Management Education-Challenges and Prospects: A Study on India

In the modern economic scenario all over the world, ‘management’ ‘as a stream of education and training has acquired a new dimension. Management education is in great demand, especially after the change towards liberalisation, globalisation and privatisation. There are several challenges of management education which call for change in character and structure of management education, integration of management education with co-operate structure, up-gradation of curriculum and course content, designing of different programmes for executives, maintenance of an efficient and effective system and emphases on research; there are also challenges in terms of Indian business schools, changing mentality of students, lack of qualified faculties, issues of autonomy and accountability of institutions and relevance to the need of organisations other than the mainstream ones. Overcoming these challenges can be considered as future prospects of management, as the Indian economy is booming at a very high rate, and there is an extreme need for managers who can apply their knowledge and can break the complexity of the problems. The paper will look at some of the key challenges in making management education relevant for the development of the country and deliberates on some of the emerging prospects for the same.