OPPORTUNITIES AND CHALLENGES IN MANAGEMENT EDUCATION
SUB THEME- INCLUSIVE GROWTH
Management Education in India is at the cross road, On the one hand is the Govt of India, the statutory body while on the other is the All India Council for technical Education. The Govt has permitted the AICTE for the establishment of several business schools which have to be monitored and ranked as per their standards by the AICTE. Management education in India is a new concept as because the preferred careers in the 1940s and the 50s were medicine and engineering and in the 1960s and 70s the IAS and the Central services, the craze since the 1980s has been for management and IT jobs. As a result, there has been an explosion in the number of business schools in India. Management study is very popular for imbibing versatility and multi-tasking abilities
As the demand for management education grows so do the challenge and opportunities too. Today business schools in India face the challenge of creating an indigenous model of management curriculum. Although the area of action to implement management education is a global one but it is also necessary for the curriculum to reflect local aspirations. For eg: curriculum should focus on local case studies where the management principles are broadly examined, questioned and streamlined to meet the challenges of the local/national business environment optimistically. Unfortunately, Indian Business schools vary widely in terms of the caliber of the faculty, quality of curriculum, infrastructure, and placement record. Apart from the premier list of B Schools in India the academic standards of most of the B Schools are not upto the mark. In fact at the low end of the spectrum we find institutes charge exorbitant fee from gullible students but provide negligible academic value addition. The other challenges facing management education in India is to promote research and establish a global quality assurance and accreditation system and above all to continue working upon to improve against the competitors to enhance its ranking is a challenging task for every institute.
OPPORTUNITY TO GROW
In the last decade Management program has registered 800% growth compared to the traditional Phd programs which had registered a mere of 4% growth only. From this we can analyze the craze of young India towards the program. The below data depicts the said growth review. With the globalization coming into force and the shrinking international barriers, it is the high time for the business schools to meet the global standards. It is still believed that acquiring an MBA is a valuable proposition that ensures quick return on investment..
DIFFERENCE BETWEEN THE GROWTH OF Phd AND MANAGEMENT EDUCATION OVER THE YEARS
Moreover there has been a proposal for the foreign university to come over India and to start its operations. This has both the boon as well as the bane. If we talk about the positives then it will generate revenue as there will be ample number of foreign students getting admitted and also it will retain our Indian students who wish to fly abroad for a good brand university program. This will enhance competition in the domestic market which will boost up the standards and overall quality of our education system. In the U.S. each year of education costs approximately, $50,000 or Rs. 25 lakhs. If India builds good universities with high quality residences for students and advertise globally, India can give this market tough competition. If India charges tuition fees of Rs. 5 lakhs per annum from foreign students, then with all other overheads a student can get quality education for Rs. 8 lakhs per annum, which is one third the cost in the U.S. There is clearly a huge comparative advantage in this and the scheme can attract lots of students to India. This can bring...