Gone is the era when MBA education was the passport for an assured career in cozy environment of the corporate world with hefty pay packages! Now it caters to the talent needs of the business and economy. Global economy is currently facing highly volatile environment. Emergency of shared economy is mostly platform basis and assets-less. It is also creating waves in global business. Companies like Uber, Air BNB, Lyft, SnapChat, Instagram etc. are grabbing fast major shares of traditional players in public transport and hospitality industry. Disruptive and Exponential Technologies, particularly artificial intelligence (AI), 3D Printing, Internet of the things (LOT), robotics, genomics etc are crating upheavals in many industries. So, THEY ARE making difficult the traditional or incremental way of doing business.
Similar to global trends in management education, Indian B-schools are facing challenges of volatile business environment. As a result, it rises aspirations of MBA students. It is also shrinking high-package white-collar jobs, disruptive technologies. It looks that the New Year 2017 is likely to give a new fillip to the demand of Indian B schools for greater autonomy, so that they can compete globally and also pave way for making India a hub for management education. The first and foremost issue will be passing of the IIM Bill 2015 in the next session of the parliament. The proposed IIM Bill, 2015 has raised some fears and concern among faculty, alumni and students of IIMs. Because it may adversely affect the autonomy of the premier b-schools. The board enjoys the freedom in selection of its chairman, in the selection of director. The law may also erode the power of fixation of the fee largely.
In the year 2017, the Supreme Court is also likely to give its final verdict on a writ petition of 350+self-financed PGDM institutions. It was filled in 2011 against the AICATE’s Notification of December 28, 2010. So far, during the last six years, the apex court has given six interim orders in restraining the AICTE from withdrawing the autonomy of 350+PGDM institutions in deciding their admission, fee curriculum and examination etc. People hope that the autonomy of business schools is likely to be a major issue in 2017. It needs to be settled amicably by the MHRD and the AICTE. It can also become a game changer in raising its prestige and reputation at global level.