A REPORT ON MANAGEMENT EDUCATION AND INCLUSIVE GROWTH IN INDIA PERSPECTIVES AND CHALLENGE 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 in a large infusion of money, which can make it possible for the Indian government to subsidize the higher education of Indian students and vastly expand the number of Indian students.
On the other side there are some problems which may arise would be it may increase the present demand of quality faculties which are already short in number. The foreign players may fix a high remuneration to attract the Brand B school faculties which may liquidate the quality of the faculties in the premier B Schools of India. So the factors which need to be addressed for the inclusive growth in management education are discussed below:- INNOVATIONS IN THE PEDAGOGY Apart from the traditional method of theoretical classroom teaching followed across most institutions.
Some have innovated with Guest faculty who give a firsthand experience of the happenings in the corporate world, so that the students can remain updated of the recent developments. Thanks to rapid progress of technology that classrooms are getting equipped with videoconferencing, video data LCD projectors, audio playback facilities with high speed internet connectivity; Centre for Global Networking; E-centre and Entrepreneurship Guidance Cell; Hi-tech Management development centre; Case Study discussion hall, State-of-the-art CD ROM based digital library, and the likes.
Many business schools have strong relationships with practicing managers and leading businesses and are constantly monitoring the business environment and making projections to refine and revise curricula SOME AMENDMENT OF THE LAWS NEEDED Indian universities need to prepare themselves for this global system of the education. Our universities need complete autonomy in terms of what to teach and whom to teach. Currently laws in India say a central university cannot appoint a foreign lecturer.
If a professor from Bangladesh is an expert in a particular paper and is willing to come to an Indian university, why can’t we appoint him? Why should knowledge be restricted? Education should be free from all constraints. UPGRADATION OF THE SYSTEM There is a immediate challenge for management education is to enhance the academic standards across the board to create a reasonably large pool of good quality institutions. For upgrading the quality of education, scarcity of good faculty is a major bottleneck. This problem can be addressed by having strong doctoral programmes in the top 20 B Schools.
In offering doctoral programs top Indian schools should collaborate with each other and schools abroad making use of new technologies. RATING AND ACCREDITATION Rating and accrediting agencies have to focus on the lower end of the spectrum of Business schools, so that there is stringent enforcement of quality standards, leading hopefully to closure of substandard teaching shops. MANAGEMENT EDUCATION AND INCLUSIVE GROWTH IN INDIA Inclusive growth by its very definition implies an equitable allocation of resources with benefits accruing to every section of society.
Now for the Inclusive growth in the Management education there has to be collaborative efforts in growing the importance across the globe, with an increased focus on innovation through R&D in order to advance towards a more ‘knowledge based’ economy. Also, today interdisciplinary is being recognized to be essential for innovation and universities are unique environments where high academic standards and a vast range of disciplines meet and flourish. Management education creates leaders, revolutionary thinkers in the business world but have not been thinking or taking any innovative steps.
On lateral discussions I have found that the institutes charging exorbitant fees for the management program should not indulge in any anomalies in the service. In short the students should not feel themselves cheated. If they feel cheated and they lack the power of revolt against it because of the absence of any union body in the private institutions, they may hence forth create anomalies in their duties later. Management education is a very sensitive arena in today’s economic scenario because the MBA’s are first lamed for the economic crisis of any nation and moreover there is no centralized agency to direct the behavior of the management graduates as where we have such agencies for the engineers (institute of Engineers association) and the medicos (Medical Council of India). MBA’s play a vital role in the economic structure of any nation. The past has seen the blames on the MBA’s after the sub prime crisis in the USA. OPPORTUNITIES FOR INDIAN YOUTHS This is for the Indian talent who are recruited for overseas jobs.
Data says that African and Central Asian countries recruit people from India for banking, insurance and general management jobs. With foreign companies making a beeline to India in search of markets, the opportunities in the management sector are increasing. Many companies increasingly desire leaders who have the ability to live successfully in a variety of countries and work with the co-workers of varying cultural backgrounds, especially Asia. These can be possible by the following initiatives ? Exchange program (students and faculty) ? Research collaboration Possible new initiatives ? Joint executive education programs For these process to be successful, a strong Public Private Partnership programme is needed to accelerate the capacity building and quality improving initiatives for education in India. Govt should come out with inviting proposals for the private (both local as well as foreign) investment in the education sector. ———————– Growth of Phd program Since 1995 7 12 22 28 36 38 40 49 49 60 68 0 10 20 30 40 50 60 70 80 1995 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Years No. of Institutions