Recent study depicts that only 10% MBA graduates in India are employable due to lack of employability skills and excess supply. In a mad rush of the Indian B-Schools to match up with the industry standards for placements, they have ignored to incorporate a few crucial aspects as a part of their curriculum viz: pedagogies imparting practical knowledge to the MBA students and Employability Skills like Soft Skills, Communication Skills in English, Image Management and also ways to test their troubleshooting capabilities. Instead focus is on extending regular dose of theoretical knowledge in classrooms, which is often restricted to solving case studies from the prescribed text books. Serious re-thought needs to be given by the academic leaders of the B-schools, allied universities and the regulatory bodies to the revamping of the currently prescribed curriculum and pedagogy, in order to produce graduates who are skilled global leaders.
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Education in its general sense is a form of learning in which the knowledge, skills, and habits of a group of people are transferred from one generation to the next through teaching, training, or research states the E- News Article Science Daily.
It is also considered as a crucial driver which contributes to social, political, cultural and economic transformation of a country by creating skilled quality human intellectual capital and only a quality intellectual capital can contribute to the development of its nation. Thus, institutions of higher learning which are an integral part of the education system play a very important role in grooming its students towards becoming the quality human intellectual capital. So much so because, it has also become a common expectation from the industry that higher education institutions should equip graduates with the proper skills necessary to achieve success in the workplace (Robinson, 2000)
Thus, Higher education in India should only aim to produce human capital equipped with knowledge and skills for survival of the individual and growth of the country. In view of this aim, higher education can be considered as a process of skill formation which is in equivalence to the process of intellectual capital formation. Higher education in India has an ace record of producing world’s largest number of Scientists, Engineers and Management graduates, but this record crumbles down feebly as the quantity of the on paper qualified graduates vis-a-vis the quality of only those few graduates who are employed is very shocking. HEIs have miserably failed in equipping the graduates - the intellectual capital of the country with skill sets required to suit the industry environment. There is a striking disparity between the theoretical knowledge inputs extended to the students in HEIs and the application skills required by the graduates to perform in the Industry. Thus, Indian universities need to step down and understand that the Intellectual Capital, they produce is the driver for the growth of Indian economy and so take huge steps to revamp the current curriculum and pedagogy of the II and II tier HEIs.
Today’s highly technical and sophisticated jobs at both the national and global level demand highly professional graduates that can increase the productivity of the firm and thereby increase its value. For instance, the shift from production oriented Engineering jobs to service oriented Engineering jobs demands professionals with both sound technical and behavioral skills to attain and retain the job (Hillage & Pollard, 1998).