well, i guess one of the main logic behind having student exchange programs is to make the IIMs into a global brand. Now that we have encouraged atleast one foreign student its sad that the authorities are now replying promptly. (btw, send the same queries to IIMA. they have a very competent admissions team. i had mailed them twice and received replies in less than an hour!

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i read Prakash Aptes(IIMB director) interview a few years back in Business Today(sorry guys no link! ) and he said that IIMB does want more and more foreign students but they are not ready to scarifice on the quality of the students.
one of the main reasons i feel that the IIMs would shy away from admitting foreign students is the fierce competition in IIMs. i guess as of now most of the foreign students have been NRIs and in some way associated with India. But admitting a "foreign" student seems too risky! for starters IIMs have twice the number of subjects been taught as compared to Stanford , harvard. ppl who get through CAT become inherently competitive and hence to an extent survive the onslaught!
as others have mentioned if you are so interested in IIMs , do apply to Ahmedabad and Calcutta ( A and C as they are fondly called) as well!
besides Indians are a lil xenophobic (if you havent figured that already! ) theres enough enemity among the states themselves . if you go from one to another , then all of a sudden you would be expected to speak in their local language . too many old issues id say! add to that the disgruntled feeling that you have taken "THEIR SEAT" !!!! India would be a pretty extreme place for Europeans to study!