In a bold move to address a critical challenge, a consortium of seven leading Indian companies have launched the Indian Foundation for Quality Management (IFQM), a Section 8 not-for-profit Company.
IFQM will be a unique institute dedicated to fostering a culture of quality and innovation within Indian businesses. The initiative, spearheaded by India Inc – Tata Sons, TVS Motor Company, Sun Pharma, Motherson Group, Bharat Forge, Boeing India, and Biocon aims to propel the ‘Make in India’ brand on the global stage.
It aims to equip business leaders with the latest knowledge and tools in quality management, connecting them to renowned global experts for personalised guidance, and facilitating knowledge sharing and collaboration among industry leaders. Furthermore, it will provide support to organisations with specialised quality counsellors and bridge the gap between industry and academia to ensure access to cutting-edge research and insights.
The management for IFQM will see Venu Srinivasan, Chairman Emeritus, TVS Motor Company to hold the position of Chairman (IFQM); Tata Sons Chairman N Chandrasekaran will be the Managing Director; Sun Pharma’s Dilip Shanghvi and Soumitra Bhattacharya – CEO (IFQM) are the Board members of IFQM.
“IFQM has the potential to be a game-changer for Indian Industry by creating a culture of best practice sharing and cross learning on quality and innovation. We can thus unlock our true potential and compete head-on with the best in the world,” said Srinivasan.
IFQM’s governing council members will also include Kiran Mazumdar Shaw; Baba Kalyani; T V Narendran; Vivek Chaand Sehgal; Salil Gupte and K N Radhakrishnan.
The founding members will get actively involved in IFQM’s governance ensuring its programs are tailored to the specific needs of Indian businesses. IFQM is said to be designed to provide senior leadership in India with targeted counselling, training, coaching, and expert guidance. IFQM aims to institutionalise a culture of Quality within Indian organisations.