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Hyderabad, April 5 One of the daunting tasks for India is revamping the entire housing and urban infrastructure to meet future challenges and clear the backlog, according to Mr K.P. Singh, Chairman, DLF Ltd.

Addressing students at the graduation ceremony for the Class of 2008 at Indian School of Business (ISB) in Hyderabad on Saturday, Mr Singh said the task called for a change in the mindset of all the stakeholders, including policymakers.

The present deplorable state of housing and urban infrastructure was due to one fundamental mistake, that is, completely eliminating private players in housing development from 1958 onwards, he observed.

“Even in mid-1980s, while the urban population was growing at 8.5 times, increase in housing was only at 2.5 times. Even now, after the opening up of housing sector, there is still a need to challenge the old and outdated mindset,” he observed.

Education was the best means to change mindset. Business schools such as the ISB, IIMs and others should introduce a new subject on real estate, housing and other issues related to urban development, he opined.

“Your collective mission is to play a dominant role in making a new India. The circumstances and chance meetings with great people should be turned into opportunities,” he advised.

Speaking earlier, Mr M. Rammohan Rao, Dean, ISB outlined the achievements of the Class of 2008 and the 20th position achieved by ISB in the top-100 ranking of global business schools by the Financial Times.

ISB would soon add six new faculty members, taking the total to 31, he added.

Mr Rajat Gupta, Chairman, Board of Governors, ISB said the institution should constantly endeavour to live up to its image of a world-class business school. “Our brand is a little ahead of delivery. We need to catch up,” he observed.

Mr Thomas Robertson, Dean, the Wharton School said his school looked forward to many more collaborations with ISB. The 422 graduating students received their certificates on the occasion.

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