The future of Indian Business education

The world’s second-most populous country India is also known to be one of the largest providers of education in the field of management. But there lies problems such as some of the business schools offer education which is not up to the standard. Most of the smaller institutions struggle to keep up with the current set standards by the bigger institutions. A quarter of Business schools in India take 50-60 candidates and no more than that every year, which according to AIMA, the national management-education industry body, is “ abnormally low”.

The expectations of getting employed for the Indian business students are decreasing day by day, as stated by AIMA. The overall costs of the courses offered have increased not only in the bigger institutions but also in the lowest quality schools as well. The amount of remuneration the graduates are expected to earn is also falling. This is acting as a disconnection between educational and employer requirements.

Such types of problems can hold back a country that will need the best quality managers. So in 2016, AIMA published in their strategy paper, the need for improvement in the management education of the country. The goal was that by 2025, Indian Management Education should emerge to be the second-best in the World, second only to that of the USA.

AIMA suggested tearing down the pillars that have resulted in the rise of Business education in India for years. However, there has been a huge gap between the Best business schools and the other smaller colleges, yet they both teach the same techniques and theories. An MBA graduate coming out from a remote area college with less population is less likely to get an opportunity in a Multi-National Company than a graduate from big cities like Kolkata, Mumbai, Pune, Chennai, etc. The skills that are required to handle small scale heavy industry in India are different from that of the global corporations.

For the smaller institutions should focus more on the Entrepreneurship which would change India for the better, some of the schools are offering courses of bootstrapping businesses, which should become a core part of the education system and should be taught in every B-school of the country. By combining with the Industry, the colleges will be able to target the curriculums which will be suitable according to the needs of the employer. The need for differentiation is essential; keep this in mind the task force recommends attaching of boosters for the top 150 colleges in the country by improving the facilities and faculties so that they can compete in the global level, and the rest 4600 or so to serve businesses in the regional or national level.

AIMA claims that India’s B-schools can provide tough competition to the ones in the US within a decade if not so then it should at least emerge to be as one of the Biggest Hubs for Global management education. That is the least to be expected from the world’s largest business school market.