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Case Details:
Case Code : BSTR075
Case Length : 33 Pages
Period : 2003
Organization : IUP Publications
Pub Date : 2003
Teaching Note : Available
Countries : India
Industry : Publishing
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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About ICFAI Contd...
In an environment that stifled entrepreneurship, most private initiatives relating to business were circumscribed by onerous government rules and regulations. However, in 1991, in response to a serious foreign exchange crisis, the government was forced to liberalize the economy, and remove the controls and restrictions that hampered the growth of private businesses. This process was to continue, albeit in fits and starts, for much of the decade.
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One immediate beneficiary of the change was the financial services sector in the country. Companies now had a variety of options for raising finance and freer access to capital markets. Not surprisingly, the Indian stock market boomed, with the BSE Sensitive Index, an indicator of share prices at the Bombay Stock Exchange, rising from a level of around 1000 at the end of 1990 to a level close to 4500 points in the first few months of 1992. This was accompanied by the rapid growth of the financial services industry, which in turn led to an increase in the demand for finance professionals. The CFA program benefited from this boom and its enrollments soared. The foundation quickly launched more specialized programs in finance (treasury management, portfolio management, bank management and so on) to take care of these favorable conditions.
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The second defining period in the foundation's existence began in 1995, when it decided to set up a number of business schools. The liberalization of the Indian economy had resulted in an increased demand for professional managers, and as always, the foundation was quick to spot and respond to the opportunity. True to type, ICFAI did not start small. Business schools were set up simultaneously at nine different locations in India, and around 400 candidates were admitted into the program in the first year.
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During the second half of the 90s, the Indian software industry grew tremendously, fuelled in part by the dotcom mania and technology hype. Consequently, IT became the career of choice for most students. Management education, while benefiting from the strong economy and soaring salaries inspired by the IT companies, performed fairly well, though not as well as IT education. However, all this changed in the year 2000. The dotcom bubble burst, and the repercussions were felt in India, as in most other countries around the world. Hundreds of small IT companies set up during the boom years went belly up. Corporate India went through the convulsions of downsizing and right-sizing, laying off employees in numbers never seen before... |
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