According to the Ministry of Education's 2023 report, India is home to over 1,000 universities and 40,000 colleges, with over 38 million students enrolled in higher education. The launch of transformative initiatives like the National Education Policy (2020) has shifted gears. Management establishments are understanding the distinction between economic growth, which is measured in quantitative terms and economic development which adds qualitative progress. B-schools are incorporating the same in their curriculum.
Another major modification noticed is the difference in learning style, attention span and interests of the Gen Z. Hence, institutions are initiating the process of incorporating various pedagogical tools like experiential learning, incorporation of Artificial Intelligence, VAK (visual, auditory and kinesthetic) learning, stimulation learning and project-based learning. The faculty too is realising that they are also co-learners in this process.
MBA degree is reestablishing itself as a popular qualification; the holy grail to address the upcoming business challenges. However, the biggest challenge glaring management schools in India is the battle between ‘quality vs quantity’. The quality of education and students is directly proportional to the institutes’ in-hand resources. Sluggish adoption of technology and archaic pedagogical tools, along with regulatory limitations, are some of the problems that restrict the development of this sector. Top players in the industry are mainly interested in hiring the cream from top-tier institutions such as the older IIMs.
Holistic and cross-cultural development
Academic credentials are no longer the only factor considered for measuring potential. Instead we prioritise human resources with behavioural competencies, emotional and cross-cultural intelligence, along with critical thinking abilities. As modern business models are highly networked, consequently, the higher education is shifting towards providing a global perspective, too.
PGDM/MBA institutes are offering students’ development opportunities through student-exchange programmes by partnering with transnational institutions and government organisations, as well as conducting seminars, sessions and master classes which provide global issues and perspectives. This holistic approach enables the students to comprehend and deal with problems of global business ecosystem.
International accreditation
Post-graduates today, are pursuing career opportunities worldwide. The chances of their acceptance across top companies increase if their alma mater possesses an internationally accepted accreditation like AACSB, EMBA and Equis. These prestigious honors not only improve the overall recognition but also the standard of placements. Such steps will be well-complimented if Indian regulatory bodies encourage innovation and experiments in management curriculum. Strategies such as promoting international alliances, allowing joint degree programmes with foreign institutions/organisations and offering flexible electives across various streams, locations and institutions will play an important part in achieving this vision.
New-age courses
The intense emphasis and dependence of businesses on cutting-edge technologies focus attention on the need for technological mastery. B-schools have responded by introducing courses on digital strategy, artificial intelligence, data science, machine learning and blockchain, to name a few. The growing awareness and regulations around sustainability and the environment have mandated the companies to incorporate Environment, Social and Governance (ESG) Reporting. This has given birth to courses like Business Ethics, Sustainability, Risk Analysis, catastrophic modelling etc.
According to the India Employment Report 2024, India’s working population is projected to reach 65 per cent in 2036. While as per the Monitoring Indian Economy report, the unemployment rate stood at 7.8 per cent till September 2024 which is expected to increase as the population mushrooms, if not addressed promptly. The economic reforms and high rate of unemployment has created a spike in the demand for entrepreneurial minds. Catering to this call, management institutes began establishing Incubation Centres, aided by Atal Innovation Centres set up by Niti Aayog at many institutions, which are pilgrimage for start-ups to skyrocket their journey. Such centres or entrepreneurial development cells, promote a culture of innovation and offer financial assistance, networking opportunities and the correct guidance. B-schools have started incorporating entrepreneurial electives, business literature festivals, global entrepreneurship summits and special sessions with industry pioneers and alumni success stories to pave the way for a self-reliant society.
Soft skill development
The turmoil of the 21st century and the mushrooming impact of new age technology have compelled all to adapting to a new normal. However, the employment market is tight which translates to the growing need for fresh graduates who possess soft skills such as critical thinking, problem-solving, emotional intelligence and innovation. These employability skills are sought after by corporates as their usefulness transcends technological development. For example, a retail management specialist should be creative, smooth at building interpersonal relations, good at multitasking and handling huge amounts of data. Similarly, an jnsurance management student should be proactive and sensitive enough to empathise with their customers. To bridge this gap b-schools are prioritising on the sensitisation and imbibing of these transferable skills through dedicated skill development programmes and training led by industry experts. Additionally, engaging students in live projects is another way of enhancing such skills as experiential learning results in better behavioural response.
Broadly speaking, b-schools have also shifted gears to match with the NEP guidelines, expectations of GenZ as well as the ever changing business environment.
About the author
The author is Dr Pankaj Priya, Deputy Director & Dean Academics, Birla Institute of Management Technology (BIMTECH), Greater Noida
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