Focus on business education and career prospects has been intensified further after the lethargy in progress of software industry in India. Management education, once part of commerce stream, emerged as independent discipline and wooing all the graduates irrespective of their educational background at graduation.Now, more than 2000 Bschools have been to India and shaping management executives to meet the requirement and challenges of modern India. With the advancement of globalization, International Bschools like Yale, Harvard, Cambridge and Oxford planning to open up franchises in India. In vice versa, IIM is planning to go global despite there is domestic deficit of standard management graduates.
IIM’s were started in the very year 1961 with the co-operation of Massachuts Institute of Technology and Ford foundation.IIM’s have been playing crucial role in the development of management education across India. In the year 1991, Indian has shifted its stand from socialist to regulated market system by adopting LPG policy. Prior to 1991, Indian organizations and companies had been dominated by kins and scions of business emperors. Requirement for standard management graduates increased due to need to cope up with the global competition, business environment and to build a strategic alliances between east and west.
Another pandemic faced by Indian Bschools is their inability to produce successful entrepreneurs in India unlike western countries.Indian business graduates prefer managerial and supervisory jobs by demanding tens of lakhs as annual pay, most of them are not ready to start entrepreneurial ventures.Though some of entrepreneurs are hitting the mainstream market but they are not surviving in long run, except the scions who have strong financial and market dynasties. I will give an example of Indian entrepreneur Sabheer Bhatia’ long Journey. He has started hotmail in the late 1980’s much before the arrival of google in internet market. He had to sell major stakes of his company to Microsoft for hectic amount. He would have emerged as the global internet giant among Microsoft, Google,Yahoo and Twitter, if he retained his stakes.
It was Mc caulay who introduced English education to meet the requirement of clerical jobs in India, are we still practicing the Mc caulay model of education even after 60 years of Indepence..
Survey reports have interesting versions on the myth of MBA degrees. According to a list of best performing CEOs by the Harvard Business Review, 36 out of the world’s top 50 chief executive officers do not hold a masters degree in business administration. Bschools have been facing practical problems of Lack of faculty, excessive commercialization, lack of standard methodology, infrastructure etc.
Harvard business review lamented the management of Bschools claiming that they have been neglecting the area of CSR and Business ethics at the curriculum of business education. Satyam and Raja ratnam scandals signifies the importance of corporate social responsibility and ethics at business. Here the arguement is, how far Indian Bschools committed to teach the importance of CSR, Business ethics, economic nationalism and social welfare to their students. We must not forgot Birlas and Tatas credibility and commitment towards the nation and people.