement Team. FMC supports syllabi to match the job markets. companies optimize processes,
students in securing internships and job Ÿ Organize Industry Conclaves – implement strategic changes, and
placements through the following Specialization-wise etc. address specific challenges. As a
initiatives: complement, the success stories are
Ÿ Career services office staffed with Emphasizing Experiential Learning included as case studies in the
professionals who specialize in The faculty members of FMC conduct classroom discussions emphasizing
helping students with job relevant research on various aspects of experiential learning.
placement, resume building, business and management, including
interview preparation, and career strategy, finance, marketing, Showcasing Remarkable Initiatives
strategy development.
FMC has an integrated course on
Ethics, Sustainability, and CSR into the
curriculum to provide students with a
strong foundation to promote humanity Our teaching methods
and imbibe humility. These courses encompass more than just
explore real-world case studies and
ethical dilemmas from a societal
classroom learning, known as
perspective and the entire globe at experien al learning.
large. FMC encourages faculty and
students to conduct research in these
areas and share their findings with
students for societal benefit.

In March 2023, FMC showcased

remarkable initiatives that
demonstrated their commitment to
academic excellence and fostering
entrepreneurial growth. At the MDP3.0 program, tailored exclusively Member of the Board of Governors,
forefront was the initiation of the for Small and Medium Enterprise MSRUAS and Founder CEO of
(SME) owners. The program bore the BrahMos Aerospace, spearheaded this
theme 'Re-Vitalise, Muscle Up and program, imparting invaluable
Scale up' their Businesses, aimed at knowledge and mentorship to aspiring
empowering SMEs to thrive and business leaders.
expand their operations.
In the spirit of mentorship and support,
Collaboration was a key aspect of FMC opened its doors for aspiring
FMC's efforts, as evidenced by their entrepreneurs through an ‘Open
research on ' Entrepreneurship,' Mentoring’ program, facilitated by the
conducted in partnership with Centre for Entrepreneurship. This
esteemed institutions. This research initiative underscored their dedication
aimed to delve into the experiences and to nurturing and guiding emerging
contributions of entrepreneurs who entrepreneurs on their journey to
returned to their home countries, success.
enriching the entrepreneurial
landscape. The international reach of FMC’s
initiatives was further highlighted by
Adding an international dimension to their involvement as Steering
their endeavors, FMC undertook a Committee Members at the ASIP-
consultancy project in collaboration Conference held in Malaysia. This
with the prestigious EDHEC Business esteemed participation showcased their
School in France. This exemplified influence and recognition on an
their global engagement and international platform, solidifying their
commitment to providing valuable position as leaders in academia.
insights and expertise to a broader
audience. Faculty members at FMC
demonstrated their prowess by
Imparting Invaluable Knowledge assuming roles in elite boards,
The academic enrichment continued acting as resource persons, and
with a Leadership Development serving as reviewers for prestigious
Program (LDP) curated for MBA Scopus Journals. Their notable
students. Dr. A. Sivathanu Pillai, the
 The B-School regularly
conducts management fests to
provide a dynamic pla orm to our
students for learning, networking, and
showcasing their talents.

Looking ahead, FMC continued to

foster global connections, with plans
for a visit by 20 international students
from Germany to enrich the academic
contributions were acknowledged and cultural exchange.
through awards for Best Paper/Case, activities regularly to enhance student
exemplifying the high standards of Enhancing Student Engagement engagement every Friday post-lunch
intellectual scholarship maintained FMC has set up various management sessions. The B-School also
within the institution. clubs like the Marketing Club, HR encourages students to take part in a
Club, Finance Club etc. that conduct wide range of extracurricular activities
that cater to different interests, continue their education while Delivering Outcome-Based
including professional development, adhering to social distancing Education
cultural, sports, and social needs of guidelines. Like Corporations, leading business
students. schools like FMC aspire to align
The University has invested in a technological shifts in Digital
In parallel, the B-School regularly lecture capturing system with Transformaton by incorporating into
conducts management fests to provide interactive displays to facilitate the curricula. On the other hand,
a dynamic platform to its students for student’s online learning. The professor emphasis is provided on ‘Co-
learning, networking, and showcasing incorporated case studies and examples Creation’ for supplementing and
their talents. These Management Fests with simulations related to the complementing each other’s
allow students to develop and pandemic's impact on businesses, competencies to leverage synergies.
showcase their leadership, teamwork, making the curriculum relevant and
problem-solving, and communication timelier. FMC of M.S. Ramaiah University of
skills. In addition, the University has Applied Sciences aim to deliver
numerous Student Clubs to attract The business world is progressing and competency and outcome-based
students from various disciplines. This is now experiencing the fourth management and commerce education
shall equip Management Students to industrial revolution, popularly termed with an inter and multi-disciplinary
inculcate Leadership Skills and Team Industry 4.0. In Industry 4.0, approach. This is carried out by
Behavior among the Management technology is the prime mover. A few adopting global educational practices
Students. technologies driving Industry 4.0 are with an emphasis on development of
Business Analytics, Automation, critical, analytical, and problem-
Making the Curriculum More Artificial Intelligence, Machine solving abilities with a passion for
Relevant Learning, Cloud Computing, Big Data, lifelong learning and independent
FMC has swiftly transitioned to remote Internet of Things, Blockchain, and thinking.
learning during COVID-19 by Simulation.
leveraging online platforms and For more information
technology to deliver lectures, Contact at 801000444 or
seminars, etc. This allowed students to visit the website
https://www.msruas.ac.in/
 Check should be drawn in favor of

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I n today's rapidly evolving Creating Socially Responsible that nurture holistic development
business landscape, business Business Leaders with professional integrity and
education in India stands at the VESIM's excellence is driven by its social consciousness.
crossroads of tradition and innovation. humanistic management approach, top- Ÿ Inculcating consciousness of social
The nation's institutions are adapting to notch faculty, interactive teaching, and need, fair, transparent, and ethical
these changes by offering a diverse robust alumni network. The institute standards in all practices towards
range of programs, interactive teaching focuses on creating socially personal and professional conduct.
methods, and practical learning responsible business leaders in a Ÿ Encouraging innovative approaches
experiences. The emphasis on holistic conducive learning environment. to promote inclusive growth.
development, global perspectives, and
industry integration reflects India's VESIM's vision is to be amongst the Effective use of E-learning
commitment to producing graduates most preferred institutes for higher VESIM offers a two-year full-time
who are not just academically management education in India with a MMS program approved by AICTE,
accomplished but also well-equipped global outlook. Govt. of India, and is recognized by
to thrive in the ever-changing world of the University of Mumbai. The
business. Its mission is: program is spread across four
Ÿ To develop socially responsible semesters and holds NBA accreditation
Vivekanand Education Society's managers and entrepreneurs well- for academic years 2016-2017 to 2018-
Institute of Management Studies and grounded in theory and real-world 2022.
Research is a pioneering institute in application who can lead in their
the business education field. The respective fields. E-learning has indeed enhanced
institute has been catering to aspiring Ÿ To develop an institution that education facilities and it has also
professionals from all walks of life and emphasizes research and offered several benefits such as:
guiding them to their desired careers. innovation with cutting-edge flexibility, access to resources, global
technology with an approach of reach, interactive learning, and cost
In 1962, Vivekanand Education high impact international and time efficiency. However, it's
Society (VES) was founded by the dimension. important to note that, while e-learning
visionary Late Shri. Hashu Advaniji. Ÿ To develop faculty capable of offers numerous advantages, it may not
It pioneered accessible education in synthesizing, creating knowledge, completely replace the benefits of face-
Mumbai, growing from 256 students to and communicating with industry, to-face interactions and hands-on
25,000 across 23 institutions. VESIM peers, alumni, and students. experiences that traditional education
was established in 1994 with 60 MMS provides. The most effective approach
seats, and now it is offering 180 MMS The core values of VESIM are: often involves a blend of both
intake. It molds aspiring professionals Ÿ To impart quality education and traditional and e-learning methods,
for corporate success, emphasizing contribute towards character known as blended learning, to create a
positive impacts on companies, people, building. comprehensive and engaging
and society. Ÿ Delivery of contemporary courses educational experience.

20 | December 2023
 India's Best Performing Business Schools, 2023-24

Sparking Innovation Enriching Educational Journeys 2017 to 2018-2022, w.e.f 10th March
The institute offers a wide variety of This commitment to engagement and a 2017 in both the MMS and PGDM
extra-curricular and co-curricular student-centred approach enriches sections. The MMS is affiliated with
activities for a holistic education. every student's educational journey. the University of Mumbai.
Notably, VESIM has an
Entrepreneurship Program to spark Placement is crucial for professional VESIM is accredited by the National
innovation, a Foundation Course for success, and VESIM prioritizes it. The Assessment and Accreditation Council.
strong educational basics, and dedicated placement team focuses on
Employability Skills workshops for optimal opportunities, corporate ties, VESIM has been accepted as a
real-world success. A Business and employability skills. They organize member of the AACSB International
Simulation Game and Python course diverse activities for universal student Association to Advance Collegiate
cater to tech and business interests. exposure and employ CGPT – a Schools of Business. AACSB
collaboration of placement managers, International is a global association of
In co-curricular, there's a Leadership students, faculty, and alumni to guide leaders in education and business
Series for nurturing leaders, an students toward industry readiness dedicated to supporting and advancing
Outbound Program for team building, through events and coordination. quality business education worldwide.
and a Pitch Festival to showcase AACSB Membership creates a
innovation. Its Literature Fest Its awards reflects the quality of concrete framework to continually
celebrates art and literature. To ensure education it provides. Recognized by measure program and school quality.
engagement, VESIM involves students and the intellectual
students in planning, linking activities community, this recognition highlights NBA and NAAC accreditation
to real-world contexts, and creating why VESIM is a sought-after B-school symbolizes that the institution follows
an inclusive environment that in Mumbai. all relevant mechanisms to ensure
encourages participation. outcome-based learning as the
Recognitions, awards, and certificates VESIM's two-year Master of approach for quality education and
are presented to acknowledge Management Studies (MMS) is maintains a positive and vibrant
students' efforts and AICTE-approved and accredited by the teaching and learning
accomplishments, fostering a sense of National Board of Accreditation environment.
achievement and motivation. (NBA) for the academic years 2016-

“
Our vision is to be
amongst the most
preferred institutes for
higher management
education in India with a
global outlook.

www.theknowledgereview.in | 21
 VESIM was awarded an 'A' grade by Director's Role in Executing Comprehensive Culture
the Directorate of Technical Education With over a decade of experience as a Professor within the
(DTE), Govt. of Maharashtra.
Indian university system and a quarter-century of
Enhance Stakeholder Value through involvement in the Indian aviation industry, Director, Dr.
Meaningful Partnerships Satish Modh possesses an extensive and impressive career.
VESIM's core objective is to provide a
distinct learning experience, conduct Commencing his professional journey with the Ministry of
impactful research, and enhance Information and Broadcasting under the Government of
stakeholder value through meaningful India, Dr. Modh entered through the Indian Engineering
partnerships.
Services selection process. However, he swiftly transitioned
Accredited by NBA and NAAC, to become an Aircraft Maintenance Engineer at Air India.
VESIM ranks among the top 125 in Notably, he played a pivotal role in designing, developing, and
India. Its MMS program is affiliated executing a comprehensive culture transformation initiative
with the University of Mumbai, spanning Air India's vast workforce of over 20,000
recognized by AICTE, and includes employees. Additionally, he was a key contributor to the
global academic ties. VESIM 'Business Transformation Group,' charged with devising a
emphasizes research, encourages Ph.D.
turnaround strategy following the merger of Air India with
pursuits, and offers an innovation
Indian Airlines. Throughout his distinguished tenure at Air
centre for start-up ideas.
India, he assumed roles such as General Secretary of the
Over the next five years, VESIM aims Aircraft Maintenance Engineers Association and held
to consolidate its position in Business positions of distinction within the Aeronautical Society of
Analytics, offer specialized programs, India's Mumbai Branch.
and promote lifelong learning, robust
research, industry engagement, and In 2011, Dr. Modh made a deliberate choice to retire from Air
alumni relationships. It plans to
India, subsequently joining NMIMS University, Mumbai, as a
enhance HR functions, wellness,
governance, and infrastructure. Professor. There, he imparted knowledge across subjects
encompassing 'Business Strategy' and 'Business Ethics.' His
The strategic imperative of big data responsibilities extended to serving as the Associate Dean of
analytics drives its curriculum. VESIM the MPSTME (MBA Tech Program), and he actively
prepares professionals who leverage participated in NMIMS' Academic Council and other
data for decisions and innovation. Its governing bodies. Four years later, he transitioned to become
focus aligns with industry needs,
the Professor and Director at the VES Institute of
fostering adaptable graduates equipped
with 'thinking tools.' Management, affiliated with the University of Mumbai. One
of his notable accomplishments at VESIM was the complete
Empowering Individuals to overhaul of the PGDM program, centred around 'Business
Safeguard Themselves Analytics,' with an academic partnership forged with 'SAS.'
In 2001, Dr. Modh's encounter with the Under his adept leadership, the institute secured
aftermath of the Gujarat earthquake accreditation from the NBA and NAAC. Additionally, VESIM
instilled in him a profound interest in
consistently ranked among the top 100 business schools
disaster management. This newfound
passion led him to deliver lectures on according to the NIRF rankings for a continuous span of five
the subject, specifically focusing on years. Dr. Modh also contributed to the National Board of
empowering individuals to safeguard Accreditation (NBA) as an esteemed expert, participating in
themselves and assist others during the assessment of various management institutes throughout
disasters. the country.

22 | December 2023
 Our focus aligns
with industry
needs, fostering
adaptable
graduates
equipped with
thinking tools.

Dr. Satish Modh

Director, VESIM

www.theknowledgereview.in | 23
A Thriving Landscape

Start-up
Ecosystem in
INDIA
E ach second, a new revolution is happening in the
centre of the busy streets of Delhi, Bangalore’s
tech-savvy lanes, and Mumbai’s busy roads. An
increasingly prominent player in the startup scene is
India, a nation renowned for its rich cultural heritage and
long history. Investors, business owners, and innovators
from all over the world have been drawn to India’s
burgeoning startup scene, which has been progressively
changing over the past several years.

The tale of the Indian company is one of determination,

willpower, and an unwavering will to conquer challenges.
The shift from when starting a business was seen as a
leap of faith to the present, when India is acknowledged
as having one of the world’s fastest-growing startup
ecosystems, is astounding. This article walks you through
the many facets of this fantastic scene, illuminating the
distinctive and dynamic qualities of India’s startup scene.

A Cultural Hub of Innovation

The startup scene in India is as varied as the nation. This
diversity fundamentally fuels innovation. Indian startups
are addressing a wide range of possibilities and
difficulties in a variety of industries, including fintech,
edtech, aggrotech, and healthtech. This is made much
more fascinating by the way old and modern elements are
combined. Startups are frequently viewed as bridging the
gap between traditional practices and state-of-the-art
technologies to create a distinctive combination that
appeals to a broad range of consumers.

One such instance is the emerging “AyurTech”

movement, which combines modern technology with
India’s traditional medical practice, Ayurveda. Innovative
wellness and healthcare startups grounded in ancient

24 | December 2023
www.theknowledgereview.in | 25
wisdom are drawing in clients from across the world who sustainable energy sources, or enhancing the standard of
seek comprehensive well-being in addition to Indians. living for rural populations.

The Power of Demographics A significant instance is the “Clean India” initiative, which
India’s booming startup environment might also be has motivated several companies to strive for a greener and
attributed to its demographic dividend. It has an more sustainable environment. These upstarts coordinate
exceptionally youthful and vibrant population, with a their objectives with national aims by creating creative
median age of only 28 years. This youngness creates an solutions to manage garbage, conserve water, and
environment conducive to innovation and entrepreneurship encourage eco-friendly practices.
since it offers a new viewpoint and a tech-savvy mindset.
Collaborative Spirit and Mentorship
With over half a billion smartphone users and about 700 The startup culture in India is firmly rooted in the values of
million internet users, the nation’s digital revolution has mentorship and teamwork. Co-working spaces, incubators,
further driven this trend. In addition to offering a ready and accelerators are becoming centers of innovation and
market, this sizable digital audience is a testing ground for education. These platforms give entrepreneurs networking
technologically advanced solutions. opportunities, mentorship, and necessary resources.

Government Initiatives and Policies Expert businesspeople frequently adopt the position of
The Indian government has played an essential role in mentors, offering advice and knowledge to the next wave of
fostering the startup ecosystem. Programs like “Startup company founders. This collaborative attitude helps startups
India” and “Digital India” have given much-needed expand quickly and fosters a community where people
assistance, promoting the expansion of startups nationwide. work towards the same objectives.
These initiatives have streamlined legal requirements, cut
bureaucracy, and improved the climate for Challenges and the Road Ahead
entrepreneurship. Notwithstanding its impressive advancements, the Indian
startup scene is not without difficulties. The citizens still
Also, implementing the Goods and Services Tax (GST) has need to focus on issues like the demand for qualified labor,
simplified tax laws, facilitating the management of startup bureaucratic obstacles, and funding access for early-stage
funds. Furthermore, initiatives like the Atal Creativity firms. Nonetheless, it is encouraging to see how resilient the
Mission have promoted entrepreneurship and creativity ecosystem is and how determined Indian businesspeople are
among young people. to overcome these obstacles.

Blooming Investment Ecosystem To address these issues in the future, collaboration between
Global investors are recognizing India’s potential and the government, business leaders, and the education sector
contributing large sums of money to help budding firms. will be crucial. It will be essential to keep up efforts to
Angel, venture, and private equity investing have all support innovation and establish a favorable atmosphere for
increased significantly in India. Due to the enormous entrepreneurs.
development potential that India has, top venture capital
firms and angel investors have expressed a significant deal Conclusion
of interest in the country. The startup ecosystem in India is a remarkable journey of
transformation. From a nation with immense potential to a
In India, unicorns—startups valued at more than a billion global powerhouse of innovation, India has come a long
dollars—have become the norm. Several notable success way. The amalgamation of tradition and technology, the
stories have emerged from the nation, such as Flipkart, support of government initiatives, a thriving investment
Paytm, Ola, and Byjus, to mention a few. This raises trust ecosystem, a youthful demographic, and a focus on social
among international investors to place bets on the Indian impact make it a genuinely dynamic sphere.
ecosystem while showcasing the enormous potential of
Indian startups. The world is eager to see how India will continue to change
and adapt. The nation is establishing itself as a global
Concerns on Social Impact innovation center, and the startup culture is thriving. India’s
The emphasis on the social impact that characterizes India’s startup scene is a model for the rest of the globe, shining
startup scene is distinctive. Numerous firms are tackling with its varied solutions, collaborative spirit, and rich
social and environmental issues and focusing on making cultural tapestry. Looking ahead, it is evident that India is
money. Social entrepreneurship is growing in India, spearheading the startup movement rather than merely
whether by delivering accessible healthcare, developing participating.

26 | December 2023
 Redefining Traditional Management Education

W ith businesses becoming

increasingly global,
management schools
contribute to developing a global
mindset among students. Business
programs meet the required standards.
The school provides undergraduate and
postgraduate programs in various
management disciplines. These
programs emphasize creating a
equipped library, and modern
technology for teaching and learning.

Enhancing Academic Reputation

VPSM actively forges partnerships
schools offer programs and curriculum aligned with industry with industry leaders. This has led to
opportunities for international exposure, needs, and faculty members are
fostering an understanding of diverse encouraged to engage in research and
cultures and business practices. industry collaborations.

Vijay Patil School of Management Recognizing the importance of a strong

(VPSM), founded with the same aim faculty, VPSM invests in hiring
and vision, provides high-quality experienced professors with industry
management education that integrates exposure. Faculty development
theoretical knowledge with practical programs are implemented to keep the
skills. teaching staff updated with the latest
trends in management. The school also
VPSM has accreditation from relevant has quality infrastructure, including
educational authorities to ensure its state-of-the-art classrooms, a well-

30 | December 2023
the creation of internship programs, innovative architectural principles. The This vision sets a high standard for
allowing students to gain practical result is a state-of-the-art campus that global recognition and emphasizes the
experience and connect with potential combines functionality with a visually institution's dedication to positively
employers. The school organizes appealing environment, providing an impacting the field of management.
regular industry visits, workshops, inspiring backdrop for academic It positions VPSM as a catalyst for
and guest lectures, creating a bridge pursuit. developing leaders who are not only
between academia and the business successful in their professional
world. Additionally, the management at VPSM endeavours but also contribute to
prioritizes the development of cutting- sustainable and ethical business
VPSM encourages faculty and edge facilities. Its sprawling computer practices.
students to engage in research to lab equipped with the latest technology
enhance its academic reputation. The ensures students have hands-on VPSM strives to create an academic
school facilitates a research centre experience with industry-relevant tools. environment that encourages
and supports initiatives leading to Harvard-style classrooms are designed participants to achieve excellence in
publications in reputed journals. This to encourage interactive and management through a holistic
not only contributes to the academic collaborative learning, fostering a educational process that promotes
standing but also helps attract dynamic and engaging educational critical inquiry, creativity, problem-
students and faculty interested in atmosphere. Recognizing the solving, ethical conduct, global
cutting-edge research. importance of a robust library, VPSM outlook, equity, and ecological
has a Learning Resource Centre. sensitivity.
VPSM aims for global recognition by Additionally, VSPM stands as one of
fostering international collaborations VPSM's vision, mission, and values
the schools under D Y Patil University.
and exchange programs with clearly outline its commitment to
The Chancellor and President of D Y
renowned business schools. This becoming a globally respected
Patil University, Dr. Vijay D. Patil,
allows students to study abroad, gain institution of management learning with
harbours a vision to provide
a global perspective, and build a a significant impact on practice and
exceptional education coupled with
network with students and developing future leaders for
world-class facilities and infrastructure
professionals worldwide. sustainable businesses.
to the youth. In his relentless pursuit of
transforming this vision into reality,
Commitment to Innovative It aims to be a globally respected
Dr. Vijay D. Patil has spared no effort
Architectural Principles management learning institution that
in establishing top-notch infrastructure
VPSM has a campus that meets positively impacts practice and
at D Y Patil, solidifying its status as the
functional needs and reflects a develops future leaders for sustainable
University of Navi Mumbai.

“
commitment to aesthetic and businesses.

VPSM aims for global

recognition by fostering
international collaborations
and exchange programs
with renowned business
schools.

www.theknowledgereview.in | 31
Today, safeguarding the future of our making to consider the broader well- provide a comprehensive grasp of
planet by enhancing efficiency, being of communities and society. management processes and
reducing carbon emissions, and frameworks. This encompasses not
creating healthier environments is The well-being of stakeholders, only the industry context in which
crucial. At D Y Patil University, the including students, faculty, staff, and organizations operate but also delves
Centre of Excellence building, crafted the broader community, is a central into the intricacies of their internal
by the esteemed British architecture value. VPSM aims to create an workings. The overarching goal is to
firm Fosters & Partners, has attained environment where all stakeholders equip students with the knowledge and
Platinum LEED certification. This thrive and contribute to the institution's skills necessary to navigate the
recognition is a testament to the overall success and positive impact. dynamic business landscape, fostering
building's compliance with the LEED sustainable competitive advantages.
GREEN BUILDING rating system Commitment to Environmentally
certifications set forth by the US Green Conscious Practices The educational approach emphasizes
Building Council. D Y Patil University Sustainability is a key value, reflecting an ecosystem-sensitive perspective,
takes pride in being counted among the VPSM's commitment to encouraging students to understand and
select educational institutions environmentally conscious practices appreciate the interconnectedness of
worldwide that have achieved the and preparing future leaders who organizations within their broader
prestigious Platinum LEED understand the importance of environments. This involves
certification. sustainable business models for long- considering the impact of business
term success. decisions on various stakeholders,
Ensuring Rich Learning Experiences thereby instilling a multi-stakeholder
VPSM values diversity, equity, and These values collectively form the appreciation in the learning process.
inclusion, fostering an environment ethical and philosophical foundation of
where individuals from various VPSM, guiding its decisions, actions, Furthermore, the courses involve a
backgrounds feel welcomed and and interactions within the institution deep dive into functional areas,
respected. This commitment ensures a and the broader community. They also ensuring that students acquire
rich and diverse learning experience for signal to stakeholders the type of specialized knowledge in specific
all participants. educational experience and leadership aspects of management. This depth of
qualities that VPSM strives to instil in understanding facilitates the
Ethical conduct is the foundational its participants. development of solutions grounded in
value of VPSM, emphasizing the a nuanced comprehension of
importance of integrity, honesty, and Navigating Dynamic Business organizational functions. The learning
moral behaviour in both academic and Landscape outcomes, therefore, go beyond
professional pursuits. This value The courses at VPSM are designed to theoretical knowledge to practical
underscores the Institute's dedication to
producing ethically responsible leaders.

The value of internationalization

reflects VPSM's commitment to
providing a global perspective in its
educational programs. This includes
exposure to international best practices,
collaboration with global institutions,
and preparing participants for an
interconnected business world.

VPSM places a high value on social

responsibility, encouraging participants
to understand and address the societal
impact of business practices. This
commitment extends beyond profit-

32 | December 2023
application, preparing students to sports, cultural activities, Ÿ Language and cultural exchange
contribute meaningfully in real-world theatre/dramatics, literary pursuits, and programs
business scenarios. more is an excellent initiative for Ÿ Drama and theatrical performances
VPSM. This approach not only Ÿ Quiz competitions
In essence, VPSM's courses aim to go enhances the overall campus Ÿ Debates and public speaking events
beyond traditional management experience but also contributes Ÿ Science and math Olympiads
education by instilling a holistic significantly to the personal and Ÿ Hackathons and coding
understanding of the business professional development of the competitions
landscape, a sensitivity to students. Ÿ Volunteer programs
environmental factors, recognition of Ÿ Charity events and fundraisers
diverse stakeholder interests, and the A few are listed here: Ÿ Environmental initiatives and
ability to formulate strategically sound Ÿ Intramural sports leagues clean-up drives
and ethically grounded solutions. Ÿ Fitness classes and challenges Ÿ Health awareness campaigns
Ÿ Inter-school sports competitions Ÿ Workshops and guest lectures
Prioritizing Personal and Ÿ Yoga and meditation sessions Ÿ Leadership and professional
Professional Development Ÿ Cultural festivals showcasing development
Encouraging students to form music, dance, and art Ÿ Adventure and outdoor activities
committees in various areas such as Ÿ Talent shows and open mic nights Ÿ Clubs and student organizations

Honourable
Dr. Vijay D Patil
Chancellor & President,
D Y Patil University

“ We place a high
value on social
responsibility,
encouraging participants
to understand and
address the societal
impact of business
practices.

www.theknowledgereview.in | 33
 The Role of
Artificial
Intelligence
in Revolutionizing
Indian Retail
T he advent of Artificial Intelligence (AI) is a
revolutionary force in the dynamic Indian retail
industry, with the potential to change customer
behavior and business operations completely. Artificial
Intelligence is more than just a catchphrase; it’s a
revolutionary technology whose uses are changing the retail
scene in India. This article will examine the significant
influence artificial intelligence (AI) is having on Indian retail
and how it is improving customer experiences, streamlining
processes, and spurring expansion.

Comprehending Retail Artificial Intelligence

The replication of human cognition in computers that have
been programmed to think and learn like humans is known as
artificial intelligence. In the retail industry, artificial
intelligence (AI) encompasses a wide range of technological
advancements, including machine learning, computer vision,
natural language processing, and predictive analytics. These
technologies enable retailers to offer highly personalized
shopping experiences and make data-driven choices.

The ability of AI to support a customer-centric strategy is one

of the biggest ways the retail industry in India is changing.
Large volumes of consumer data can be analyzed by AI
systems to learn about the preferences, routines, and
behaviours of shoppers. Retailers can develop extremely
customized purchasing experiences with this information.

Recommendation engines driven by AI examine a customer’s

past browsing and purchase activity to make
recommendations for goods they are likely to purchase. Sales
rise as a result, and customer satisfaction rises as well.
AI-powered chatbots and virtual assistants offer round-the-
clock customer service, responding to questions and assisting
clients with their purchasing. The overall purchasing
experience is enhanced by this.

34 | December 2023
Enhancing Proficiency of Business Sector

www.theknowledgereview.in | 35
Retailers can improve prices in real-time with the aid of AI information is invaluable for optimizing product placement
systems. To guarantee that customers receive fair pricing, and cross-selling.
they can modify rates in response to demand, rival pricing,
and other factors. Challenges and Considerations
While AI offers immense potential for Indian retail, there
Inventory Management and Supply Chain Optimization are challenges to consider.
AI is also helpful in improving supply chain optimization
and inventory management, two crucial facets of the retail • Retailers must handle customer data responsibly and
sector. ensure data privacy and security.
• The successful implementation of AI requires a skilled
AI-driven demand forecasting makes precise demand workforce, which can be a challenge in a market like
predictions by examining past data and outside variables. India.
By keeping the appropriate products in the right quantity, • Implementing AI systems can be expensive, which may
retailers can lessen instances of overstock and understock. pose a hurdle for small retailers.
• Building trust with customers when implementing AI-
Real-time visibility into inventory levels across different powered solutions is essential. Many customers may be
sites is made possible by AI systems. This guarantees that cautious about sharing data and interacting with AI.
consumers may locate the goods they desire in stock in both
real and virtual retailers. Ai’s Prospects in Indian Retail
In the upcoming years, AI’s influence in Indian retail is
Delivery times and transportation costs can be decreased by expected to increase even further.
using AI algorithms to optimize logistics and delivery
routes. This holds particular significance for Indian e- • As AI develops further, customers will be able to have
commerce enterprises. ever more individualized experiences, which may boost
sales and customer loyalty.
Loss Prevention and Security • AI will be used more and more by retailers to make
Because AI technology can identify fraudulent activity and data-driven decisions on everything from marketing
guarantee the security of both online and offline retail plans to inventory control.
operations, it is essential for preventing losses. AI helps • Supply chains will continue to be optimized by AI,
shops stop credit card fraud, return fraud, and other forms which will lower costs and increase efficiency.
of financial loss by spotting anomalous transaction patterns. • Artificial Intelligence will be vital in enhancing the
Security can be improved by using AI-powered video online buying experience as India’s e-commerce grows.
surveillance systems to keep an eye out for suspicious
activity in businesses and warehouses. Conclusion
The retail industry in India is driven by artificial
Enhanced In-Store Experience intelligence, which has an impact on the country’s unique
Even traditional brick-and-mortar retailers in India are retail scene. Artificial Intelligence is changing the retail
harnessing the power of AI to enhance the in-store shopping industry, whether it is in small shops or major corporations.
experience. AI adoption in Indian retail is not merely a fad; rather, it is
essential for companies looking to prosper in the digital era.
AI-driven smart shelves can monitor inventory levels and
even provide product information to customers. Automated The retail industry is transforming, and this trend is
checkout systems reduce waiting times, creating a more expected to continue in the years to come as AI
convenient shopping experience. technologies enable the delivery of highly personalized
experiences, operational optimization, and outstanding
AR and VR technologies powered by AI are being used in customer service. With AI paving the path for a future that
showrooms to allow customers to visualize products in their is more customer-centric, efficient, and innovative, Indian
own space before making a purchase. retail is in an exciting moment.

AI enables retailers to perform advanced market basket

analysis, identifying patterns in customer purchases. This

36 | December 2023
Pamarty Venkataramana
Chief
PVR Laws Global

Pamarty
Venkataramana
An Advocate for Education
and Gender Equality

E ducation is one of the best gifts

in the world. As many often
misunderstand, it’s not a
privilege; it’s a priority, a right that can
empower individuals and mould a
man with a heart who understands the growth of civilization. Literacy is
loopholes in society and tries to basic, yet educational methods alone
saving economy for survival. salvage them in the best possible help to instill values and spread good
Educationists like Pamarty manner. He shed light on his vibes in society, generation after
Venkataramana are true advocate of remarkable journey in the industry generation.
knowledge with shining persona. while discussing with The Knowledge
Venkataramana is an eminent Jurist, Review. Why have you chosen to dedicate all
Poet, Essayist, Policy planner, and earnings from your literary works to
Philanthropist. Below are the excerpts from the support girls' education in Africa
interview: and Asia? Could you please
Apart from all the designations earned, emphasize the importance of this
he is a selfless man who chose to Your essays and lectures have always cause?
dedicate all his earnings from his harped more on the need for Every girl child is a special creation of
literary works to supporting girls' universal education. Why? Mother Nature. You educate a girl, and
education in Africa and Asia. He is a Education is the cornerstone for the she grows up to be a model citizen,

38 | December 2023
tending to the children she raises and result in various forms of litigation. Andhra Pradesh and Madhya Pradesh.
keeping up the pride of an entire Literature should aim at stimulating the It has now grown to become a senior
household or workplace. Over the past reader to think appropriately and secondary school catering to the tribal
few generations, they have grown up to discern what is right and what is community and other sections of at
become self-sufficient, courageously wrong. least a dozen surrounding village
braver, and stronger in their resolve to panchayats. Then, there have been
match and outclass male counterparts Even fiction is never imaginary but degree colleges and medical varsities
in a perennial tussle for gender rests on past events, everyday with which I have been closely
supremacy. happenings, and probabilities. A good associated.
judge or a good lawyer is one who
Is it true that all your literature is exhibits kindness, compassion, and The dream project, though, is to
penned amidst arduous, long work maturity while examining any given establish a law college in every state
hours? set of facts or circumstances. exclusively for women students. The
In my case, literature has sprung from free legal aid camps we keep
handling and witnessing a host of In what ways do you believe the conducting periodically have
incongruities, day in and day out, in intersection of law and literature can highlighted the need for such a pan-
the course of a hectic work regimen. I contribute to a more just and India institution of excellence in Law
feel it necessary on the part of every empathetic society? aimed at churning out learned lady
practitioner to chronicle the Both are inter-mingled forever because lawyers. They are the torchbearers of
observations, which shall act as a morality and legality pose an eternal human rights both on the domestic
lighthouse for others in society to stay dilemma for all generations and front as well as in public space.
away from friction, litigation, and civilizations.
unsavory incidents. In this season of entrance
What is your opinion on the need for examinations, what tips will you give
Why is there resistance to education a changed educational system in our to students appearing for the CAT
among poorer sections of society, country? and other important tests like the
such as farm laborers, casual A uniform curriculum across all CA, CS, CWA, NEET/other
workers, and hut-dwellers? educational institutions is a must. A professional courses?
The economic factor prompts them to comprehensive overhauling of I am a staunch advocate of early rise
prefer child earning alongside them on procedures and systems to teach, and regular studies only formula. This
a construction site to supplement evaluate, and promote pupils at every era of social media tyranny has turned
family income and overcome stage and course is a must that ought to many into nocturnal creatures, which
improvement. However, morning be spearheaded by educationists and leads to body cycle changes, the
walkers can easily get these not federations of educational biological clock going awry, and, in the
unfortunate street kids to congregate institutions or by the bureaucracy. net result, capable candidates
and impart basic lessons in language, underperforming on D-day.
hygiene, and life sciences and This apart, keeping in view the
encourage them to participate in logistical and social problems faced Plenty of water, milk, or fresh fruit
outdoor games or other sporting today, it may be prudent to have juices help maintain strength. Binge-
activities. This will be a great way to schools within a radius of fifteen watching movies and binge-eating
exhibit the social responsibility of kilometers of residence. Traffic woes, unhealthy foodstuffs can be avoided.
more fortunate ones towards the too, will vanish. The capitation fees Revision must begin at least ten weeks
underprivileged. system ought to be abolished just as before the day of the examination.
the pernicious practice of corporal More importantly, focus and
How has literature influenced your punishment was made illegal. determination without succumbing to
understanding of legal principles tuition/coaching center pressure-tactics
and the human condition in your Have you established any school or or peers-created stress is a sine qua non
career as a lawyer? college, and if so, where? to clear the bar in this rat-race.
It is the other way round, you can say, My first experience was when I helped
because golden tenets of jurisprudence establish a primary school at a
are often transgressed or violated to Naxalite-infested village bordering

www.theknowledgereview.in | 39