The document discusses the phases of management studies and their role in developing employable skills in India. It describes how management studies have evolved over time, from being more theoretical to becoming more practical and focused on developing job-relevant skills. It discusses how events like World War 2 and the introduction of liberalization, privatization and globalization have impacted management education in India and increased the focus on developing skills like leadership, communication, and globalization. Overall, it examines how management education can better prepare students for the global job market by improving areas like teaching quality, developing new specialized courses, and ensuring faculty have relevant global expertise.