Over the course of last 100 years, business has transformed the world. It has been a driving force in shaping society & the catalyst behind extraordinary economic growth and prosperity. Effective management of business has spurred the creation of Jobs, the generation of wealth and access to opportunity for an increasingly diverse population. The successful students of management education acquire the knowledge & skills that enhance & enrich their lives & enable them to make meaningful contribution to their organizations. Infact one of the Businessmen’s interest triggered the emergence of all business schools I.e. Joseph Wharton, proprietor of American Nickel works, asked University of Pennsylvania trustees to develop the world’s first school of Business. Since onwards, business and managers have continued to engage management educators on many levels to achieve results that benefit business practice & the greater economy.
In many countries of the world, the MBA is the single most desired degree programme because it has proved that the students of B-schools are directly involved in:

2. Creation of wealth & economic development;
3. Supply of safe products & services;
4. Creation of Jobs & investments;
5. Enhancement in Quality of life; and
6. Enrichment of life itself.
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Present state of Business education in India
Higher education in India is a big business today. Around 55% of the Indian population is below 25th years. This is the ripe age to enroll for the post Graduate Courses. During the period of 1950 to 1980, only 118 B-schools have came up. The implementation of new economic policy, I.e. Liberalization, Privatization & Globalization has given a real impetus to management education. In a short span of 15 years between 1985 to 2000. AD,673 + new more B-schools were added. At present there are 1765+B-Schools in the Country distributed in different states. All these B-schools are approved by All India Council for Technical Education (AICTE) in various categories, including IIMs, University Departments & Autonomous private institutes.

Now a days learning has become student centric. Branding has made inroads into Management education. Top B-schools are continuously changing the content & delivery modes. It is equally imperative to Indian B-schools to strive continuously to make Management education context specific. After US, India presently trains large number of MBAs nearing 125000 degrees annually. Indian B-schools are almost a replica of US Business education particularly in the area of pedagogy, curricula, industry interface & academic Research models, but it is observed that they are struggling hard to introduce several adaptations because of the differences in the work culture system. Therefore, now, it is most appropriate time to investigate the challenges being faced by these B-schools for enhancing the quality of business education in India.

In the first section of this paper the evolution of management education & its present status is discussed. Thereafter the review of various committees appointed by Govt of India to investigate the real issues and challenge.