Indian Institute of Management (IIM) Ranchi, a leading management school in India, is all set to revamp its academic areas and curriculum structure to align with the changing contours of the business requirements. IIM Ranchi will create a new academic area called Legal Studies and Responsible Business (LSRB), which will create a focused and comprehensive approach to integrate legal aspects and responsible business practices with the MBA course curriculum.

India has been witnessing a massive overhaul of the legal system, and many of the laws enacted or being considered currently have business implications. Some examples are labour law, business law, competition law, privacy law and other statutes and guidelines about CSR (corporate social responsibility), ESG (environmental, social, and governance), and start-up ecosystem, to name a few. In addition, the guidelines and reporting standards related to ESG are progressively becoming global and Indian companies are now looking to comply with and match international standards. The LSRB academic area will offer courses in emerging topics related to legal aspects and responsible business practices. Also, this initiative provides an opportunity to start new courses in emerging issues like Ethics in Artificial Intelligence and Legal compliance for start-ups. 

The new LSRB area at IIM Ranchi will also do research to capture the changes and emerging global trends in legal aspects and responsible business practices and integrate them into the regular MBA curriculum.  Through this initiative, IIM Ranchi aims to promote the study of legal compliance as an essential part of modern business and foster a deeper understanding of responsible business practices in a competitive environment. Stakeholders at IIM Ranchi believe that a comprehensive understanding of the legal dimensions of business will give students a significant advantage in their professional careers.

Along with the new area, IIM Ranchi also plans to dedicate one full term (3 months) to introduce multi-disciplinary specialised courses to equip students with the knowledge and skills required to manage complex industry practices. These courses will be taught by at least one faculty member, each from two different academic areas, ensuring that the complex business practices are approached from various perspectives and solved comprehensively. Through this new initiative, IIM Ranchi wants to ensure that topics that are complex, emerging, and not traditionally included in standard business school curricula will have an assured place in the MBA curriculum.

Through the specialised multi-disciplinary courses, IIM Ranchi aiming to have MBA courses on complex business practices or topics like mergers and acquisitions, CSR implementation and impact assessment, workplace investigation and privacy, managing contract manufacturing in the context of global outsourcing, taxation and personal finance, and financial inclusion in Indian society, to name a few. 

Multi-disciplinary specialised courses will be available to the students in term 6, which is the last term in the second year of the MBA. This positioning will also help the students develop a multi-disciplinary approach to solve business problems and transition smoothly into corporate roles. Recognising the advanced nature of these topics, IIM Ranchi would allocate some of its best faculty to lead these courses, dedicating substantial time and effort to deliver a top-tier educational experience. IIM Ranchi has been making a series of efforts, in the past few months, to adapt its curriculum to keep pace with the rapidly changing industry landscape and ensure that its students are well-prepared to meet the demands of a dynamic global market.