State of the MBA: Lessons to be learnt

The foundation of Indian enterprise and the economic progress made by the country in the seven decades since Independence has been laid down by an exceptional talent pool. Over the years, hardworking and intelligent individuals from all strata of society have excelled in their chosen fields of education and contributed towards nation-building through their professional pursuits. Many of them either chose engineering or management, or both.

Management education became popular in India after the first few Indian Institutes of Management (IIMs) were established in the 1960s and 1970s. Graduates from IIMs and some more public and private business schools that followed them went on to become successful business leaders in India and globally, especially after the Indian economy was opened up in 1991.

But after spawning lakhs of successful professionals through the years, management education finds itself at a crossroads today. The substandard quality of education imparted at hundreds of business schools that have mushroomed across the country to cater to the aspirations of millions of Indians joining the workforce each year has rendered several new MBAs unemployable.

As technology disrupts every sphere of life, including the modern-day workplace, only those schools that reimagine their curriculum and pedagogy will remain relevant.