i2P2M has an Academic Industry Council (AIC) that guides it's academic programs. The AIC members are leading persons from academic institutions of India and abroad, and stalwarts from industry and government.

The first Chairman of the AIC was Dr. Nitish Sengupta, IAS who was a well known academician, administrator, politician and author. He took over as Director General, International Management Institute (IMI), New Delhi. He was Chairman of the AIC until his untimely demise of cardiac arrest on 3 November 2013. Earlier Dr. Sengupta had held positions such as the Revenue Secretary of the Government of India and Member Secretary, of the Planning Commission. He also represented India at various UN bodies and was the Chairman of the UN Commission on Transnational Corporations. He was elected Member of Parliament of the 13th Lok Sabha, where he served as member of several key committees, notably the Public Accounts Committee. Later he was Chairman, Board of Reconstruction of Public Enterprises. i2P2M is grateful to Dr. Nitish Sengupta for leading the AIC as it's first Chairman.