575,000 Skilled MBAs Can be Created With the Right Policy Reforms: Vision 2025

India Infoline News Service | Mumbai |

Indian MBA education is currently in a turbulent period with lack of an integrated MBA education policy as one of the most serious challenges to the system.

The 5thedition of Indian Management Conclave (IMC), the flagship event of MBAUniverse.com started with the unveiling of the ‘EPSI-MBAUniverse.com . Vision 2025 for Indian Management Education’, an approach paper by Amit Agnihotri, Convener, Indian Management Conclave (IMC) and Dr. H. Chaturvedi, Alternate President, Education Promotion Society of India (EPSI). The Vision 2025 document examines the history, progress and current state of Indian management education, and also provides the much needed recommendations to improve the current state of affairs in next 10 years by taking policy measures which are aligned with the Government of India’s National Vision & Priorities.

Indian MBA education is currently passing through a turbulent period, with the lack of an integrated MBA education policy as one of the most serious challenges to the system. As per available data with AACSB (The Association to Advance Collegiate Schools of Business), India has world’s largest number of management programs. However, Indian management education is in crisis; with India’s top tier B-schools lagging behind not just the Western B-schools, but even late entrants such as China. India’s mid-tier B-schools are too fighting for their survival, with as many as 500 PGDM B-schools having closed down in the last seven years. The bottom tier of management programs too have little direction and relevance. All this has eroded the credibility of management education in India – where MBA is no longer considered a coveted professional program.

The need hence is to bring about a change in the way policy is understood and implemented and the Vision 2025 document aims to do this by aligning with the Government of India’s National Vision & Priorities.

The Vision 2025 framework aims at achieving three key goals for Indian Management Education:

Significantly improve the global repute of Indian MBA education
Create robust ‘National B-schools’ that contribute to economy and industry and also to
National governance projects and thus form the core of Indian MBA education
Integrate bottom tier B-schools towards meeting India’s Skills Mission

“We are aware about the challenges Indian MBA education faces today. To meet those challenges we have created the Vision 2025 document which can serve as the foundation stone for building the future roadmap. We are hopeful that the Vision 2025 document shall be reviewed, analyzed and adopted by policy makers and thus, become an instrument of change. We are also hopeful that B-schools will adopt these recommendations and proactively work with the Government bodies to usher in the new change”, says Amit Agnihotri, Convener, Indian Management Conclave & Chairman, MBAUniverse.com.

The need of the hour is to make skill development a top national agenda. The Government of India has introduced National Skills Qualification Framework (NSQF) in December 2013, which is applicable to all educational institutions, government and private, offering any kind of education / training.

Besides this the Union Budget 2014 has also proposed a national multi-skill programme called Skill India, which is to promote skill among the youth with an emphasis on employability and entrepreneur skills.

With ‘Skill Development’ and ‘Job Creation’ being top priorities for the Govt, B-schools too need to play a significant role in achieving this.
“Lack of clarity on policy framework, has led to limited interest amongst foreign players to come to India.

However, with Harvard Business School and Chicago University having set up their research centers in India, the trend seems positive. A definitive framework is needed to help the consolidation of management education providers. Vision 2025 recommends a consolidation in number of MBA programs from 3900 to roughly 2500. Put together, these B-schools will produce 5,75,000 skilled MBAs in a year. With the management education evolving globally and market forces working as change agent in business education space, it is the right time for course correction among Indian B-schools” said Dr. H. Chaturvedi, Alternate President, Education Promotion Society of India (EPSI).

The two day conclave beginning today is being organised at the India International Centre in New Delhi with an aim to restore the glory of management education in India. Launched in 2010, IMC has established its presence as India's biggest & most reputed MBA education conference in the last few years, turning out to be a prestigious platform for discussion on the challenges faced by the MBA education in India."
 

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