“The need to update and re-train faculty in emerging global business perspectives is practically absent in many B-schools, often making the course content redundant,” adds the paper. Mr. Rawat further said that the quality of higher education in India across disciplines is poor and does not meet the needs of the corporate world.
About 160 schools offering Master of Business Administration (MBA) courses are expected to close this year. Only 10% of graduates from Indian business schools excluding those from the top 20 schools get a job straight after completing their course, compared with 54% in 2008.
Some students expressed that the business schools promote their brands only on placement and by boasting about high salaries. They offer theoretical courses which lacks practical skills required by the corporate sector today, highlighted the paper.
In the last five years, the number of B-schools in India has tripled to about 4,500 amounting to as many as 3,60,000 MBA seats, collectively. The demand has begun to deflate now, as economy growth rate hit its slowest in the last nine years and the quality of education provided by B-schools came under the radar.
Assocham has advised these institutions to improve infrastructure, train their faculty, work on industry linkages, spend money on research and knowledge creation, as well as pay their faculty well in order to attract good teachers.