The concept of global village and the revolution in the area of information technology is increasing integration of economies around the globe and attainment of global competitiveness has become a necessity for the survival and growth, business paradigms are shifting continuously providing enormous amount of creative opportunities to grasp the future. In the era of global competitiveness, we have to exercise utmost care to safeguard 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. 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 obvious. To make India an intellectual capital of the world, we have to rethink about the management education and effort should be made to create a dynamic environment, which can nurture superior quality technical education colleges. The process of liberalization & globalization has created enormous opportunities & challenges & in the era of global competitiveness. We have to exercise utmost care to safeguard India’s interest to see that India does not loose in 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. Quality is the only currency which is accepted universally & it is also true in the case when product is education. Every customer is now quality conscious & it is also imperative that a passion for quality is developed in the International as well as Indian psyche. In management education, quality has become a necessity & circumstances require total quality management. To make India an intellectual capital of the world we have to rethink about the management education & efforts should be made to create a dynamic environment, so that we just don’t end up producing managers in place of producing leaders. Management education in India is not very old; it has taken its practical shape during early sixties with establishment of Indian Institute of Management to train the people with management concepts. After that many institutions, universities have also come forward to provide management education to cater the increasing demand of good managers. Recently and particularly during the last 8-9 years the country has witnessed a tremendous growth in the founding of management institutions most of them in private sector offering management programs in different functional areas of management. Concurrently, there is a mushrooming of B-schools in the country: over 2,000 institutes, of which about 1000 are certified by the All India Council for Technical Education (AICTE), leading to issues of quality. In this context it becomes essential to re-examine the entire structure, content, purpose and pattern of management education. Some of the common feature of most of the management/business education courses, in which quality important is regard, can be summed up, as under. • Poor coverage of Indian business & socio- economic environment with less global perspective. • More emphasis on theoretical aspects.
• Use of out-dated case-material.
• Least institute-industry linkage.
• Lack of research base.
• Poor admission procedure.
• Inadequacy of resources & infrastructure.
• Old pedagogy.
• Traditional evaluation system.
The qualitative aspect of management education is also as important as its technical aspects. Management Education should not just equip a student with technical skills and expertise, but also develop in him the right attitude. For instance Japan is considering a new legislation, where intellectual property can be considered as a security against loan and if we want to emerge as an economic power, we...