Abstract
There is no clear direction in the Constitution of India about how much of the cost of higher and professional education of a student the central government or the concerned state government would bear. There are no guidelines regarding how to improve the global rank of India’s professional education (e.g., management education), when judged by the parameters of relevance, standard, infrastructure, technology and innovation, and above all, the cost per student. In an emerging economy like India slogging to get rid of the age old problems of poverty, unemployment, rural underdevelopment and illiteracy, post graduate management education is a luxury commodity for a sizeable chunk of the population. In this context, this chapter covers how the post graduate management education system consisting of public as well as private universities and institutions are performing, being assisted financially and coming up with, inter alia, infrastructure, technology and innovation with comparison from a number of countries over the globe across the East as also the West.
TopThe Background
The state-run traditional universities in India offering subsidized PGM programmes via chalk-board classroom mode failed to deliver the right skill in conformity with the industry-need while the elite rush to the technologically advanced private and self-funding institutions for securing lucrative placements. The firms recruiting the students passing out of above public universities cannot develop core competence such as to have a foot in global leadership in businesses.
As per Mukherjee (2012) a country’s economic progress is dependent on several critical factors of which the quality of human resources is amongst the most important of them; where higher education is the key to making available a large pool of skilled manpower for the nation.
In the parlance of Tilak and Rani (2002) “under the reforming economic conditions, integration of the Indian economy with world economy presupposes efficiency and competitiveness in the domestic front as well as in the international arena. After all, the process of globalization is technology-driven, and also knowledge-driven. Hence, the very success of economic reform policies critically depends upon the competence of the human capital and in particular the specialized human capital.” Thus technology and innovation became instrumental to acquisition of competitive advantage in the private institutions after the opening up of post graduate professional education sector to the private industry. The faculty and trainers out there are under pressure for performing continuously up to the expectations of the students in terms of research and curriculum innovation while their counterparts in the public or government-aided category are absolutely disconnected from the same because of lack of resources and politicization of recruitment.