Commerce Education in India: Need of the Study, Status, Importance

Commerce Education in India: In order to attain Economic Growth of a region or a country, one needs professional Economists and Accountants either advanced practical knowledge to enable to evaluate and analyze the complexities of the large scale business and other. To avail the advantage of Commerce, a lot of educational institutions have been opened to educate students in the field of Commerce with more knowledge on practical. Since the Indian economy is one of the fastest growing economics among the third world countries, the need for talented professionals, who can contribute towards the growth of the economy, is the need of hour. “Commercial education is fundamentally a programme of economic education that has to do with the acquirement, conservation and spending of wealth”.

The present paper is an attempt to highlight the issues and challenges before commerce education in India. Since last two decades a numbers of changes and developments have taken place in the social and political arena and as a consequence, India being a developing country is facing new challenges to cope with, which put high demand on the educational system of the country. At present India is in a juncture of evolution involving social, cultural and economic changes etc. On one hand, the number of employment opportunities is declining, whereas on the other hand Industry doesn’t find commerce graduates up to the marks in terms of skills and knowledge.  Thus, Commerce education need to be holistic, targeted and customized with aim to remove the gap that exist between industry requirements and academic curriculum focusing on attitude, corporate awareness, grooming and developing managerial skills.

Therefore, it is the need of hour to re-orient and re-designing the commerce education in such a way that it will be relevant for society. Therefore, the government should try to establish the new drifts to improve the educational system of the country. India’s education system is often cited as one of the main contributions to the economic rise of India. In India commerce education is very important part of education which is called as Business Education. It is a living and evergreen discipline and it is totally different from other disciplines. Commerce Education is the area of education which develops the required knowledge, attitudes and skills for successful heading of Trade, Commerce and Industry. The first Commerce school was established in Chennai in 1886 by Trustees of Pachiyappa”s Charities. Commerce classes started in the Presidency College, Kolkata in 1903.The Sydenham College of Commerce and Economics was established in 1913 as the first institution for higher education in Commerce.

Need of the Study

Presently, the business world feels that;

• a) Commerce degree holders lack in right kind of skills, practical knowledge and exposure to outside business world, which are needed. To realize the mismatch between the product and the demand, there is an urgent need to overcome the existing business education system and require coping up with the fast changing LPG era.
• b) The problems faced by the commerce graduates and post-graduates are of a great concern for the students, academicians, business world and even for parents, as the students are only oriented towards classroom theoretical related skills, lack of communication skills, lack of IT knowledge and global scenarios etc.
• c) Therefore, there is an urgent need to explore some measures to overcome these challenges and to match the curriculum and structure of business education to better fit the needs of changes in both in the industrial and services sectors within the country.
• d) Moreover, it is also important to properly assess the quality of commerce education imparted to the students in various institutions for proper decision making regarding selection and recruitment by potential employers.

So, the researchers have taken up the study to analyze the issues and challenges before commerce education in India. This research will be helpful to point out the issues and challenges of the commerce education in India and it will helpful to the policy makers in making appropriate policies and suggest measures for improvement in Education system of the country.

Importance of Commerce Education

Commerce education had developed to support the growing needs of business houses. However, over the years, there has been a fundamental shift in the very approach of commerce education; from a professional to a theoretical education. At this juncture there is a need to redefine the commerce education in the changing scenario and strengthen it further. Globalization and Technological trend have made difficult for organizations to survive in the competitive world. As a result the importance of Commerce education has been increased many folds. The School of commerce should play pivotal role in equipping our future dynamic managers with the emerging trends of Commerce skills to face the challenges of dynamic business world.

Status of Higher Education in India.

Universities in India (As on 31/03/2019)

Universities	Total Number
State Universities	399
Deemed to be Universities	126
Central Universities	48
Private Universities	344
Total	907

Vision 2030:

It will be a tough road ahead academically and institutionally India has move d beyond traditional reticence and leaders are no longer discomfited by risky experimentations. Against such a backdrop there is more room to grow with equity and excellence. By 2030, India will have the largest population in the world, in higher education age bracket. Increasing urbanization and income levels will drive demand for higher education. India’s economy is expected to grow at a fast pace, rapid industrialization would require a gross incremental workforce of about 250 million by 2030.india could potentially emerge as a global supplier of skilled man power. Given the expected socio-economic scenario in 2030, India would need a robust higher education system that can deliver on multiple imperatives.

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