IIM Raipur were established in 2010 followed by IIMs in Tiruchirappalli, Udaipur and Kashipur in 2011.
The Union budget for 2014-15 proposed as many as five new Indian Institutes of Management.

Largest MBA Market in the World
India has got the largest number of B-schools in world. According to AACSB, India tops the chart in terms of volume with a total of 3902 B-schools followed by USA and Philippines which have a total of 1624 and 1259 management institutions respectively (Table 2).

Types of MBAs
With increasing number of players in management education space, variety is seen in the kind of MBA programs that exist
in India presently.
Broadly, there are six types of B-schools in the country (Table 3).
1. IIMs (13), IIT DMS (6)
2. Government promoted B-schools such as IIFT, IRMA…, and so on
3. PGDM (300)
4. Private University MBA Schools (running in 650 Private Universities)
5. Public University MBA Departments or Affiliated Colleges (3000)
6. Autonomous/Non-regulated players like ISB, SOIL
While IIMs work directly with Ministry of Human Resource Development (MHRD) the state and central university MBAs are guided by UGC norms. PGDM institutes work directly under AICTE, with no other affiliations. And, several ministries have initiated their own institutions like IIFT, IRMA etc. There are also private institutions like Indian School of Business (ISB) which are not approved but still compete with the IIMs. These institutes vary on various parameters and so does their quality on all three parameters—Input, Process and Output.
Besides IIMs, B-schools in the front row include XLRI Jamshedpur, FMS Delhi, JBIMS Mumbai, MDI Gurgaon, SPJIMR Mumbai, NMIMS University, TAPMI Manipal to
name a few. They display consistent efforts towards development of management education in the country and catering to the industry demand for globally competitive high-skilled managers. Institutes like IIFT and IRMA have successfully created a niche in country’s management education space.

The Contributions of Management Institutions
These MBA institutions have produced a large number of successful business leaders and entrepreneurs who have commanded respect not only in India but internationally. They have brought credibility to Indian management education.
Global business leaders like Indira Nooyi, highly respected economist like Raghuram