IMDR was established in 1974 as a constituent unit of the Deccan Education Society. It took over the MBA programme of the MBA Centre of the University of Pune and the DBM programme, run in the BMCC (a sister institution) since 1968. Affiliated to the University of Pune, the IMDR was also a recognised centre for research leading to Ph D. In 1977, the IMDR became an autonomous institution by voluntarily delinking from the University of Pune. Since then it has carried on its activities, independent of the University or other statutory bodies. The rationale of this step was stated in these words: "...to make our teaching programmes, methods of teaching and examination more comprehensive, more flexible and more result-oriented....".
IMDR is committed to provide quality management education to students and is guided by the values and principles of the DES. This is reflected in the fact that at IMDR there are no management quotas, no donations and no reservations. Merit remains the sole criteria for education in IMDR.
IMDR also provides opportunities to students to get international exposure through its tie-up with ESSCA one of the top management institutes of France - to attend either a semester or summer programme in ESSCA's campuses in France and Budapest ( Hungary ).