Amid the emergence of the 21st century, a new era of modern business has set in India. Liberalization and globalization of Indian economy have provided challenges and opportunities to our new business and which has necessitated...
moreAmid the emergence of the 21st century, a new era of modern business has set in India. Liberalization and globalization of Indian economy have provided challenges and opportunities to our new business and which has necessitated re-engineering of the present management education system. Recently, Union Budget is also decreasing the fund for higher education in India for the last five years. This research is focused mainly on existing problems and challenges which are needed to be addressed and seeks to provide the solution thereabout. At present in India, there exists three-tier management education administration i.e., Indian Institutes of Management (IIMs), Entrepreneur's and prestigious industry run best management institutes and management departments of Universities. Besides this, private B-Schools and non-statutory business training institutions also impact business education leading to MBA degree or PGDM diploma. Unfortunately, most of the students don't get the job in the completion of the course. In most of the cases, even the best student doesn't cater to the needs of the market because in the formal education system the gap between what is taught and what is demanded by the market is evident. Hence, an urgent need to rethink and redesign the management courses has arisen. It discusses the rationale of re-engineering of the whole management education system i.e, Admission, Instruction, Infrastructure, Regulation, Examination, Certification, Training and Placement etc.
