Need of Management Studies in Current Scenario

The ethos of management is to humanizing and systemizing the organizational activities to accomplish the desired goals and objectives. Management studies is the first paving stone in the direction of getting that mastery through the learning and practicing of theoretical and practical innovative approaches to management, business and organization. The present day management study also encompasses a wide range of perspectives that are critical to traditional theories of business.

As India is becoming the global hub of 21st century knowledge based industry and the changing culture of globalize economy started keeping a deep influence in it; it is becoming more and more essential that the country should have enough number of professionally skilled talent pool who can sustain in this globally competitive arena and carry forward the business with their innovative minds.

The present day post liberalized India has witnessed a sea change in the attitude towards education especially professional education. The new century foretell a different environment for human development in all spheres of life, including education. The 21st century to be knowledge -driven century resulting a need of greater reform in all education related activities like teaching, learning, evaluating, natural production, curriculum revision, administration production etc .

Though Indians’ have a long history of managing their own affairs; but structured management education in India is not very old; first time in early sixties it took a practical shape with the establishment of Indian Institute of Management to train the people with management concepts and till early nineties it was largely confined to a particular elite section of the people. But opening up the Indian economy changed the scenario. Gradually many institutions, universities have also come forward to provide management education to cater the increasing demand of good managers. The concept of global village and the revolution in the area of information technology is also worked as a catalyst for increasing demand of integration between business and technology around the globe & attainment of global competitiveness has become a necessity for the survival & growth. The liberalization of Indian economy has resulted in a highly competitive environment and because of this an all round emphasis has given on technology, quality and managerial perfection.

Indian corporate world, like all other nations is facing the heat of global melt down. Inflation has crossed 5%, industrial production has almost halved to 5.3% now from Jan 2007, manufacturing growth down over 50% from last January’s 12.3%.In this crucial junction, India need to have a strong dynamic pool of business leaders who can handle the situation in an effective manner and management studies can play a deeper role to tackle this glum mood of the industry. Especially Business schools in India, already able to make an impact and proved themselves as the institutions per excellence at Global level. They produced number of business captains who gave the industry a new direction with their creative approaches to tackle all kind of internal or global malaise.

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