Issues and Challenges Faced by Institutions Giving Management Education in India and Strategies to be Adopted for the Survival

Abstract

Management education is considered as elitist, precious and professional course as it attracts young candidates who are very passionate and motivated by the positive consequences associated with management education to either become a successful manager or to set an example by becoming successful entrepreneur. Management education in India is predominately a derivative of western management thought and practice. Occasionally, management schools draw some inferences from Indian epics, shastras and practices. It may be worthwhile to notice that management itself as a discipline has evolved from fundamental disciplines of philosophy, psychology, economics, accounting, computer science, mathematics, statistics and industrial engineering. In this decade India has witnessed a drastic change in higher education. Especially management education is witnessing an exponential growth in terms of number of institutes imparting management education which are usually termed as Business Schools or Management Institutions. In this paper authors have tried to explore the present situation of management education in India. This paper also studies the trends prevailing in management education in India, and tries to find out how effectively the management education helps the industries as well as how does it help one to become successful entrepreneur. Further the paper explains the emerging issues of management education in India and also explores the strategies and policies to be implied to improve the quality of management education and survive in long run. This paper throws light on existing literatures in management education in India as well as discusses the challenges faced by management institutions.