7 leading Indian companies launch Indian Foundation for Quality Management

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 is a unique institute dedicated to fostering a culture of quality and innovation within Indian businesses.

The initiative, spearheaded by India Inc. viz. 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.

IFQM will endeavour to equip business leaders with the latest knowledge and tools in quality management, connecting them to renowned global experts for personalized guidance, and facilitating knowledge sharing and collaboration among industry leaders. IFQM will provide support to organisations with specialized quality counsellors and bridge the gap between industry and academia to ensure access to cutting-edge research and insights.

Chairman Emeritus, TVS Motor Company, Venu Srinivasan - Chairman (IFQM), Tata Sons Chairman N. Chandrasekaran, Managing Director, Sun Pharma, 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," said Venu Srinivasan, Chairman IFQM. "We can thus unlock our true potential and compete head-on with the best in the world," he added.

IFQM's governing council members besides Venu Srinivasan, N Chandrasekaran, and Dilip Shanghvi will include Kiran Mazumdar Shaw, Baba Kalyani. T.V. Narendran, Vivek Chaand Sehgal, Salil Gupte and K.N. Radhakrishnan.

These founding members will be actively involved in IFQM's governance ensuring its programs are tailored to the specific needs of Indian businesses. IFQM is designed to provide senior leadership in India with targeted counselling, training, coaching, and expert guidance. IFQM aims to institutionalize a culture of Quality within Indian organizations.

The one-of-its-kind industry-led initiative will help improve the product and service quality and reliability of Indian businesses equipping them to compete more effectively on the global stage and build supply chain resilience. The aim is to reinforce the "Made in India" brand in international markets, thereby stimulating trade expansion. Enhanced competitiveness will lead to economic growth and overall prosperity for the people of India.