The Indian economy is growing at a fast pace creating considerable opportunities in the field of IT, manufacturing, pharma, etc. But we also have to realize that a rapid economic growth through these sectors can happen only with the help of amply skilled managers, which will give the country a desired impetus for the development of each sector. This is the reason why more and more business management schools are springing up in the nation. Management education is at its boom in India with more than 1000 business schools offering the same.
Besides, India’s new educational policy – Foreign Universities Bill further means a hike in the number of foreign business schools in the country leading to better education with the exchange of global ideas. You will be, however, surprised to know that an Indian MBA or even Indian diplomas in management, for that matter, are globally listed far better than any other Asian one. Why? Because India prefers to educate in English, which is the global language not only when it comes to syllabus but also when it comes to exchanging of brainstorming sessions through collaboration with business schools abroad. This doesn’t happen in other countries, like China and Japan, where they teach in their national language only.
The second factor that gives India an upper edge in terms of management studies is the price of education. India is providing world-class education at minimal prices. No wonder even American and European students are coming to India to attain high-quality management education at cost-effective prices. The placement of students studying in India as well as Indian students in topnotch workplaces like the World Bank, Apple, Google, IBM, McKinsey, Accenture, Adobe, etc., further confirms and validates the quality of world-class education that India provides.
Nevertheless, India has a long way to go to retain this reputation; and for this, it is important that management institutions in the nation adopt and follow the global standards of education and incorporate the following in their infrastructure and pedagogy:
- Make management education student-centric, not faculty-centric
- Involve in Industry collaboration to hone up the practical skills of the students via internship/training
- Organize regular practical training at a related management industry to help the students capture the right pulse
- Craft the management curriculum in line with the latest industry trends, standards, and practices
- Incorporate digital education, which is a must in the current scenario, whether to train students or the faculty
- Have faculty with diversified experience. Gone are the days when the faculty used to remain restricted to just teaching. Today, they should diversify to training, research, and consultancy.
- Engaging students in seminars, etc., where industry experts impart them with current knowledge.
- Globalize Education: This can only be done by collaborating with foreign universities. India’s upgraded education policy will go a long way to help do this.
- Replace most of the theory-based education slowly yet steadily with practical-based education as only this comes handy when the students look for jobs in the corporate world outside.
- R&D based collaboration: Constant research and development, whether in the industry or its related education, is a must and thus it is important that the curriculum at a management school keeps updating with the changing demands of the industry. This can be achieved only when a management school collaborates with the big-wigs of the industry to walk hand-in-hand to create world-class management graduates/postgraduates.
Times have changed and what did wonders in the past may prove useless in the future. Thus creating new and better courses and customizing them as per the interest of the industry as well as the students is the need of the current management education system. And if the Indian management education has to stay world-class, it has not only to challenge it but also reinvent itself from time to time to meet the modern needs of the dynamic global business environment.