The Indian Institutes of Management, or IIMs, are as prestigious institutions as something can be. However, Indians know and understand that there are some serious weaknesses in these institutes [compared to elite business schools elsewhere]. The following screenshots almost perfectly summarize the key issues faced by IIMs today:
Over-emphasis on CAT/GMAT, lower share of female students, non-existent international student share, and significantly lower average work experience. As an Indian, I know more than what the above charts tell - that most of the students at IIMs are engineers [not so in top business schools elsewhere], and that many students at IIMs are fresh out of college, with zero work experience!
As much as I would like to see these great institutes of my country turn into global business schools, I, myself an MBA student, know and understand well that unless these shortcomings are solved, the IIMs stand no chance of challenging elite Western business schools.