In a groundbreaking development, a consortium of seven leading Indian companies has launched the Indian Foundation for Quality Management (IFQM), as a Section 8 not-for-profit Company. IFQM aims to foster a culture of quality and innovation within Indian businesses. The initiative is led by Tata Sons, TVS Motor Company, Sun Pharma, Motherson Group, Bharat Forge, Boeing India, and Biocon to boost the “Make in India” brand globally.
IFQM plans to provide business leaders with the latest knowledge and tools in quality management, connect them to global experts for personalized guidance, and facilitate knowledge sharing among industry leaders. The institute will also offer support to organizations with specialized quality counselors and bridge the gap between industry and academia for cutting-edge research and insights.
Chairman Emeritus of TVS Motor Company, Venu Srinivasan, who also serves as Chairman of IFQM, along with N. Chandrasekaran, Chairman of Tata Sons, Dilip Shanghvi, Managing Director of Sun Pharma, and Soumitra Bhattacharya, CEO of IFQM, are on the board of IFQM. Venu Srinivasan emphasized that IFQM has the potential to revolutionize the Indian industry by promoting best practices in quality and innovation, enabling Indian businesses to compete globally.
The governing council of IFQM includes prominent figures like Kiran Mazumdar Shaw, Baba Kalyani, T.V. Narendran, Vivek Chaand Sehgal, Salil Gupte, and K.N. Radhakrishnan. These founding members will play a crucial role in tailoring programs to meet the specific needs of Indian businesses, providing senior leadership with counseling, training, coaching, and expert guidance to institutionalize a culture of quality within organizations.
This industry-led initiative aims to enhance the product and service quality of Indian businesses, making them more competitive on the global stage and strengthening supply chain resilience. By reinforcing the “Made in India” brand internationally, IFQM seeks to stimulate trade expansion, leading to economic growth and prosperity for the people of India.
