The Indian Institute of Social Welfare & Business Management (IISWBM) was the first institute in India to offer an MBA degree of any Indian university (XLRI, the oldest management institute in India, did not offer MBA degrees ever since its inception). It was established in 1953. 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 University of Calcutta affiliated the MBA program of the institute for 50 years. The affiliation, which was supposed to end in 2003 is still renewed on a year by year basis by the university. The institute celebrated its Golden Jubilee in 2003 and the Government of India released a commemorative stamp on IISWBM to celebrate the event. Till date, no other management institute in India so far has been accorded this honour.