IISWBM was set up in collaboration with the Government of West Bengal, the University of Calcutta and the business community of West Bengal to promote management education. The MBA, MHRM and MPSM courses are affiliated to the University of Calcutta; the MBA program has been affiliated to the university for more than 60 years. This prestigious institute once served as a mentoring institute for the much-reputed IIM C (Indian Institute of Management, Calcutta). On July 5, 1954, Dr. Bidhan Chandra Roy, chief minister of West Bengal and founder–president of the institute inaugurated the first business management course in India. Dr. Jehangir Gandhy, chairman, All India Board of Technical Studies in Management, Union Ministry of Education, who could not be present at the inaugural ceremony sent a message saying "I am glad that the All India Institute of Social Welfare and Business Management is inaugurating today Business Management Course for the first time in India for the benefit of Junior Business Executives".
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