THE PAST AND PRESENT OF MANAGEMENT EDUCATION IN INDIA
In the past few decades, management education has become one among the most coveted disciplines globally, which especially gained ground as a result of globalization, privatization, and liberalization. Being a relatively context-specific discipline, management education often undergoes frequent changes. There have been a lot of changes in the domain of management education in the past that had to be handled by business schools to stay relevant with the industry advancements. Right from the recent technological advancements to the industry approach, there have been rattling changes in the sphere, and management education always got updated with it. The economic growth of India in the recent past and the need to sustain the existing growth has forced B-schools to accelerate their adoption of new methodologies in the management education system. There have been a lot many transformations that have taken place in the sphere of management education and it would be interesting to know the past structures and how they differ from the present condition of management education in the country.
Currently, there is a high number of management graduates passing out every year in India, providing a tremendous potential for management professionals to contribute to the country’s economy and creation of a ‘knowledge society’. However, the challenges in management education impose the need for a constant change in the educational structure of management. There needs to be a regular upgradation of the course content and curriculum and integration of the management education with the corporate sector.
Ideally, the quality and nature of management education is what determines its pursuers’ understanding of modern business and economies. Standing by the traditional approach of management education in the current business scenario will do much disservice to the students as well as the employers. This is why it is important that business schools today adopt a compelling curriculum that is relevant to the current economic scenario. B-schools need to appreciate the existing and upcoming changes in the business sphere and review their curriculum, learning pedagogy, and the faculty to meet the current requirements of the industry. With the corporatization of businesses, there is a rising requirement of highly-skilled job-ready individuals who are equipped and efficient to understand the bigger picture of the economy and contribute to the organization’s growth trajectory.
Management Education in the Past:
In ancient India, management was a part of our civilization. It was only after the globalization that the face of egalitarian education in India changed, posing newer challenges to management education. The later years of management education demanded learners to think out of the box to handle new ideas, challenges, and opportunities of the globalized world. The growth of formal management education in India is hardly a half-century old when new business schools established by government started offering MBA programs. By the year 1990, there were 82 university-based management departments across the country.
Present Condition of Management Education in India:
Currently, the management education is seeing two emerging trends – the globalization of management education and the increasing usage of technology. It is no doubt that technology and globalization have definitely shrunk the world. As a result, there is an increasing need for global exposure in management education and this is why reputed b-schools today are coming up with exchange programmes and joint degrees, collaborating with international colleges/universities to offer a global curriculum and diverse learning experience to students. Global immersion programs are the trend today that allow students to do live projects overseas, giving them a real-world exposure in a different setting and context. Such programs prepare students for global leadership roles, which is indeed a much needed trait for today’s corporate businesses. Moreover, this kind of cross-cultural exposure in business setting contributes to the skills development and imparts valuable experience to students.