During the last few decades, there has been a significant rise in the number
of management institutes all over India.
According to Vijayasarathy (2004), India has earned the distinction of being one
of the world's largest producers of management graduates. With
the advancement of industrialization in India, there has been a craze among
young graduates to acquire MBA degrees (Chaubey, 2004). Management
education is supposed to develop `managerial competence' (Punia, 2001) to
manage businesses effectively, in the
ever-changing environment of global competition. Similarly, Abad Ahmed (2002) says
that a good business school has to be ultimately judged by the number of business
leaders and competent professional managers it produces. He further stresses
that management graduates should be able to play different roles such as change
agents, knowledgeable problem solvers, creative thinkers and
entrepreneurs, effective team leaders, as well as people who can
apply theoretical insights and conceptualize the totality of any particular issue that
is crying for solution. Therefore, the basic purpose of business
management education is to promote and develop business aptitude and
entrepreneurship through which economic development
can significantly be catalyzed (Babu, 2002) for the individual,
the organization, and the nation as a whole.
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