Salil, i agree with you in that a typical IIM/top B-school curriculum only partially prepapres you for much of the work B-School passouts do in Indian corporates today.
The other part of the piece is, the quality of management practice and science prevalent in Indian corporates doesn't require Analytical ability, Visioning, deep technical competence - which i believe true Managers should know.....much of business is run in an ad-hoc, seat of the pants fashion as the market, the customer, the service provider in India are not matured yet, in terms of processes. As an MBA myself, I can see the gap and I am made to do quite a few things in ways and means which are not the best, but because of other inadequacies in the service provider-market-customer ecosystem. Quite a few MBAs crib about 'Quality of work'. This is what they mean....
