Management Education: Challenges And Prospects

A well-known academic explores the role of management institutions in enabling the country to overcome its challenges and exploit the emerging prospects…

- Prof. M H Bala Subrahmanya

Management education has an indispensable role to play in the economic development of nations, more so in the context of an emerging economy like India. Given this, management education needs to be oriented towards addressing the national challenges from time to time. It has the responsibility to provide directions to a nation’s economic growth and prosperity, while exploiting emerging prospects. It is against this backdrop that it is appropriate to examine the current challenges as well as emerging prospects of Indian economy and explore the role of management institutions in enabling the country to overcome the challenges and exploit the emerging prospects.

Indian economy: Current challenges and prospects

India is considered one of the emerging economies globally, thanks to its steady and consistent above global average economic growth. Despite achieving a fairly consistent and moderate rate of economic growth over a period of time, Indian economy has not been able to experience the desired rate of structural transformation in terms of the following:

Structural change in terms of a steady growth in the share of manufacturing industry in the GDP and manufacturing employment in the occupational structure of labour force, and

Structural change in the composition of India’s exports from resource-intensive and low-tech products towards medium tech and high-tech products so as to arrest and curb the ever-widening trade deficit in India’s balance of trade.