Value Orientation and Significant Insights as well as Critical Review on Major Challenges and Significant Opportunities on Commerce and Management Education in India

Abstract

It has been widely debated that while scholars like Nitin Nohria Dean Harvard Business School from Indian origin are leading the world’s top B-Schools; BSchools in India are struggling to find a place among the Top 100 Global Institutions. Out of top 100 institutions 55 are from USA followed by U.K and Canada. India’s expenditure on education as a % of GDP is more i.e. 4.1% compared to 3.6% in Japan and 3.8% in Russia. We often question on the quality of “Made in China “products, but China have clearly excelled India in terms of the quality of management education. There are 10 AACSB (Association to Advance Collegiate Schools of Business) accredited institutions in China as compare to none in India., when there are more than 2000 business schools in India as compared to around 230 in China. The management education in India is in pathetic state. Every year more than 1, 10,000 management graduates pass out from various B-Schools, but not even 5% of them reach the professional heights within 5 years of their career. India B-School concentrates on the quantity rather than quality. It had become money based rather than value based. Industry exposure forms a vital part of management studies and the present system does not provide adequate interfaces with the industry. . Commerce generally refers to the exchange of products, services, and anything that make these exchanges easier. In India, commerce education is a key factor in the country's economic growth. Students majoring in commerce often land jobs in industries including banking, insurance, finance, and foreign trade. Therefore, it is crucial to pay attention to this matter. Today's commerce education is facing several severe concerns, including an aging curriculum and increased student unemployment. To gain the full picture, significant studies and literature have been evaluated. It has been discovered that students are becoming less interested in studying commerce. For graduates in the business field, employment opportunities are many. There are numerous employment options available to them. People from all walks of life contribute to the function of finance and accounting in society. Everyday activities such as accounting and finance affect everyone. The leadership of an organization often determines its success. The capacity of regular employees and specialized people to efficiently support management with day-to-day operations by analyzing issues and offering solutions. Students who choose the commerce course can find employment in almost any sector that uses finance. Today, finance is used in practically all industries. Comparing with other top B-schools in India and abroad under the present curriculum, designed by the Indian Universities, the time allotted for industry exposure is about two to three months, which is comparatively low compared to the other top Bschools. Also there is a lack of coordination between Academic and Industry. This paper is an effort to examine the present scenario and drawbacks of management education in India. Also to find out ways to improve it, so that it can be considered at par with the global standards.