The Future of Business Education in India

The business and industrial sector is the anchor and foundation of any country’s economy and progress. India has witnessed significant progress in the business sector and has also made a remarkable increase in establishing reputed business and management schools. Yet, the ambiguity lies owing to the overlapping and constant changes due to globalization and economic development. India still strives to survive amidst these transitions and provide quality business education to students. Through this blog, we will delve deeper into the challenges and approaches with regard to the future of business education in India. 

Must Read: Future of Higher Education in India

Challenges Faced by Business Schools in India

Indian Business schools still require immense effort to deliver what the corporate world demands. Here are a few of the predominant challenges faced by business schools in India which has led to the setback of quality education.

• Indian B-schools focus on traditional subjects like finance, marketing, etc. by overlooking the modern specializations that are necessary for building potential managers and entrepreneurs. 
• Business schools located outside of the metropolitan areas lack qualified teachers with the necessary expertise who can provide students with real-world experience. The necessary communication and negotiation skills have also been given a backseat which hinders overall development.  
• The distribution of business institutes has also been uneven with their focus on metropolises and away from smaller towns and cities.
• The curriculum should have an elaborate addition of the updated studies and strategies to make students gain familiarity with the contemporary business world.
• The entrepreneurial endeavors by young graduates aren’t provided with that much encouragement and financial support which spirals down as they fail to resist. 
• There aren’t legitimate additions of subjects like artificial intelligence and digital communication which leads to the straggling of Indian business schools. 
• Educators and institutions require hybrid learning programs to keep up with the methods and techniques that can develop an interest in the current generation. 
• Personality development and soft-skills are overlooked by focusing more on theoretical learning which leads to a lack of confidence in young graduates while working with a large group of people and executives. 

Just In: IIM-A & IIM- B Move Up FT MiM Rankings 2020

Integral Approaches

To overcome the challenges and enhance educational methods for future B-schools, certain features and structures are crucial to practice. 

• With the onset of data-driven digital platforms, business education requires a balanced blend of technology and the economy. Various companies across the world have adopted technology for efficiency in their work. It is crucial for B-schools to analyze and develop better resources and material that withstand the changes in the market. 
• The world has evolved from traditional business ways and B-schools are expected to deliver what the industries and companies require from graduates. Industries demand potentially competent students can manage multiple assets efficiently. Future business institutions must develop immersive programs that focus on innovation and ingenuity. `
• Educators must think in a broader manner and provide global exposure to students with skill development. Institutions can also invite speakers across the world to give students a deeper insight into the current market and economic positions in the world. 
• Management education must incorporate one foreign language and cultural studies for students to understand the dynamics of people and their behavior across the world. This not only teaches students various consumer perspectives but also makes them feel a part of the larger picture. 
• Collaboration with companies to provide students with a practical experience of big projects can help students develop analytical skills. 

There is much prospect to be done in the system to improve the future of business education in India. Various approaches and initiatives need to be adapted flexibly to create students with high calibre and skills. Want to study a business degree? Get in touch with our Leverage Edu counsellors and we will guide you in cherry-picking the ideal business degree as per your aspirations, interests and preferences! Register for a free session with us today!