Challenges to business education: The gap between practices and expectations (original) (raw)
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Globally the apparatus of formal business education is over 150 years old. It has witnessed phenomenal growth over this period. The trained managerial manpower produced by the business schools has led the industrial sector successfully as reflected in the growing contribution of industry in the national income. Despite this critical and obvious role of managerial talent in optimum utilization of different factors of production, and consequent improvement in productivity and efficiency, of late, business education sector has witnessed waning of interest both from industry as well as students. There appears to be growing scepticism from all stake-holders about raison d’être of business schools. India is no exception to this global trend. This has put business school fraternity in a mode of soul-searching and innovation. Industry will be a key contributor to the realization of the dream of India becoming a developed country. And this is possible only when industry is in the hands of able leaders and managers. In this light, this paper is an attempt to study the paradox that why there is a decline in this sector despite a positive demand-supply gap in the market for managerial talent. Both a diagnosis and a prognosis have been offered based on inferences drawn from market data, other studies, reports and expert opinion.