Management Education in India: The Path Ahead

Abstract

Today, the world has come so close that now it is known as a global village. India has become one of the favourite destination of global investors. In the last decade or so, especially after liberalization, industries like pharmaceuticals, retail, real estate, investment portfolios, media & entertainment, medical tourism, hospitality, automotives, etc; have grown by leaps and bounds. Today, you name the international brand, and it is there in India. India has everything, be it the suitable or probable fertility of soil, climatic conditions, marginal spaces, formatted or un-formatted investors, cheap manpower, structured or (sic) unstructured governmental policies, you name it, and it is there attracting hordes of global investors to India. The concept of a global village and the revolution in the area of information technology is increasingly integrating the economies around the world and has moved towards the attainment of global competitiveness has become a necessity for the survival and growth of any business entity. Business paradigms are shifting continuously providing enormous amount of creative opportunities to grasp the future. In the era of global (and also g-local) competitiveness, we have to exercise utmost care to safe guard India’s interest to see that India does not loose in the international arena. In the era of these fast emerging changes, there is a need for future global managers with qualities and competencies in global perspective.The post liberalization period witnessed a greater need for professional education. The 21st century promises to harbinger a different environment for human development in all walks of life, including education. It is going to be knowledge-driven century, resulting in a need of greater reform in all education related activities like teaching, learning, evaluating, natural production, curriculum revision, administration production, etc.The importance of education for the development of excellence, expertise and knowledge leading to overall development in economy cannot be undermined. This has necessitated a sound strategy for the development of higher education in almost all countries of the world.In management education, quality has become a necessity and the circumstances require total quality management. The future belongs to those who see possibilities before they become too palpable. To make India an intellectual capital of the world, we have to rethink about the management education and the effort should be made to create a dynamic & vibrant environment, which can nurture superior quality technical education institutes.