An Analytical Study of Industrial Expectations from Management Students and the Role of Management Institutes With Special Reference to Rashtrasant Tukadoji Maharaj, Nagpur University, Nagpur

A Doctoral Thesis on
“An Analytical Study of Industrial Expectations
from Management Students and the Role of
Management Institutes With Special Reference
to Rashtrasant Tukadoji Maharaj,
Nagpur University, Nagpur”
Submitted to
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
For the award of Degree of
Doctor of Philosophy
In the
Board of Business Management and
Business Administration
Under the Faculty of Commerce
Researcher
Padmakar I. Shahare
MMS (Marketing), BE.
Under the Supervision of
Dr. J.B. Lanjewar
M. Com., M.A. (Eco.), M. Phil. Ph.D.
April 2015

i
Certificate
This is to certify that the work presented in this thesis entitled:
“An Analytical Study of Industrial Expectations from
Management Students and the Role of Management Institutes
With Special Reference to Rashtrasant Tukadoji Maharaj, Nagpur
University, Nagpur”, is the own work of Shri. Padmakar I.
Shahare conducted in Govindrao Wanjari College of Engineering
and Technology, Nagpur, under my supervision. This work has not
been submitted earlier to any University/Institution for any
diploma or degree.
Nagpur Dr. J. B. Lanjewar
Supervisor
April 2015

ii
Declaration
I hereby declare that the work presented in this thesis entitled:
“An Analytical Study of Industrial Expectations from
Management Students and the Role of Management Institutes
with Special Reference to Rashtrasant Tukadoji Maharaj, Nagpur
University, Nagpur” was carried out by me under the supervision
of Dr. J. B. Lanjewar from 2012 to 2015. This work which or any
part of this work is based on original research and has not been
submitted by me to any University / Institution for the award of
any Diploma or Degree.
Nagpur Padmakar I. Shahare
Researcher
April 2015

iii
Acknowledgement
This research work would have been incomplete without
acknowledging all those personalities & the Institutions who are directly
and indirectly associated with my research conducted in the RTM Nagpur
University & without whose support it would not have been possible for
me to complete the work successfully.
I am extremely grateful to my guide, Dr. J. B. Lanjewar, Principal, G.
W. College, Nagbhid, without who’s friendly guidance, this Ph.D.
research work would not have materialized. It was his erudite talks, keen
interest, knowledgeable and most practical suggestions that inspired me
to bring out the best.
My sincere thanks to my educator, Dr. Mukul A. Burghate, H.O.D.,
Dr. Panjabrao Deshmukh Institute of Management Technology &
Research, Department of Dhanwate National College, Nagpur, without
who’s, philosophical and valuable guidance, this Ph.D. research work
would not have materialized. It was his intellectual talks, keen
knowledgeable and practical proposals that encouraged me to bring out
the most excellent.
Also honest thanks to Dr. Baban. B. Taywade, Principal, Dhanwate
National College, Nagpur who had been a constant source of inspiration.
I am thankful to Dr. Bharat Meghe, Dean, Faculty of Commerce,
R.T.M. Nagpur University, Nagpur, for his constant persuasion,
personalized guidance in the process of research, without whose
wholehearted co-operation, the processing of such a huge data wouldn't
have been possible.
From the bottom of my heart, I am thankful to Dr. Nerkar,
Chairman, Board of Studies, Post Graduate Business Management and

iv
Business Administration, R.T.M. Nagpur University, Nagpur, who
prepared me to pursue for the Doctoral program and introduced to the
necessary resources which had made my journey very confident.
I am thankful to Dr. V.S. Deshpande, Head, Department of Business
Management, R.T.M. Nagpur University, Nagpur, Dr. Anant Deshmukh,
Dr. Rahul Kharabe, Dr. S.B. Deshpande Principal: GWCET, Nagpur, Prof.
S.M. Ikharkar, Ms. Bhavini Patel for their constant influence,
personalized guidance in the process of research.
I express my deep gratitude to Prof. Rajesh I. Chouksey, for his all time,
research guidance & I.T. support and SPSS software guidance in the
course of research work.
My sincere gratitude to all the respondents who were directly and
indirectly involved in the research process, the Industry personnel,
Academicians from Management Institutes and Business Management
students (Alumni) without their whole hearted and valuable cooperation
in terms of providing authentic information, would not have been
possible to make it a grand success.
At last, but not the least, I am very much thankful to my family
members, My Parents, my better half Sonali, daughter Anagha, brother
Ratnakar and my all sisters and brother-in-law for an unconditional
sacrifice, constant inspiration, moral support, a great patience, love and
affection which enabled me to focus and work on the research project
very consistently in a dedicated manner to complete the research work
within stipulated time period.
Nagpur Padmakar I. Shahare
Researcher
April 2015

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Index
Certificate i
Declaration ii
Acknowledgement iii
Table of Contents / Index v
List of Tables xi
List of Figures and Graph xiv
Abbreviations and Acronyms used xvi
Chapter
No.
Chapter Name
Page No.
1 Present Industrial Scenario 1 - 21
1.1 Introduction 1
1.1.1 Introduction to Economy 1
1.1.2 World Economies 2
1.1.3 Indian Economy Overview 5
1.1.4 Classification of Indian
Industries
6
1.2 Industrial Expectations 9
1.2.1 Introduction 9
1.2.2 Understanding the Gap 12
1.2.3 Employability and Industry
Expectations
14
1.3 Employability skills 15
1.3.1 Importance of Employability
Skills
15
1.3.2 Internship 17
1.3.3 Are Employability Skills
Coachable?
17
1.3.4 KATZ Model on KSA Approach 20
1.4 Chapter 1 Summary 21
2 Business Management Education 22 - 61
2.1 Introduction 22

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2.1.1 Business Management Education
in India: An Overview
22
2.2 Importance of Management Education 26
2.2.1 The New Dimension for
Management Education
27
2.2.2 Growth of management
education
27
2.2.3 Issues in Business and
28
2.2.3.1 Role of Business
Institutes
28
2.2.3.2 Role of Faculties 28
2.2.3.3 Reforms and the
Corporate Sector
29
2.2.3.4 Management Education
at Cross Roads
29
2.2.3.5 Impact of Globalization
on Business and
29
2.2.3.6 Few situations that has
arisen in India post
liberalization
30
2.3 Challenges of Business Management
Education
30
2.3.1 Challenges 30
2.3.2 Drawbacks 31
2.2.3 Qualified Faculty a Crucial
Differentiator
32
2.3.4 Emerging Issues 33
2.3.4.1 Proliferation of Business
Management Institutes
33
2.3.4.2 Quality of Education 34
2.3.4.3 Faculty Shortage 35
2.3.4.4 Poor Regulatory
Mechanism
37
2.3.4.5 Governance and
Accountability:
37

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2.3.4.6 Diversification of
38
2.4 Curriculum activities in Management
Institutes
39
2.4.1 Activities and Creativity in
Business Management Program
40
2.4.1.1 Knowledge Based 40
2.4.1.2 Comprehension &
Conceptual
Understanding
41
2.4.1.3 Research, Application &
Evaluation
41
2.4.1.4 Work Experience, Skill
Development, Analysis
& Synthesis
41
2.5 Role of Management Institutes vis-à-vis
Industrial Expectations
42
2.6 Need for Institute-Industry Interaction 43
2.6.1 Resources and Potentiality of
Stakeholders
45
2.6.2 Barriers of Interaction 48
2.7 Management Institutes Teaching
methodology
50
2.7.1 The Teaching Methodologies for
Business Management Students
53
2.8 Creativity in Management Education 54
2.8.1 Meaning of Creativity 56
2.8.2 Need of the Creativity in
Business Management Education
56
2.8.3 Creative Teaching 59
3 Introduction to Business Management
Education in RTM, Nagpur University
62 - 79
3.1 Rashtrasant Tukadoji Maharaj (RTM),
Nagpur University, Nagpur
62
3.1.1 History: RTM, Nagpur University 63
3.2 History and Evolution of Business
67

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3.3 Business Management Institutes
Affiliated to Rashtrasant Tukadoji
Maharaj Nagpur University (RTMNU) for
MBA / PGDBM / PGDM)
67
3.4 The Need of Business Management
Institutes
71
3.4.1 Business Today 3rd
October 2010
issue carried out Best B School
survey
74
3.5 Employment Opportunities: Demand
Driver of Management Institutes
75
3.6 Governance of Business Management
Institutes
78
4 Review of Literature 80 - 108
4.1 Introduction 80
4.2 Bridging gap between academics and
industry expectations
81
4.3 Reforming management educations 85
4.4 Expectations of Business school
students
87
4.5 Business school employability 88
4.6 Internship program 89
4.7 Employability Skills set 92
4.8 Mentoring Management Education 98
4.9 Extracurricular Activities 101
4.10 Industry-Academia Interface 103
5 Rationale of the Study 109 - 122
5.1 Introduction: Research Methodology 109
5.2 Significance of the research 110
5.3 Research Design 111
5.4 Problem Definition 112
5.5 Objectives of the research 113
5.6 Hypothesis of the research 113
5.7 Sampling plan 115

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5.7.1 Universe of the Research 115
5.7.1.1 Sample size 116
5.7.1.2 Sampling Frame 116
5.7.2 Sampling Tools 117
5.7.2.1 Simple Random
sampling
117
5.8 Tools of Data collection, Analysis 117
5.8.1 Tools for Primary data collection 118
5.8.2 Tools for secondary data
collection
118
5.8.3 Pilot Research study 118
5.8.4 Main Research Study 119
5.9 Data analysis techniques 119
5.9.1 Qualitative data analysis 119
5.9.2 Quantitative data analysis 119
5.10 Tools/Techniques for hypothesis testing 120
5.10.1 Chi-square Test 120
5.11 Limitations of the Research 121
6 Data Analysis and Interpretation 123 - 193
6.1 Collection of Research Data 123
6.2 Extraction of Expert Knowledge 123
6.3 Survey Result (Micro level Findings) 124
6.4 Hypothesis Testing and Findings 186
7 Findings and Suggestions 194 - 209
7.1 Introduction 194
7.2 Review of the Research Objectives 194
7.3 Tools used to achieve the research
Objectives
195
7.4 Major findings 195
7.4.1 Questionnaire findings 195
7.4.2 Findings of Hypothesis Testing 201

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7.5 Recommendations 202
7.5.1 Recommendations for
Management Institutes
202
7.5.2 Recommendations for Industry 204
7.5.3 Recommendations for
Management Students
205
7.6 Limitations of the Research 207
7.7 Scope of Further Research 208
Bibliography 210 - 218
1. Reference Books 210
2. Websites, Journals, Research Papers and
Articles
211
List of Annexure 219 - 226
Annexure I : Questionnaire for Research 219
Annexure II : List of Some Respondents (Received
from Google Doc)
223

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List of Tables
Table
Number
Name of the Table
Page
No.
3.1 Business Management Courses in RTM Nagpur
University
66
5.1 Size of sample 116
6.1 Total Response of the Respondents 124
6.2 Case Processing Summary (Question No. 1) 124
6.3 Cross tabulation (Question No. 1) 125

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6.39 Crosstab (Question No. 19.1) 154

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6.66 Hypothesis Testing 1 Chi-Square Test 187
7.3 Tools used to achieve the research Objectives 195

-xiv-
List of Figures / Graph
Fig./Graph
No.
Title of the Figures / Box Page
No.
5.1 Research Stages 110
5.2 Sampling 115
5.3 Business Management Institutes Stakeholders 115
6.1 Respondent Category 123
6.2 Respondents response on Question No. 1 125
6.3 Respondents response on Question no 2 127
6.20 Respondents response on Question No. 19.1 154

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Abbreviations and Acronyms Used
RTMNU : Rashtrasant Tukdoji Maharaj, Nagpur University
SIP : Summer Internship Program
GDP : Gross Domestic Product
MBA : Master of Business Administration
UGC : University Grant Commission
NAAC : National Assessment & Accreditation Council
HR : Human Resource
NASSCOM : National Association of software & services companies
KSA : Knowledge, Skills & Attitude
AICTE : All India Council for Technical Education
DTE : Director of Technical Education
B-School : Business School
PGDM : Post Graduate diploma in Management
IIM : Indian Institute of Management
MDP : Management Development Program
MFM : Master in Finance Management
MMM : Master in Marketing Management
MHRDM : Master in Human Resource Management
MMS : Master in Management Studies
ICT : Information & Communication Technology
R&D : Research and Development
GD : Group discussion
PGTD : Postgraduate Teaching Department
DBM : Department of Business Management
PGDBM : Post graduate diploma in Business Management
PGDM : Post graduate diploma in management
CAT : Common Admission Test
NBA : national Board of Accreditation
IT : Information Technology
SPSS : Statistical Package for Social Science

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CHAPTER: 1
Present Industrial Scenario
*******************************************************************************
“All knowledge that the world has ever received comes from the
mind; the infinite library of the universe is in our own mind”
Swami Vivekananda
*******************************************************************************
1.1 Introduction
1.1.1 Introduction to Economy
An economy consists of the economic system of a country or
other area, the labor, capital and land resources, and the economic
agents that socially participate in the production, exchange,
distribution, and consumption of goods and services of that area. A
given economy is the end result of a process that involves its
technological evolution, history and social organization, as well as its
geography, natural resource endowment, and ecology, as main factors.
These factors give context, content, and set the conditions and
parameters in which an economy functions. As long as someone has
been making and distributing goods or services, there has been some
sort of economy; economies grew larger as societies grew and became
more complex. Global economy generally refers to the economy, which
is based on economies of all of the world's countries, national
economies. Also global economy can be seen as the economy of global
society and national economies - as economies of local societies,
making the global one. It can be evaluated in various kinds of ways.
For instance, depending on the model used, the valuation that is
arrived at can be represented in a certain currency, such as 2006 US
dollars.
It is common to limit questions of the world economy
exclusively to human economic activity, and the world economy is

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typically judged in monetary terms, even in cases in which there is no
efficient market to help valuate certain goods or services, or in cases
in which a lack of independent research or government cooperation
makes establishing figures difficult.
Typical examples are illegal drugs and other black market
goods, which by any standard are a part of the world economy, but for
which there is by definition no legal market of any kind. However,
even in cases in which there is a clear and efficient market to establish
a monetary value, economists do not typically use the current or
official exchange rate to translate the monetary units of this market
into a single unit for the world economy, since exchange rates typically
do not closely reflect worldwide value, for example in cases where the
volume or price of transactions is closely regulated by the
government.1
1.1.2 World Economies
The world- or global economy generally refers to the economy,
which is based on economies of all of the world's countries, national
economies. Also global economy can be seen as the economy of global
society and national economies - as economies of local societies,
making the global one
(a) Leading Economies in World
In 2011, the largest economies in the world were the United
States, China, Japan, Germany, France and the United Kingdom.
Following are the leading economies in the world at present and their
future is bright:
1. The United States: The United Stated with a GDP of $13.8
trillion is the world‘s No. 1. A growth of 1 percent was registered
by the US economy in the first quarter. However, the U.S. has
also been badly affected by recession. By June 2008, the

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economy fell into a recession. About 2.6 million Americans lost
their jobs in 2008, the worst since the end of World War II.
2. Japan: With a GDP of $4.37 trillion, Japan is the second largest
economy in the world. However it moved further into recession
in the fourth quarter as it suffered a great fall in exports.
Japan‘s GDP has fallen at an annual rate of 0.4 per cent from
July to September 2008, marking the second consecutive quarter
of negative growth. According to Bank of Japan, the economy
will suffer a setback of 1.8 per cent this financial year.
3. China: China has moved ahead of Germany to become the
world‘s third largest economy after the United States and Japan.
It witnessed a growth rate in GDP to the extent of 13 per cent in
2007. China revised the growth rate of its gross domestic
product (GDP) for 2007 to 13 per cent from 11.9 per cent. As per
the final verification the GDP totaled $3.76 trillion. However
China has also been impacted by recession to a great extent.
4. Germany: After holding the third position for several years,
recently Germany has been pushed to the 4th position. Its GDP
stands at $3.29 trillion. German economy‘s GDP fell owing to
falling exports by half a percent in July, August and September,
which was the second straight quarter of decline. The European
economy also witnessed its first recession in 15 years. Europe is
facing the worst financial crisis since the great depression. The
GDP in the 15 euro nations sank by 0.2 per cent during August,
September and October 2008.
5. United Kingdom: United Kingdom, the fifth largest economy fell
by 0.5 per cent July and September. Its GDP stood at $2.72
trillion. The economy shrank in the third quarter for the first
time since 1992.

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6. France: France holds the sixth position among largest world
economies with a GDP of $2.56 trillion. The economy of France
shrank by 0.3 percent in the second quarter of the year.
However, the gross domestic product grew by 0.1 per cent in the
third quarter of 2008. A 0.5%percent fall of the French economy
has been forecast by the International Monetary Fund in 2009.
7. Italy: Italy is the 7th largest economy in the world with a GDP of
$2 trillion. The Italian economy shrank in the third quarter of
2008 for the second consecutive quarter. Its GDP fell by 0.5 per
cent before a quarter, after a revised drop of 0.4 per cent in the
second quarter
8. Spain: With a GDP of $1.42 trillion, Spain is the eighth largest
economy. It got trapped under a recession for the first time in
15 years. The economy of Spain fell for the first time since 1993.
While the gross domestic product of Spain fell 0.2% in the third
quarter from the second quarter, it rose 0.9% from the third
quarter a year earlier.
9. Canada: Canada is the 9th largest economy in the world with a
GDP of $1.32 trillion. In the next 2 quarters Canada is expected
to register negative growth. The unemployment rate of Canada
is set to hit a high of 7.4 per cent in 2009.
10. Brazil: With a GDP of $1.31 trillion, Brazil is the 10th largest
economy in the world. Brazil is also badly hit by recession. Its
industrial output fell by 6.2 per cent in November. Brazil‘s
unemployment rate dropped to its lowest point in seven years.
11. India: Indian economy is a mixed economy and fast developing
in the present time. True but they are sociologically
handicapped by their all-pervasive caste system that undermines
the formation of a large middle class - which some see as an

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essential ingredient for stable growth. India is a really amazing
country for business. India environment is more suitable for all
type of businesses. In USA, Canada, UK, Australia is not like that
because in that countries are not a permanent business. It‘s a
short term business there. In recent past India was even not
much affected by recession and at present it is growing at a
faster rate. Future of Indian economy is bright.
12. South Korea: GDP per capita of South Korea grew from $79 in
1950 to $19,000 in 2009. Korea is largest shipbuilding nation,
fourth in auto production, second in electronics, fifth in nuclear
energy, and second in construction. South Korea is the future.
Very ambitious, hard-working people will no doubt put this
country closer to the top someday (they already have, they'll do
it again). It is having scope to become a power house of Asia in
future.2
1.1.3 Indian Economy Overview
India is a South Asian country that is the seventh largest in area
and has the second largest population in the world. The land covers an
area of 3,287,240 square km (India geography) and the population
stands at 1,202,380,000 people (India population). India has Great
Plains, long coastlines and majestic mountains. Thus, the land has
abundant resources. India shares its borders with China, Bangladesh,
Pakistan, Nepal, Sri Lanka and Myanmar. Large, dynamic and steadily
expanding, the Indian economy is characterized by a huge workforce
operating in many new sectors of opportunity. The Indian economy is
one of the fastest growing economies and is the 12th largest in terms
of the market exchange rate at $1,242 billion (India GDP). In terms of
purchasing power parity, the Indian economy ranks the fourth largest
in the world. However, poverty still remains a major concern besides
disparity in income.

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The Indian economy has been propelled by the liberalization
policies that have been instrumental in boosting demand as well as
trade volume. The growth rate has averaged around 7% since 1997 and
India was able to keep its economy growing at a healthy rate even
during the 2007-2009 recession, managing a 5.355% rate in 2009 (India
GDP Growth). The biggest boon to the economy has come in the shape
of outsourcing. Its English speaking population has been instrumental
in making India a preferred destination for information technology
products as well as business process outsourcing. The economy of
India is as diverse as it is large, with a number of major sectors
including manufacturing industries, agriculture, textiles and
handicrafts, and services. Agriculture is a major component of the
Indian economy, as over 66% of the Indian population earns its
livelihood from this area.
However, the service sector is greatly expanding and has started
to assume an increasingly important role. The fact that the Indian
speaking population in India is growing by the day means that India
has become a hub of outsourcing activities for some of the major
economies of the world including the United Kingdom and the United
States. Outsourcing to India has been primarily in the areas of
technical support and customer services. Other areas where India is
expected to make progress include manufacturing, construction of
ships, pharmaceuticals, aviation, biotechnology, tourism,
nanotechnology, retailing and telecommunications. Growth rates in
these sectors are expected to increase dramatically.
1.1.4 Classification of Indian Industries
1) Slaughtering Preparation and Preservation of Meat
2) Manufacture of Dairy Products
3) Canning and Preservations of Fruits and Vegetables
4) Canning and Preservations of Fish and Other Sea Foods

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5) Manufacture of Grain Mill Products
6) Manufacture of Bakery Products
7) Sugar Factories and Refineries
8) Manufacture of Cocoa, Chocolate and Sugar Confectionery
9) Manufacture of Miscellaneous Food Preparations
10) Distilling, Rectifying and Blending of Spirits (Alcohol)
11) Wine Industries
12) Breweries and Manufacturing of Malt
13) Soft Drinks and Carbonated Water Industries
14) Tobacco Manufactures
15) Spinning, Weaving and Finishing of Textiles
16) Knitting Mills
17) Cordage, Rope and Twine Industries
18) Manufacture of Textiles Not Elsewhere Classified
19) Manufacture of Footwear
20) Repair of Footwear
21) Manufacture of Wearing Apparel (Except Footwear)
22) Manufacture of Made-up Textile Goods (Excl Wearing Apparel)X
23) Saw Mills, Planning and Other Wood Mills
24) Wooden and Cane Containers and Cane Smallware
25) Manufacture of Cork and Wood Products N.E.C.
26) Manufacture of Furniture and Fixtures
27) Manufacture of Pulp, Paper and Paper Board
28) Printing, Publishing and Allied Industries
29) Tanneries and Leather Finishing Plants
30) Manufacture of Fur Products

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31) Manufacture of Leather Products Excl Footwear/Other Wearing
32) Manufacture of Rubber Products
33) Basic Industrial Chemicals, Including Fertilizers
34) Vegetable and Animal Oils and Fats (Except Edible Oils)
35) Manufacture of Paints, Varnishes and Lacquers
36) Manufacture of Miscellaneous Chemical Products
37) Petroleum Refineries (Motor & Aviation Spirit, Diesel Etc.)
38) Manufacture of Miscellaneous Products of Petroleum and Coal
39) Manufacture of Structural Clay Products
40) Manufacture of Glass and Glass Products
41) Manufacture of Pottery, China and Earthen-Ware
42) Manufacture of Cement (Hydraulic)
43) Manufacture of Non-Metallic Mineral Products N.E.C.
44) Iron and Steel Basic Industries
45) Non-Ferrous Basic Metal Industries
46) Manufacture of Metal Products Except Machinery Equipment
47) Manufacture of Machinery Except Electrical Machinery
48) Manufacture of Electrical Machinery, Apparatus, Appliances
49) Shipbuilding and Repairing
50) Manufacture of Rail-Road Equipment
51) Manufacture of Motor Vehicles
52) Repair of Motor Vehicles
53) Manufacture of Motor Cycles and Bicycles
54) Manufacture of Aircraft
55) Manufacture of Transport Equipment N.E.C.
56) Manufacture of Professional and Scientific Instruments

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57) Manufacture of Photographic and Optical Goods
58) Manufacture of Watches and Clocks
59) Manufacture of Jewellery and Related Articles
60) Manufacture of Musical Instruments
61) Manufacturing Industries Not Elsewhere Classified
62) Electricity (Generation, Transmission and Distribution)
63) Gas Manufacture and Distribution3
1.2 Industrial Expectations
1.2.1 Introduction
Rapid expansion of industries after the enactment of new
liberalization policy in India has increased the demand for managerial
personnel in the corporate sector. Advent of multinational companies
further increases the quest of the employees with high domain
knowledge in all the fields of management like Finance, Production,
Marketing, Personnel and Administration. Innovative industries and
firms in advanced economies requires more educated workforce with
the ability to respond flexibly to complex problems, communicate
effectively, manage information, work in teams and produce new
knowledge. A degree of Master in Business Administration (MBA) is
considered to be the gateway to careers in management.
As Managers, the employees will be exposed to business without
physical boundaries of the nations. They need to develop skills to
work with people with diverse culture and work practices.
Management education should specifically be designed to develop the
skills of quick learning and business decision-making of managers.
The objective of learning should entail understanding complex
business situations and solve problems. They learn to take operative
and strategic decisions. Competition enhances their abilities not
merely to survive, but also to emerge as leader, for their organizations.

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Learning outcome should encompass co-operation and team work. The
pedagogy of Management education provides an opportunity to
experience, enhance, and engage knowledge in a competing
environment.
Corporate expects management graduates to acquire knowledge
and develop skills in diverse fields which constitute science and art of
management. Management graduates should be able to bring in
professionalism in the work place by demonstrating best management
practices with positively groomed attitude.
The purpose of MBA education is multi-faceted. A critical
analysis of the corporate expectations should be incorporated in the
pedagogy of management education. Strength irrelevant concepts
along with willingness of continuous learning should reflect in the
knowledge base of the MBA graduates. Communication, clarity of
thought and enthusiasm to work in a team should reflect in their
skills. Positive attitude should be focused through professionalism.
Most importantly, corporate expect the managers to manage the
economic and emotional turbulence in the world of business by
displaying resilience and tenacity. To be more precise professionalism
will reflect through their commitment towards wok, confidence in
their preparedness, posture, attire, humility, quality and discipline.
These qualities will ensure employability in the MBA graduates as
expected by corporate.s
Business institutes offering Masters in Business Administration
(MBA) programs are responsible for developing managerial
competence among their students. Therefore, business management
institutes must prepare MBAs who are able to address management
problems using different perspectives. In addition to problem solving
skills, companies also look for bright, self-motivated and pro-active
MBAs.

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In order to ensure that business management institutes respond
to the market needs, an assessment of the students‘ individual
learning experiences and employers‘ feedback should be carried out in
a periodic basis. Such assessments are required to bring timely
changes in curriculum and its delivery. These changes should aim at
enhancing employability and professional advancement of the
graduates, avoiding dissatisfaction among the students and
employers, and preventing lowered demand for programs.
Although there is great demand for MBA graduates and high
esteem of the MBA degrees, programs are criticized for not being
responsive to the market. The common criticisms are: MBA graduates
are ill-equipped to cope with or meet the challenges of a dynamic and
global environment, lecturers at business schools lack the necessary
business experience, many MBA courses are too theoretically oriented,
liaison between business schools and stakeholders is inadequate, and
the development of people skills is neglected. Due to these
weaknesses business management institutes often fail to meet the
needs and expectations of business practice.
A feedback-driven interaction between Management Institutes
and industry and an in-built mechanism of continuous improvement
within the management Institutes can only be ensured through the
accreditation and assessment process. The University Grants
Commission (UGC) has established the National Assessment &
Accreditation Council (NAAC), a model of assessment and
accreditation, in 1994. The objectives are to grade institutions of
Management education, to help institutes realize their academic
objectives, to promote necessary changes to develop and encourage
innovations.
It is observed that Management institutes are not meeting the
growing demand for creative, innovative managers. Management

-12-
Institutes are not fostering the development of creative thinkers, to
explore this; there should be need of understanding the creativity to
MBA students currently, need to focus on the curricular activities and
need to address the following issues like
1. Is Management education relevant to the needs of industry and
business or is it a source of information and a useful mental
exercise which does not meet the present needs of the industry?
2. Do the training institutions offer Management programs because
they can make a constructive contribution to management
education or are they unaware of the kind of impact they should
make and how to make it?
There is always a requirement of MBA students in industry for
the various profiles and sectors like Administration, Banking,
Manufacturing, Insurance, Public Relation, Sales, Communications,
Retail Management, Accounting, Financial Services, Strategy, Human
Resource Management, Logistics, Supply Chain Management,
Information Technology etc.
In all the Universities there is concept of specialization. Students
can get admission in specialization like Marketing Management,
Financial Management, Human Resource Management, Information
Technology Management, Health Care management, International
Business Management, Operations Management, Banking and Financial
Service Management, Agri-Business Management and Power
Management.5
1.2.2 Understanding the Gap
To sustain and survive in this competitive world Management
Institutes also need to look at its quality and standards of education.
Against this background, the aim of this research was to establish
whether the curriculum offered by Management Institutes are relevant

-13-
to the current and future needs of business practice in a dynamic
business environment. Another important question was whether the
MBA programmes have met the expectations of the graduates
themselves.
The basic curriculum of all universities is by enlarging same but
the outcomes are quite different. Management Institutes are running
for business purpose and profit making, and some students are also
taking admission for the sake of doing MBA or promotional purpose,
they are not even trying to understand the intensity of the learning of
MBA. Even some working students have casual approach towards
attending the lectures, activities and Institutes are also taking it
granted as some institutes are facing the problem of admission.
This study aims at identifying the industry satisfaction variables
in management institutes for the set of Management students. This
would also help to subsequently evaluate the industry expectations
from the Management Institutes.
Surging market needs for trained professionals who perform as
plug & operate employees from day one is a common expectation of
all business houses today. In the present context of globalization &
ever expanding markets it is the responsibility of Business
management institutes to groom the future managers to face the
challenges in the global market. The Business Schools are moving
ahead & have come a long way in meeting the needs of the employers
but as the global scenario is very volatile robust up-gradation process
needs to flow in order to bridge the demand & supply gap. The
industry driven curriculum attempts to develop & deliver the right
skill set which is mandatory to become efficient business
professionals by reducing the gap between academics & essential
market skills (technical, conceptual, analytical, life skills). This report
explores the position & views of employers who are a critical

-14-
stakeholder group in Business management institute graduates‘
employability. The intention is to raise the important issue of the gap
between the skills developed & their employability as per employers‘
needs. There is a general need among employers for business
graduates to possess and demonstrate skills that are congruent to the
organizational needs. The implicit assumption is to produce
measurable change in developed skills & workplace competitiveness of
graduates after coordinating the roles of all the three stakeholders
(Academic institutions, Industrial personnel, Students).
1.2.3 Employability and Industry Expectations
In a general sense, ‗Employability‘ relates to a person‘s ability to
gain employment. Today technical skills are labeled ‗discipline specific
skills‘ or ‗hard skills‘, and other ‗soft skills‘ as ‗Employability skills‘. In
regard to this notion it is expected that management graduates would
develop a range of personal and intellectual attributes beyond those
traditionally made explicit in programmes of study in higher education
institutions. Employers want interactive and personal attributes which
will enable to fit themselves with the dynamic work culture. The core
interactive attributes are communication, teamwork and interpersonal
skills. These are necessary to communicate, formally and informally,
with a wide range of people both internal and external to the
organization; work effectively in teams, often more than one team at
once, and to be able to re-adjust roles from one project situation to
another in a changing work situation. Personal attributes are attitudes
and abilities including intellect, knowledge, willingness and ability to
learn and continue learning, ability to find things out, willingness to
take risks and show initiative, flexibility and adaptability to respond,
self-motivation, self-confidence, self-management and self-promotion.
These personal attributes are important to allow graduates to fit into
the work culture, do the job, develop ideas, take initiative and
responsibility and ultimately help organizations deal with change.

-15-
Furthermore, ‗problem solving‘ which has become ‗creative problem
solving‘ and risk taking has become a key attribute for any
management graduate. More recently, these have been further
extended to include personal attributes, such as: loyalty, commitment,
honesty and integrity, enthusiasm, reliability, personal presentation,
commonsense, positive self-esteem, motivation, sense of humor,
balanced attitude to work and home life, ability to deal with pressure.6
1.3 Employability skills
The perceived value of MBA programs has gone down
substantially in recent times due to low employability of students
passing out of the colleges. Most of the student who specialize in
Human Resource stream of MBA program of the self-financing colleges
of Anna University, Chennai found it difficult to get worthy jobs. The
cause for the situation may be many like, incompetence of the
students themselves, demand for the entry level HR positions may be
less than the supply in the market, inappropriate curriculum,
ineffective implementation of curriculum etc. One of the authors
surveyed the HR alumni and HR managers to determine the relevance
of HR curriculum of MBA program in meeting the requirements of
various industries and identified that there is a big gap between the
requirements of industries and availability of suitable candidates.
1.3.1 Importance of Employability Skills
When we see the advertisements in the newspaper for jobs we
find that a person who is a self-starter, an effective problem solver
and good communicator can apply. Employers look for these skills as
they want ‗work-ready‘ graduates. Research shows successful
companies recruit people with these skills.
Work towards qualifications, have work experience or voluntary
work, take advantages of any opportunities, career planning these are
the rules for developing employability skills. Today‘s workplace

-16-
environments changes rapidly, and pace of this change challenges the
advancement of educational programme. One such challenge is to
determine the appropriate balance of technical, employability and
academic skills for workplace education. Therefore, nowadays the
universities are concerning more towards developing the employability
skills by using innovative teaching methods, students are provided an
opportunity to apply essential skills to real-world situation in both
classroom and work based learning activities. Employability skills are
most appropriately assessed in direct relation to the criteria,
knowledge and skills described in unit of competency, not as a
separate item. Activities relate to the particular employability skills.
A survey report says that Indian MBA's lack industrial
experience, and hence they are not able to survive in the fast world or
the pressure of the organization. Once they join an organization,
marks and certificates do not matter and the work environment is
much different from the academic environment. The standards of
MBA's from institution other than the leading B-Schools (like IIM's) not
up to par; a good MBA student should have a combination of academic
and social capabilities. She/he should have both qualitative and
quantitative analysis capabilities, and be able to make informed
decisions. Since she/he is heading for a position in management,
leadership potential and some persuasive ability is important. She/he
should be able to work well with others (teamwork) and should have
strong oral and written communication skills. She/he should be
organized and responsible. An internship and the meaningless
summer project are improved to give a real world experience to the
students.
Business education is booming in India, but the bulk of rank-
and-file programs in the country suffer from outdated textbooks,
professors who do not keep up with economic trends, and narrow
curriculums, according to a recently released report by an Indian

-17-
business group. The pay packages offered to graduates of top Indian
Business schools and those provided to graduates of the lesser
institutions.7
1.3.2 Internship
The internship program provides an opportunity for
undergraduate and graduate college students to gain valuable,
practical field experience in their chosen profession. Interns work
flexible hours that will be suitable with the student and supervisor's
needs. Most full-time MBA students participate in an MBA internship.
Typically, MBA internships are completed between the first and second
year of study. Interns have the opportunity to earn real-world
experience. Unfortunately, gaining that experience is not always a
piece of cake. Interns are expected to work hard for little to no pay.
They are also expected to take on the jobs and projects that nobody
wants.
What do you hope to gain from internship experience?
Gain practical experience, Prepare oneself for the job market, Obtain
recommendations for graduate school or future employment, Become
acquainted with professionals in the field, Develop an understanding
of professional responsibilities and effective working relationships,
Develop an appreciation of good public relations, Advertise his/her
ability for permanent employment, Reaffirm career goals, Designing an
effective internship, Long range planning.
1.3.3 Are Employability Skills Coachable?
Enough has been written on ―employability skills‖ or their lack
thereof amongst most Indian students. Essential for any job aspirant,
these are skills to meet the hiring needs of current business world. As
per a report by NASSCOM, a mere 10% of fresh graduates are actually
employable! Similar surveys on Engineers and MBAs put employable

-18-
professionals no more than 25% - net, a vast majority of even
professionally qualified people are not industry ready.
What are Employability Skills: past research had identified 9 Missing
Elements which limits the candidate‘s employability:
1. Attitude (Sincerity, Can-Do, Ownership / Motivation)
2. Business Ethics / Honesty
3. Grooming / Confidence
4. Communication Skills
5. General Awareness
6. Basic Managerial Skills (Leadership, Teamwork, Time
Management etc.)
7. Basic Sales and Customer Service (most entry level jobs
require one of these)
8. Domain Knowledge
9. Work Experience
Attitude and Ethics were the most difficult to correct. Clinical
psychologists told us that attitude can be improved through a long 6-9
month process involving motivation, extended practice and constant
feedback. But even the use of innovative techniques like story telling
(like asking how many want Aamir Khan's six pack abs and then
showing videos of him working out heavily for one full year, and then
doing a debrief that desired results will require very hard labour too)
has had mixed results.
Grooming and Confidence on the other hand, were the easiest
to correct. Steady practice in small batches of 15-25 students, with
people of similar ability carefully chosen and put together, and then
giving every individual a chance to speak for 5-7 minutes every single

-19-
day for 4-5 months, helped tremendously. Similarly basic grooming
checks like color combinations of attire, hair, and shoe polish, etc.
every day for few months changed people's habits. In most of the
cases, we found that grooming itself generated self-confidence.
Current Awareness was also a relatively easy job. An everyday
quiz on current awareness for six months developed reading habits in
the students. To build their interest we charged those who couldn‘t
answer a fine of five rupees and rewarded those who answered
correctly.
Communication skills development takes time and a very
scientific method of intervention. First part is to hone basic
communicational skill in any language, where we hone our listening
skills, try understanding the audience, and practice being crisp and
logical in our responses. The second concern for most Tier II colleges
is the inability of students to speak in English. Unfortunately just
putting any good English spokesperson does not work. A scientific
module which covers specific grammar and spoken English /
pronunciation, especially tailored for adults is required. Students are
also less inclined to focus on English at such a late stage of their
careers.
Managerial Skills - like Leadership, Team Work, Stress and Time
Management - can be learnt but again require innovative methods. A
good corporate style game followed by an intense and deep debrief -
and repeated twice or thrice - can at least sensitize people and make
them cautious towards exhibiting the "right" behavior. While it would
be ambitious to think that a two hour team work session will make
everyone a great team player, still we have seen a significant
improvement in the level of maturity and intent after this
sensitization.

-20-
Sales/Customer Service and Practical Domain Knowledge is
coachable but require faculty from industry. The challenge that most
tier II colleges face is that the major chunk of students are fresher
without any previous experience in any domain. Adding to this,
average faculty of these colleges also has very limited quality industry
experience. So their ability to train students on practical industry-
oriented knowledge is very limited.
Experience was the tricky one. Most companies wanted
experience before a degree like MBA but 80-95% of Tier II/III MBA
students were fresh BA / BCom / BSc. We tried to use a via media -
offering live industry projects during the course, but industry
acceptance of these was varied. Most HR managers were not convinced
that a 2 month part time project can replace a relevant work
experience of 1-2 years. The only long terms solution may be for the
colleges to recruit only experienced students, especially for a post
graduate course like MBA.
So, net, Are Employability Skills Coachable? The answer, as
above, is not in one word. Some are very coachable, some less, and
some very minimally coachable. In Grooming, Confidence,
Sales/Customer service and Basic Managerial skills, we may be able to
reach significant levels of improvement. On attitude and ethics,
however, impact of limited hours of classroom training is
questionable. Communicational Skills, on the other hand, can improve
drastically but demands extended practicing and efforts.8
1.3.4 KATZ Model on KSA Approach
Katzmodel (Katz, 1955), recognizes three different abilities that
a manager should possess. A technical skill is the expertise in domain
‗knowledge‘ which makes a person more competent and proficient. A
human skill enables a person to develop the ability and willingness to
work with people, to build relationships, to communicate, and to work
in teams. This ‗attitude‘ enables to sense and recognize a situation,
with the tendency to act in a predictable and consistent manner.

-21-
Conceptual skill brings about expertness, proficiency, dexterity and
tact in the work place. This ‗skill‘ gained through experience and
practice leads to unconscious and automatic actions. In the absence of
knowledge and attitude, a ‗skilled‘ person cannot sustain in the
dynamic and challenging corporate environment. Based on Katz model
we can correlate the level of importance of each skill
(Knowledge, attitude and skill) set, with the various managerial
levels in any organization.
Skills take a priority seat over knowledge in case of top level
management; whereas higher knowledge levels and equivalent skills is
the prerequisite of the mid- level management. The knowledge on the
technical grounds over runs the skills in the junior management levels.
Attitude always holds a high priority on every step of the management
ladder. Attitude defines the altitude. A positive attitude towards
people, process and organization makes an efficient manager through
emphasizing on strengths and converting weakness to constructive
learning opportunities. Management education should focus on
shaping positive attitude of its graduates over the tenure of the
program.9
1.4 Chapter 1 Summary
This chapter is the brief introduction of World & Indian
economy and classification of Indian industries. As rapid expansion of
industries after the performance of new liberalization policy in India
has increased the demand for managerial personnel in the corporate
sector, so this chapter emphasized on industrial expectations from
management students. To sustain and survive in this competitive
world Management, institutes also need to look at its quality and
standards of education. So it is very important to understand the gap
between industrial expectations and the management institutes. Also
this chapter focuses on employability skills, these skills coachable or
not and KSA approach to enhance employability skills.

-22-
CHAPTER: 2
Business Management Education
*******************************************************************************
“Education is something, which ought to be brought within the reach
of everyone. The policy of the department therefore, ought to be to
make higher education as cheap to the lower classes as it can
possible be made”
Dr. Babasaheb Ambedkar
*******************************************************************************
2.1 Introduction
2.1.1 Business Management Education in India: An Overview
Management education in India formally began in 1953 at the
Indian Institute of Social Welfare and Business Management (IISWBM) –
the first Business School established by Government of West Bengal
and Kolkata University. However, a few institutions like Tata Institute
of Social Sciences (1936) and Xavier Labour Research Institute (1949)
had already started training programmes for managers in personnel
function well before the formal launch of first MBA programme at
IISWBM. IISWBM experiment of offering two-year, full-time MBA
programme was followed by Delhi University (1955), Madras University
(1955), Bombay University (1955) and Andhra University (1957). A few
other institutions like Administrative Staff College of India Hyderabad
(1956), All India Management Association (1957), and National
Productivity Council (1958) were established to promote excellence in
management practices, research and education.
The Government of India launched Indian Institutes of
Management (IIMs) as centres of excellence in Management education
in early 1960s. The first Indian Institute of Management was set up in
Kolkata in 1961 and second in Ahmedabad in 1962. Elite club of IIMs
added new members in 1973 (Bangalore), 1984 (Lucknow) and 1997-98

-23-
(Khozhikode and Indore). Currently there are 12 IIMs in the country.
Over the years, IIMs have evolved as great brand in Management
education across the globe and an enviable benchmark for other
institutions in terms of quality of faculty, students, curriculum and
placement.
Responding to huge demand for managers, many universities
started MBA programmes in 1960s and 1970s. Notable entrants in the
Management education were Cochin University of Science and
Technology (1964), Osmania University (1964), Allahabad University
(1965), Punjab University (1968), Banaras Hindu University (1968),
University of Pune (1971), Kurukshetra University (1976) etc. By 1980,
several state universities across the country started offering MBA
programmes. Initially, MBA programmes were part of the Commerce
Departments. However, most of the universities have now created
Faculty of Management Studies, thus giving due credence to
Management education.
Regulation of Management education began in 1987 when All
India Council for Technical Education (AICTE) was formed and
management education was taken as part of the technical education.
AICTE helped in regulating the B-Schools in terms of governance,
accountability, transparency in admission and programme
administration, infrastructure, students-faculty ratio, curriculum,
library, laboratories, grant-in-aid for organizing seminars, conferences,
faculty development programmes, setting up of entrepreneurship
development cell, institute-industry interface cell etc.
Private sector entered the Management education domain after
liberalization of economy in 1991. Despite stringent regulatory
framework, there was a spurt of private B-schools in the country
offering Post Graduate Diploma in Management. A number of
industrial/corporate houses floated their trusts or educational

-24-
societies to launch B-Schools. According to statistics available on the
website of AICTE, there were 1608 MBA programmes and 391 PGDM
programme in the country by 2009. The phenomenal growth story of
B-Schools continues albeit with lessor sparkle. While the number of B-
Schools is said to be about 4000, number of MBA aspirants has
declined quite significantly over last three years. As a result, many B-
schools have failed to constitute full class in 2011 whereas there has
been dismal response for sectoral programmes like International
Business, Insurance, Banking & Finance, etc. A number of B-schools,
especially those located in remote areas, are likely to close down their
shops in the near future due to poor response from students for
admission and corporate for placement. Even aspiring faculty
members are reluctant to join such institutions10
.
Management education is more than a hundred years old in the
world. In India it took wing in the late 1950s and the first IIMs at
Ahmedabad and Calcutta were established under mentorship with the
Harvard Business School and the Massachusetts Institute of
Technology. In our country, admissions to IIMs, especially to
Ahmedabad, Bangalore and Calcutta is the most difficult in the world.
They probably have the highest applications to admission ratio in the
world.Today, there are almost 3,000 b-schools in the country, out of
which about 2,500 are approved by AICTE and remaining conducts
unapproved programmes. All these Institutes produce about 200,000
management graduates per year.
It is common knowledge that quality standards of education
differ significantly among Indian b-schools. If one looked beyond the
IIMs and a few other institutes mentioned above, there is strong need
for quality improvement in the more than 2,000 b-schools before they
can come upto a reasonably acceptable level. One of the ways in which
the quality of non-IIMs b-schools could improve would be by using a
well-structured mentoring programme. Such a programme would

-25-
include multiple layers, namely, a programme for mentoring the
Faculty Mentors and then, programmes within the Institute for
mentoring the students for improving their employability.
To address the first layer, it may be useful to use a multi-level
diffusion model of mentoring in Indian b-schools. Each mature IIM
should mentor the next level of 5 b-schools in their region. Non-IIM b-
schools can send their faculty to the IIMs for a period of 2-10 weeks.
The faculty will attend classes, may take some classes along with IIM
faculty, interact with them and understand their practices and imbibe
their teaching methodology and pedagogy. Similarly, the IIMs can send
one or two faculty members to the interested / attached institute for a
period of 2-10 weeks; the IIM faculty may teach a course or part of a
course and interact and mentor local faculty in teaching methodology,
case method, pedagogy, writing of research papers etc. In turn this
non-IIM institute will mentor 5 institutes of next level and so on.
For the next layer of multi-tier model mentoring within the
Institute, the programme would include buddy mentoring by senior
students, by faculty mentors and by Industry mentors as well. There is
indeed a lot of scope in terms of designing and implementing such a
programme in non-IIM Indian b-schools.
According to the 2010 edition of the BW–Synovate b-school
survey of India’s best b-schools, there are ten institutes from the
country that were among the top ones on the basis of several
parameters. The survey relates to only those institutes that
participated in the survey. The methodology used for the survey this
year included two new parameters, namely, industry interaction and
pedagogical system since these were considered important in terms of
a fulfilling management education experience. This goes on to suggest
that mentoring by Faculty at b-Schools and by Guest Faculty from the
industry – both play a significant role in shaping the experience of a
student.

-26-
The mushrooming of business schools has led to challenges of
finding Mentors for management students. Too many institutes have
come up in a very short span of time. According to Arvind Singhal,
Chairman of Technopak, ―In 2000, these were 600 colleges offering
70,000 MBA seats, but by the end of 2009 that number increased to
1,400 colleges offering 120,000 seats.‖ Considering one institute needs
about 35-50 full-time faculty, 1,400 institute would need around
70,000 Faculty. But only around 40 percent of this is available and the
rest is being managed by visiting faculty from the industry.
As a result it is felt that mentoring at a b-school needs to be
undertaken as a joint venture between the institute faculty and the
guest faculty from the industry11
.
2.2 Importance of Management Education
Management education adds value to the existing qualifications.
It helps students irrespective of their domains in graduation as it
widens their knowledge base and encourages them to think
differently. Management education enhances managerial and
leadership skills by sharing of ideas, insights through healthy,
meaningful and case study discussions.
Having students with cross cultural backgrounds adds value to
management education as there is probability of generating multiples
ideas. Apart from providing requisite skills and abilities to get going
smoothly at the corporate world, it provides an opportunity to
network with others and promotes cross-cultural diversities. It helps
in equipping the executives with competencies and capabilities to take
on the corporate challenges with confidence. Now a day, we find there
is growing demand for the programs in the domain of strategy and
leadership development in MBA education12
.

-27-
2.2.1 The New Dimension for Management Education
The emergence of a new dimension has already begun.
Companies are feeling the need for global standards to benchmark
human resources, and academics are encouraging the use of merit-
based candidate selection systems. India's position as a lead
contributor to the global IT human resources pool will need to be
supported by the adoption of global standards for talent selection.
At the time of independence, Indian economy was developing
and hence we required bureaucratic management skills. However 50
years after independence, the Indian economy has become more
mature and hence we require entrepreneurial management skills. Our
management schools have failed to meet this challenge. Therefore
there is a need to revamp our management education. Keeping in view
the above facts and demand of the time, prospects of Commerce as
Education and Profession seems very bright. To avail the advantage of
this requirement, a lot of people have opened educational institutions
to educate students in the field of Commerce and Management.
2.2.2 Growth of Management Education
In 1950, the Department of Commerce of the Andhra University
Started the first M.B.A. programme in India. In 1963, Indian Institute of
Management, Ahmedabad was set up in collaboration with the Harvard
Business School. The 1950s and 1960s witnessed the growth of
commerce education and 1970 and 1980s witnessed the growth of
Management Education in India. There has been a tremendous growth
of management institutes in our society. Every year about 14,000
students pass out of management schools. Keeping in mind the
demand, the supply is very meager. Management courses have become
'Academic Courses' rather than 'Professional one'. Management
Institutes, barring a few exceptions, have reduced to commerce
colleges. There is an urgent need to restructure management
education to meet new challenges of 21 Century.

-28-
India has adopted domestic policies and institutions that have
enabled people to take advantage of global markets and have thus
sharply increased the share of trade in their GDP. India has been
catching up with the rich ones – our annual growth rates increased
from 1 percent in the 1960s to 5 percent in the 1990s. Now it is above
8%. Indians saw their wages rise, and the number of people in poverty
declined13
.
2.2.3 Issues in Business and Management Education
2.2.3.1 Role of Business Institutes
The business institutes should focus on nitty-gritty of general
management and also about a functional specialization so that the
students can become jack of all trades and master of management.
The Indian Business institutes should reinvent themselves with
changing times and redesign their academic curriculum for facing the
current challenges in the business environment. The course
curriculum should be designed to suit new perspectives for building
managerial and leadership skills. The responsibility lies with business
institutes to do the needful in this regard
2.2.3.2 Role of Faculties
The faculties should be from excellent academic background
with an industry exposure. They should be a special breed of people
driven by passion rather money. They need to inspire and motivate the
students through right communication skills. They should preferably
have industry experience in a reputed organization. It is desirable to
have research experience in management along with consultancy and
teaching experience. The present economic meltdown has thrown
several challenges to business managers and leaders across the world.
Everyone started blaming business institutes for the present mess. Is it
justified to blame them? If not, then who is responsible for the current
global mess? Is it the business institutes or faculties or students or
parents or all to be blamed?

-29-
2.2.3.3 Reforms and the Corporate Sector
The corporate sector constitutes a dominant part of industry.
Financial sector reforms along with the development of the capital
market are changing the structure of corporate financing. This has led
to a separation of ownership and the management and has given rise
to the issue of corporate governance, among others. Corporate
governance essentially deals with the ways of governing the
corporations so as to improve their financial performance.
2.2.3.4 Management Education at Cross Roads
Management education is becoming increasingly important and
the most sought after post–graduate degree among graduates. Any
developing country for its economic and social development requires
well qualified managers and administrators. Also, Industry requires
competent managers all the times--in times of recession, to revive the
economy; and in the times of growth, to frog-leap the competition.
Management education, therefore, is ever-green with job opportunities.
However, to what extent our management graduates are getting
the right type of management education? Indian Industry Survey
report state that only 15% of management graduates are employable
and 85 % unemployable. It is also found that management programs
offered by many colleges and universities suffer from serious
drawbacks and criticism. In Business Process Management changes are
needed and will be initiated concurrently
2.2.3.5 Impact of Globalization on Business and Management
Education
The business sector in India is highly promising in the present
scenario. Newer challenges, newer opportunities are day-by-day in
front of Indian industries, which are profitable and prospective. The
fundamental scope of doing business in India is lying with its people.
The huge population of India has created a large unsaturated market

-30-
of consumers. This is one of the reasons why global companies are
very much interested in doing business in India.
2.2.3.6 Few situations that has arisen in India post liberalization
 Shifting of Agriculture workers to industry sector
 Urbanization –People are shifting from rural to urban areas.
 Opening up of trade market –export import boom.
 Big open saturated market for products
 A growing market for high quality and low price product
 Gradual increase of organized retail chain.
 Growing number of Merger and Acquisitions.
 Lucid license policies for overseas Multinational Corporation.
 High growth rate is showing economic prosperity in India.
 Indian Market leaders going global14
.
2.3 Challenges of Business Management Education
2.3.1 Challenges
 The current curriculum in management education does not
teach students in facing the challenges in business environment.
 How to manage uncertainty and complexity are not taught in
business schools.
 It merely teaches the concepts with case studies.
 It does not focus on the challenges arising out of rapid growing
technology and the challenges involved in running an enterprise.
 Unfortunately, the best talent is going to industry where salaries
are lucrative.

-31-
 Those who come to academic area are the ones who could not be
absorbed in the industry or those who come to this profession by
chance or those who chose this career out of passion.
2.3.2 Drawbacks
 Insufficient availability of specialized experts and qualified
faculty
 Lack of Industry based specializations.
 Lower infrastructure.
 Burden with heavy subjects.
 Lack of necessary guidance to the students.
 Lack of updated and industry based syllabus.
 Lack of admissions in Management Research.
 Lack of Inter-disciplinary approach.
 Lack of specified authorities for quality research in management
studies.
 Insufficient Grants for research. The courses remain too
theoretical and do not equip students with the right Attitudes,
Skills and Knowledge (ASK) required for them to be employable.
 Students are not properly educated either to fit the industry
requirements or to be entrepreneurial to start and grow up
small and medium companies. Students only get a degree but
not the industry-required qualifications.
 Neither the institutions nor the students are clear as to what
kind of ―product specification‖ is achieved at the end of the two

-32-
years of study i.e., the quality of students produced and their
ASK levels.
 More than 85% of the students who complete their MBA/PGDM
are not industry ready. Just as customers would like to know
about the specifications and quality before buying any
―product‖, industry would also like to know and be assured of
the product specification (Quality) of the Graduates it wants to
hire15
2.3.3 Qualified Faculty a Crucial Differentiator
The anticipated growth for business education needs has led to
the mushrooming growth of B-schools in different parts of the country
without adequate infrastructure and expertise. Success of a B-school
largely depends upon the quality of its faculty. The shortage of
qualified and competent faculty has been witnessed even in the best of
the B-schools like IIMs where they are operating with less than 50%
strength resulting into an adverse teacher student ratio. Thus,
acquiring good faculty is a major challenge for both new as well as
established B-schools. Though the demand for business education is
growing at a larger pace during last two decades, the production of
qualified faculty especially with Ph.D. degrees has not been adequate
to meet the demand. This shortage will continue for times to come and
there is no quick fix solution to this issue. UGC and AICTE rules
provide the glass ceiling for non-Ph.D. academicians for their career
growth. In spite of improvements in the salary structure of teaching
staff by the successive pay commissions, the B-schools are not able to
attract the best talents. In most of the top ranked B-schools the
average salary offered to a fresher is higher than the average salary of
their faculty with 20 years of average experience. Few reputed faculty
however able to enhance their earning through consultancy
assignments.

-33-
The involvement of practicing managers as visiting faculty
becomes fruitful to bring practical aspects of management learning in
classroom; an appropriate mix of academicians and practitioners can
compensate the shortage of faculty to some extent. This is however
not possible for the business schools located in small towns where the
presence of corporate is negligible.
The information and communication technology has aided in
revolutionizing the teaching and learning methodology by enhancing
the reach to multi-locations and larger audiences in real time. The
technology could create an interactive learning environment of a
virtual class room. It can also help the learner to learn at his/her own
convenience and pace through interactive videos. However, the new
form of technologically supported teaching and learning tools cannot
undermine the need for competent faculty and classroom model16
.
2.3.4 Emerging Issues
B-schools in India are facing multiple issues. However,
proliferation (Increase) of B-Schools, quality of education, faculty
shortage, poor regulatory mechanism and governance and
accountability are major concerns that merit thorough critical
appraisal.
2.3.4.1 Proliferation of Business Management Institutes
Management education in India started in early 1950s with a
noble purpose of creating a professional cadre of managers to run the
businesses and become entrepreneurs. Initially the growth of B-
Schools was very slow. Interestingly, in the first 30 years of B-school
growth story till 1980, only 4 institutions were added on an average
annually which jumped to 20 during 1980-1995, and 64 during 1995-
2000. According to National Knowledge Commission, the growth rate
of B-Schools during 2000-2006 rose to alarming level with annual
average addition of 169 colleges.

-34-
(http://www.knowledgecommission.gov.in/downloads/documents/wg
_managedu.pdf)
Promoters of B-schools cared little about infrastructure and
intellectual capital while indulging in unmindful expansion. Taking cue
from corporate houses, many promoters created so called ‗group of
education‘ and their motive seems to be dubious. Quick ‗return on
investment‘ lured many players in real estate and other sectors to start
B-Schools which are supposedly run without any profit motive. Indeed,
proliferation of B-Schools has defeated the noble purpose of
Management education in India. A large number of B-schools are run
as teaching shops without good quality faculty and adequate
infrastructure conducive for learning. Thus students lose money as
well as time to earn a diploma that has little value in the job market.
2.3.4.2 Quality of Education
An important function of Business management institutes is to
develop relevant knowledge, serve as a source of critical thought and
inquiry about organizations and management, and thus advance the
general public interest as well as the profession of management
(Mulla, 2007).
Unfortunately, most of the B-schools have thrived on marketing
gimmicks and advertising budget rather than intellectual endeavors.
The Government of India (GOI) formed the All India Council of
Technical Education (AICTE), a statutory body under the Ministry of
Human Resources to regulate the functioning of technical institutes in
India. AICTE has given full autonomy to the B-Schools vis-à-vis
curriculum development, assessment of students, conduct of
examination, recruitment of faculty, tuition fee etc. However, there are
no checks and balances on these matters. While the AICTE ensures
compliance regarding infrastructure, library and laboratory facilities
and student-faculty ratio, it overlooks the indicators of quality

-35-
education. Although AICTE has laid down standards which are not
difficult to follow, many institutes do not comply with the prescribed
standards once they get approval (Jagadeesh, 2000).
Working Group on Management Education of National
Knowledge Commission (2006-07) rightly observes: ‗The materials
used for teaching are also not of relevance to the student background
or living experiences in India. The focus on campus interviews, careers
and jobs further detracts students from gaining a disciplinary
understanding of the specializations and society in which they have to
innovate and be influential leaders‘. Report of the working Group also
draws attention towards negligible debate on curriculum, pedagogy
and innovation in Management education as well as lack of inherent
capabilities of the institutions to address the evolving needs of various
stakeholders by upgrading and refining their courses. The scenario has
spiraling impact which is reflected in the low employability of
Management graduates.
2.3.4.3 Faculty Shortage
Shortage of qualified faculty in Indian Business institutes is
major concern. Currently the institutions are facing 30% shortage of
faculty and it might rise up to 50% by 2020 if the scenario does not
improve (Dave, 2011).
Deans and directors of business schools observe that the key
challenges faced by any institute in EQUIS accreditation are
international issues (71% concluded that it is most challenging) and
faculty shortage (54%). Additionally, management graduates are
generally not inclined to enter teaching profession due to lower pay
packages as compared to industry offerings.
AACSB International (2002) report states that students who
complete their MBA programme find entering job market more
lucrative than pursuing doctoral programme. The report also

-36-
concluded that only 40% of PhDs opted for a career in industry.
Besides, not many of them have the competency to become good
faculty in B-schools. There has been no significant effort on the part of
the government or other agencies in the last five decades so far as
faculty development is concerned. A few IIMs run short-term Faculty
Development Programmes for incumbent faculty members. However,
there are fewer programmes to prepare young professionals for career
in teaching and research.
Unfortunately, we do not have good number of doctoral
research programmes in Management except the Fellow Programme in
Management of IIMs and PhD programmes of IITs. According to AACSB
report (2003), even in the developed country like the United States
which produces largest number of doctorates in business management
programmes, the number of business doctorates declined from 1,327
in 1995 to 1,071 in 2000. The trend is expected to continue in the
future. It is estimated that by 2015, the US shortage of business PhDs
will increase to 2,500. Similar trend is expected to exist in other
countries as well.
National Knowledge Commission‘s Working Group on
Management Education advocates a greater role of industry in
promoting research programmes in B-schools as they are the major
beneficiaries in terms of steady supply of efficient manpower. Indeed,
the industry can sponsor research programmes, set up dedicated
research chair professorships in specific domains, grant fellowships to
doctoral candidates and open their gates for collaborative research
projects. Besides, the corporate houses may also encourage some of
their senior professionals to participate in research programmes and
pursue higher education. B-Schools are unlikely to handle the shortage
of faculty without active support from industry. The Government of
India as well as state governments should also strengthen doctoral
research in Management by increasing intake of students in PhD

-37-
programmes in central as well as state universities and increasing the
number of Junior Research Fellowships besides increasing fellowship
grants.
2.3.4.4 Poor Regulatory Mechanism
All India Council for Technical Education (AICTE) regulates
Management education in India. However, AICTE is better known for
corrupt practices rather than regulation which happen to be its
statutory role. Even the National Knowledge Commission has
truthfully observed: ‗there are several instances where an engineering
college or a Business school is approved, promptly, in a small house of
a metropolitan suburb without the requisite teachers, infrastructure or
facilities, but established universities experience difficulties in
obtaining similar approvals.‘ (NKC: Report to the Nation, 2006: 54).
However, the regulatory mechanism remains inadequate due to
misplaced focus on infrastructure and faculty-student ratio. Besides,
AICTE does not have wherewithal to check the veracity of the
mandatory disclosures although its team visits a few institutions in
different regions randomly. A number of B-Schools especially in the
muffosil bypass the regulatory norms regarding faculty and
infrastructure. In the name of autonomy, many B-Schools overlook the
dictates of AICTE. Hence, matters like fee, quality of faculty, quality of
books and journals in the library etc. are at best at the discretion of
the Trusts or Societies that run the B-Schools.
2.3.4.5 Governance and Accountability
Most of the private B-Schools in India offering Post Graduate
Diploma in Management are managed by charitable trusts registered
under Indian Trust Act 1908 or educational societies registered under
Societies Registration Act 1860. In case of charitable trusts, the
trustees are generally from the same family having absolute powers to
manage the affairs of the institutions. As a result, misappropriation of

-38-
funds is not uncommon. The trustees hold the office for the whole life
and hence cannot be removed for their indulgences or mis-governance
or incompetence. So is the case of educational societies where majority
of founding members belong to the same family. Thus the governing
bodies of B-Schools have unlimited power and authority without
concomitant responsibility.
AICTE is concerned about compliance of the regulatory norms
and hence governance and accountability do not feature in its
relations with the B-Schools. Of course, the AICTE has introduced the
norms regarding formation of governing body of B-Schools. But over-
emphasis on compliance makes room for manipulation by the
trustees. A closer look at the mandatory disclosure of B-Schools reveal
that they hold only bare minimum number of meetings of Governing
Councils or Academic Councils. The institutions fulfill their duties just
by mentioning the numbers of meetings as the norms are silent on the
quality of output of such meetings.
2.3.4.6 Diversification of Management Education
Most of the B-schools have diversified the management
education to cater to the needs of different segments and also to make
the business model more financially viable. B-schools are venturing
into corporate training by offering tailor-made management
development programmes (MDPs). These short duration programmes
are generally useful for the managers who cannot be relieved for a
long duration programmes. B-schools are also offering full-fledged
long duration degree/diploma courses for the working executives.
These part-time courses help them to meet their career growth
aspirations. For example, the MFM, MMM and MHRDM are the three
year part-time degree courses offered by many institutes in Mumbai
conferring degree of Mumbai University. The institutes also offer few
long duration diploma courses to cater to the needs of entrepreneurs
running their family business and programme for women

-39-
entrepreneurs planning to start their own business, etc. Such
programmes are generally offered during weekends so that they don‘t
clash with the business activities of these entrepreneurs. The main
objective of such programmes is to equip the entrepreneurs to
conduct their business professionally and organized manner by
interlinking various management functions. Some of the institutes
have also diversified into highly specialized diploma courses like Risk
Management, Retail Management, Supply Chain Management,
Health/Hospital Management, etc17
.
2.4 Curriculum Activities in Management Institutes
Extracurricular activities play an important role in today's
business management program. MBA students are receiving training in
different areas and this program produce exceptionally talented
professional with right attitude, right skills and knowledge as required
current industry. The purpose of this study is to determine whether
the skill improvement of MBA students differs based on their
participation in extracurricular activities. Extracurricular activities are
found in all levels of our schools in many different forms. They can be
sports, clubs, debate, drama, school publications, student council, and
other social events.
A Master‘s degree allows the student to have a further insight of
the subject that they feel passionate about conducting research,
meeting and interacting with faculty members of MBA Institute and
industry personnel. This leads to increase in the employability skills
and innovation among the students who focus for a Master Degree.
Therefore the management educations as a Master in Business
Administration (MBA) course have its own concerns. MBA education is
taken as the professional certificate which increases the chances for
getting beneficial employment opportunities.

-40-
Activities allow students to develop skills such as leadership,
sportsmanship, self-discipline, self-confidence, and the ability to
handle competitive situations. Participation in extracurricular activities
may be the most effective route to skill improvement
In this era of globalization and technological revolution,
education is considered as a first step for every human activity. It
plays a vital role in the development of human capital and is linked
with an individual‘s well-being and opportunities for better living.
Educational services are often not tangible and are difficult to measure
because they result in the form of transformation of knowledge, life
skills and behavior modifications of learners.
The environment and the personal characteristics of learners play an
important role in their academic success. The school personnel,
members of the families and communities provide help and support to
students for the quality of their academic performance.
Theory of Educational Productivity by Walberg (1981)
determined three groups of nine factors based on affective, cognitive
and behavioral skills for optimization of learning that affect the
quality of academic performance: Aptitude (ability, development and
motivation); instruction (amount and quality); environment (home,
classroom, peers and television) (Roberts, 2007)
2.4.1 Activities and Creativity in Business Management Program
2.4.1.1 Knowledge Based
 Class Room Lectures
 Guest Lectures
 Assignments
 Class Test / Exercises
 Quiz

-41-
2.4.1.2 Comprehension & Conceptual Understanding
 Personal Interview
 Group Discussion
 Power Point Presentations
 Individual Feedback
 Case Studies
 Role Play
 Mentor-ship
2.4.1.3 Research, Application & Evaluation
 Paper Writing and Presentations Program
 Seminar / Conferences
 Project Report
 Business Plan
2.4.1.4 Work Experience, Skill Development, Analysis & Synthesis
 Industrial Visit
 Environment tour
 Event Handling
 Confidence building activities
 Business English Training
 Soft skills Development Program
 Communication Skill
 Communication Skill
These are the primary ways that education institutes can
manage industry expectations, work to limit the disparity between
institutions, and address primary gaps in knowledge and skills
brought to light in this study. Education institutes should work to
match MBA candidates to industries based on their skills. Faculty
should study the student‘s progress and work to guide them toward

-42-
the industry where their skill set will be most effective. Student will be
more successful and fulfilled, and employers will be better served. The
aim of this study is to determine whether the relationship is
supported between extracurricular involvement and specific skills
potentially acquired during graduate management education. The goal
is to reveal results that are consistent with the argument that
participation in extracurricular activities promotes greater academic
achievement (Gerber, 1996).
While focusing on leadership and communication skills that are
relevant to management, the impact of extracurricular activities is
measured first by determining whether skill improvement varies by
participation, and then by establishing which extracurricular activities
are most likely to drive skill improvement. Regardless of industry,
communication is a highly valued management skill. It is a vital aspect
of the interaction between managers and their subordinates because
effectively managing people and projects and maintaining and
organizing tasks requires that ideas be communicated clearly.
(Yntema, 1960).
2.5 Role of Management Institutes vis-à-vis Industrial
Expectations
Management education in India can be said to have reached a
stage of maturity. To state this is not to imply that management
education is a panacea for all ills, but to show that time has come for
stock taking and indicating the future directions of management
education. Does management education meet the needs of the nation
now, and will it continue to do so in future when the new economic
strategy will be operative? How do we build on the progress that we
have achieved so far?
Besides MBA teaching certain facilities are also available which
make an institution different from others. These features have been

-43-
classified into two categories like tangible and intangible features.
Tangible features are related with infrastructure viz. AC facility, Wi-Fi
etc. and intangible features are related with different facilities viz.
quality of the faculty, placement, industry visit etc. explains that Wi-Fi
and AC facility have got more importance than other features of
infrastructure. On the other hand national placement and quality of
faculty followed by industry visit have gained more importance as
intangible features over the others viz. foreign language teaching,
scholarship, on spot loan sanction, fees waive etc. It should be
mentioned that lowest importance has been coined for conference
facilities as tangible and student exchange program as intangible
features18
.
As far as education is concerned it is unique as a service. In
education sector, faculty and students together create co-created
values and ethics but neither students are considered as customer nor
are the faculties regarded as manufacturers or producers. Secondly,
industry is considered as customer in education sector because it
acquires employable quality students from the produced output of the
institutes. Education is one of the services that have the highest
interaction between student (customer) and teacher (service provider),
which requires development of a relationship based on cultural norms
and that is a lifetime relationship.
2.6 Need for Institute-Industry Interaction
Success of a Business management institutes depends upon how
well it anticipates the emerging manpower requirements of industry
and how well it trains and develops its students to make them job
ready. It requires a close co-ordination and interaction between
Business management institutes and industry. There are many issues
to be addressed in this regard.

-44-
Firstly, the curriculum is required to be evolving around the
emerging needs of the industry, this is possible if the Business
management institutes have the freedom to modify it curriculum on
regular basis. The Business management institutes are generally able
to adopt the curriculum for its diploma courses like PGDM, but this
flexibility is not available for university affiliated courses (like MMS of
Mumbai University). The curriculum laid down by the respective
universities is not revised periodically resulting into its fast
obsolescence.
Secondly, unlike western world, most of the students of
business education are fresher and lack practical orientation to link
classroom learning to work place applications. The case study
methodology tries to bridge this gap to some extent. The summer
internship also tries to address this issue but the organizations where
these students are placed are not able to provide adequate orientation
due to their own pressing demands. Sometimes, the summer interns
are utilized for routine jobs which hardly provide any learning
regarding practical applicability of management tools and techniques.
Thirdly, there is lack of adequate interaction between
academicians and management practitioners for jointly finding the
solutions of problems faced by the industry in the form of research
and consultancy. Only a few top Business management institutes are
able to venture these initiatives.
There is tremendous need for academia-industry interaction. All
the stakeholders, namely institutions, industry, students and society
stand to gain, as it can be win-win partnership. Industries could gain
by using academia knowledge based to improve industry‘s cost,
quality and global competitive dimensions, reducing dependence on
foreign know-how and expenditure on internal R & D. Industries also
get benefited by updating and upgrading the knowledge base of the

-45-
industry professional through management development programmes
designed by academia. Academics benefits by having the satisfaction
of seeing its knowledge and expertise being used for socially useful
and productive purpose, widening deepening of the curricula and the
perspectives of teachers and researchers and thereby improving their
morale as well as students19
.
How can one define academia-industry interface? A good
definition could be that academia-industry interface is characterized
by the interactive and collaborative programme between academic
institutions and industrial sector for the attainment of certain
reciprocally beneficial purposes and missions. Interdependence
between academia and industry should be intensified to fulfill
necessity for sustenance and innovation in their own domains.
Academia-industry interface can be set up at diverse levels with
different degrees spanning from mere consultations or visits to
meticulous researches.
There is a need for paradigm shift in the attitude and approach
of both the entities for obtaining mutually beneficial objectives and
goals. Despite the different mechanisms of academia-industry
interface, there is ambiguity whether the relationship is considerable
or only partial in nature. It is unavoidable that the academic sphere,
industrial sector, and government machinery should form synergy
cooperating, collaborating, and facilitating with each other to combat
the new challenges of the global economy. This universal strategy is a
must for economic viability and all round development of the country.
2.6.1 Resources and Potentiality of Stakeholders
To make academia-industry interface a grand success, all the
stakeholders- academic institutions, industry, and government should
collaborate and interact with their own resources and potentiality, as it
can be a ‗win-win‘ partnership.

-46-
2.6.1.1 Government
A government is an organization through which a political unit
exercises its authority in a territory, controls and administers public
policy, and guides and controls the actions of its members or subjects.
Both academicians and industry associations are always in search of
government funding for its advancement. Practically academicians are
run by government aid and academicians are paid by government
through university employment. Besides having the money,
governments further have the capability to track and account for
funding and its meaningful application. Moreover, government has
also the ability to identify more societal needs across the globe.
Usually government cuts across a wide swath of industries and is
reasonably consistent with fewer annual ups and downs than often
happens in business. Today, industry is a very important part of most
societies and nations.
Therefore, a government should have some kind of industrial
policy, regulating industrial placement, industrial pollution, industrial
labour, and financing.
2.6.1.2 Academia
Academia is the collective term for the community of students,
faculty, and scholars engaged in higher education and research. The
word comes from the Greek referring to the greater body of
knowledge, its development and transmission across generations.
Academia in the context of universities definitely possesses the
research ability and motivation, as well as experience, in delivering the
essence of education through courses and workshops to large sections
of a population. By ―university‖ we understand a corporation of people
entrusted professionally with the invention of knowledge - research,
on one hand; and in the dissemination of knowledge – teaching, on the
other. Academia is also in a position of offering a neutral environment
to bring culturally and ethnically diverse people together. Moreover,

-47-
academia has the capability to explore concepts which are too dodgy
for business. In general, there are plenty of cheap smart workforces in
academic settings as students always have thrust for learning and
gaining experience. Finally, academia has a responsibility to upgrade
the society through interaction with its diverse community.
2.6.1.3 Industry
Industry refers to any type of economic activity producing
goods or services. It is part of a chain – from raw materials to finished
product, finished product to service sector, and service sector to
research and development. Industries, the countries they exist in, and
the economies of those countries are interconnected in a complex web
of interdependence.
There are four main industrial economic sectors: the primary
sector, which is largely involved in raw material extraction industries
such as farming, mining, and logging; the secondary sector, which is
involved in processing products, refining, construction, and
manufacturing; the tertiary sector, which deals with provision of
services (e.g., law and medicine) and distribution of manufactured
goods; and the quaternary sector, a relatively new type of knowledge
industry which focus on technological research, design, and
development such as computer programming, and biochemistry.
Industry is the engine that generates the tax base for government
revenues and strengthens the economic viability of a population, city
and country. Industry can also provide the basis of the problems and
opportunities for application of university borne new technology or
innovations that can be the prime focus of academia-industry
collaborations. Large scale industry has the required resources to
invest in the initiatives of new technology development, but it often
tends to depend on bought out technologies, generally from the
foreign countries.

An Analytical Study of Industrial Expectations from Management Students and the Role of Management Institutes With Special Reference to Rashtrasant Tukadoji Maharaj, Nagpur University, Nagpur

An Analytical Study of Industrial Expectations from Management Students and the Role of Management Institutes With Special Reference to Rashtrasant Tukadoji Maharaj, Nagpur University, Nagpur

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