Our country possesses 3,300 business schools that churn out tens of thousands of MBA graduates every year. Even though we have an impressive number of schools, India could not produce World's best B schools thanks to the lack of openness to the change of institutions and rat race of private entrepreneurs to sprout institutes in every nook and corner of the country to tap the market.
The Indian government has set up Indian Institute of Management (IIMs) at Ahmedabad and Calcutta in 1961 and IIM Bangalore in 1973 to address the need for quality management education for the country. Though the IIMs are impressive in training and developing the students to take on positions of significant responsibility in the corporate world, the other schools owned by the private entrepreneurs that followed did not succeed primarily due to the lack of openness for change that the industry requires.
Over time, the business environment has become more international. The educational institutions that are coaching students to succeed in the competitive world also need to have a global perspective. We need to learn the best management practices and theories on a global scale. We should learn from and engage flow of thoughts, practices, and research with globally reputed schools. For instance, the number of research articles for management published from 1990-2009 was 132, which is not impressive when compared with our foreign counterparts.
If the schools can create innovative ideas through research and put some of the efforts which have been mentioned earlier, it will not be too far to achieve this dream.
The cover story offers a perspective on how WeSchool of Management does not only enable its students to be adept in the fundamentals of management but it also enables its students to be capable enough to take on the global workplace.
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