The increased purchasing power of the middle-class segment in India has led to a tremendous rise in the number of individuals opting for professional education, specially management education, the roots of which can be traced back to the successful experimentation of economic liberalization and privatization of some Public Sector Undertakings (PSUs). The key transformation happening across the spectrum of higher education in the wake of the rising demand for technical and managerial personnel is further identified with the active involvement of private entrepreneurs in various forms. Against this backdrop, management education should aim to provide quality education and creative manpower to meet the business demands as per the global standards. This study aims to find solutions to some of the demands emerging in the context of reforming management education. The analysis and findings of the study are based on a critical examination of trends in the management education and student community in conjunction with industrial classes.

Economic recession has hit the world economy hard. Though the Indian economy was only moderately affected, it was enough to raise huge concerns about the fate of millions of knowledge workers of India. The sequence and scale of events in the direction, both at the global and local levels, also point to the fact that the future of economy lies in the hands of those entrepreneurs who could ensure a right balance between personal fortunes and general wellbeing. The spirit of general academia in recent times also got diluted in the wake of massive upsurge emanating from the layoffs across the globe, which once again brought to the fore the much talked about ‘management education’. The fast growing demand for management education in various streams and channels across the country in the light of Liberalization, Privatization, Globalization (LPG) generated economic boom further opened the debate to explore the recent downturn scenario from a new perspective. Possibly, we come across a tussle between the Keynesian and Adam Smith’s ideas. The Capitalist society now finds refuge in ‘government intervention’. The developed world might question the capitalist ideology, but as a purport of Capitalism, Ayn Rand spoke about ‘innovative minds’ that rescue mankind at all times. Even the so-called ‘management gurus’ do talk about the relevance of preparing the Generation X for facing any eventuality in the field of business administration. The question—will the MBA degree become less valuable in the near future?—is haunting the minds of many sensible academicians.

Soft Skills Journal, Reinventing, Management, Education, India, An Objective Framework.