There is immense hype about the skill development in the country since the program Pradhan Mantri Kaushal Vikas Yojana (PMKVY) has been launched; the results of which are yet to be measured and the outcome is not yet apparent. But the expectations are high and the program, still in its early stages gives hopes to thousands of unemployed and underprivileged Indians who are waiting for a miracle to happen and change their lives entirely. In the words of Siddharth Chaturvedi, Director, AISECT, \"As compared to Rs. 1500 crores allocated to MSDE during the last budget, the expectation of skills training sector would be to see the continuation of commitment towards Skill India Mission from the Govt., extending of PMKVY with a larger mandate and also allocation of budget other than PMKVY for catalyzing more Public-private partnership efforts in skill development.\"
As expected by many, this year\'s budget\'s focus on skill development is made clearly evident through the allocation of Rs.1700 crores for setting up the 1,500 skill development units and announcing the development of entrepreneurial skills of one crore youth in three years. The reactions have been fairly justified with the reasons stated by the people expressing it. As Sanjeev Duggal, CEO and MD, Centum Learning puts his views forth on the budget this year, he says, \"Considering the fact that Indian economy has held its head high in times of global economic turmoil, our Finance Minister has presented a mixed budget quite favorable for aspiring entrepreneurs. The Government has decided to set up 1500 Multi Skill Training Institutes across the country and has allocated 1700 crores for these initiatives.\"
On the same grounds, Adarsh Chilukuri, CEO of Bulkhouse Trading India Pvt. Ltd voices his opinion with approval and asserts, \"Modi\'s new Startup India is an excellent and an encouraging move to enable the entrepreneur\'s to stand up for themselves and to change traditional Indian trade to a modern e-commerce country.\' Rs. 500 crores was allocated to \'Startup India\', the entrepreneurial endeavor of the Government which was announced in January, unleashing the potential of young Indian entrepreneurs. This budget will encourage entrepreneurial ventures from the much underprivileged and disadvantaged sections of the country. Chirag Haria, CEO of Aarogyam Energy Jewellery, comments on this particular budget aspect, \"The overall Union budget 2016-2017 is an optimistic step by the government for entire e-commerce and start-ups industry.\" Also pointing out other aspects of the initiative, Mr. Haria shows his appreciation of the decision made by the Finance Ministry. The service sector is also seen as the sector geared for big changes with the entrepreneurship phase taking over the country right now.
India\'s service sector covers a broad variety of activities such as trade, transport, financing, real estate, and services associated with construction. With around 52 per cent contribution to the Gross Domestic Product (GDP) in 2014-15, the services sector is the principal sector in India\'s GDP and has the power to affect the Indian economy with greater effect, positive or negative. The focus of this year\'s budget on infrastructure and entrepreneurship gives the service sector more opportunities to grow further as a segment. More infrastructures mean more businesses and smoother transactions leading to better entrepreneurial avenues.
Higher education also received speculation in the news recently for the budget that showed an increase compared to the Fiscal Year of 2014-15 and for several other reasons. Rs. 28,840 crores have been assigned to higher education. Besides that, higher education is to see the establishment of a new funding agency to finance infrastructure expansion and renovation of government institutions such as the IITs, IIITs, NITs, IISERs and different central universities. Higher Education Financing Agency (HEFA) is to be a not-for-profit organization that will leverage funds from the market and supplement them with donations and CSR funds. Expressing his views in simple words, Aakash Chaudhry, Director, Aakash Educational Services mentions, \"The push in the higher education, opportunities for skill development and focus on quality education is a welcome move. It turns the spotlight on both sides of the potential growth story - job creation as well as skill up-gradation.\"
After a proper assessment of the market facts and the expert views, we can safely say that the Indian economy is in for a big change. The service sector in particular can be expected to grow exponentially due to the growth in entrepreneurship which has been lifted by the Government\'s decision to encourage it and the focus on skill development. A lot of employment is to be generated by the increasing number of startups and the skill development is going to produce a lot of trained professionals who are waiting for the right opportunity and guidance. The requirement for learned business professional is to increase double with the market that is quickly transforming and growing. Now would be the right time to get enrolled in a B school which has the power to connect you to the business world and show you the right direction to take while you venture into the huge ever changing and expanding field of Business.
Whether you have a goal that well focused on escalating the corporate rung or you look forward to strengthening your ground in the area of entrepreneurship, it is important that you go for an MBA degree. In India, private Business Schools have been playing a vital role in popularizing MBA by reaching out to every nook and corner of the country. However, in the race of meeting the quantity marks, many B-Schools neglect the importance of providing quality education. Higher Education Review\'s annual special issue on business schools is a wakeup call for all the stakeholders in this business education. In this third edition of \'Beyond IIMs : B-School Survey 2016,\' we carried out a factual and a perception survey, to bring to discerning readers a list of schools that are perceived to be the best and thus, aspiring the potential B-school student.
In 2014, when we came up with our B-School Survey titled \'Beyond IIMs\', we listed Top 50 B-Schools across the country. The success of our fist edition has helped us immensely to get more nominations from all over the country. Eventually, we have strengthened our approach to analyze the performance of management colleges. In this third edition, we have ranked B-Schools by combining the scores of a perception survey with the addition of a factual survey, which is based on the data inputs provided by the institutes. In the factual survey, we have divided the scores among different aspects as shown in the info graphic to come up with a total score.
In this survey, we have found the best B-Schools in the country with capability of producing next-gen leaders. We have also tried to come up with some of the untold stories of institutions, in the pages following the listings, and included their secrets to success. We strongly believe that it is important to bring names of such institutions to the limelight, so that, their ideologies and methodologies can inspire other institutions in the country to drive on a better path and help India come out of its cocoon to become a nation of managerial brilliance.