These days management education has become too stressful through much classroom-oriented instead of practical exposure. It is being viewed these days whether business and management institutes in India are actually adding worth to the society or only becoming classy placement agencies. It’s a high time to think whether more than 4,500 management institutes including 18 IITs, 19 IIMs and other renowned Institutions like FMS, MDI, IMT, ISB etc, are really affecting the education quality. Notwithstanding 67 years of management education in India, we are yet to develop our own philosophy that would inspire an Indian leadership in management education.
Management institutes in India are still hand-hold by B-schools in the US/ Europe, even the books used in management institutes in India are largely authored by academics from the developing countries. With a blind competition among management institutes and business schools to get into popular business rankings and get accredited by AACSB, AMBA, ACBSP, IQABE or EQUIS, less attention has been paid to raising the quality of education and research.
The management education industry is being market-driven rather than driving markets and society to a more sustainable future. The race among IIMs and other institutes to finish their placements in the least number of days and highest average salaries only exemplifies how expectations have been shaped by skewed priorities. There are management issues that need to be researched deeply and addressed including the biggest paradox is that while management institutes are primarily teaching how to maximise profits to make their students more employable in the corporate sector, the corporate sector is not reciprocating enough to raise the level of management education in these institutes.
Management education is suffering from several visionless spots. Education is being imparted in functional feed storage, such as HR, Marketing, Finance, Operations, International Business, Informational Technology, Entrepreneurship etc. We hardly find institutions offering courses like Emerging Markets, Business Theory, Rural Management, Agricultural Management, which definitely impart the holistic development of India and its higher education institutions.