As the global business environment continues to shift at an unprecedented pace, management institutes are challenged to rethink traditional education models and better prepare students for real-world complexities. At the forefront of this transformation is Dr. Vijay T Raisinghani, Director, Vivekanand Education Society’s Institute of Management Studies & Research (VESIM), Mumbai. With a deep understanding of industry-academia integration and a vision rooted in innovation, Dr. Raisinghani discusses how institutions can forge meaningful global partnerships, foster entrepreneurship, and integrate emerging technologies into business education. He emphasizes the need for agile, personalized learning frameworks, experiential teaching, and policy-aligned innovation to make Indian management education globally competitive and locally relevant.
How can colleges build global partnerships to give students international learning and job opportunities?
Effective global partnerships require strategic alignment beyond mere MOUs, necessitating concrete initiatives that drive meaningful collaboration. Institutes should establish joint research initiatives with complementary institutions, enabling faculty and students to work together on global business challenges. Designing dual-degree programs with clear credit transfer frameworks and shared curriculum oversight ensures academic cohesion and student mobility. Additionally, structured faculty exchange programs should focus on specialized knowledge transfer, enriching expertise across borders. Developing industry-academia consortiums will help tackle complex business problems by integrating diverse perspectives and resources. Furthermore, leveraging alumni networks in targeted geographies can enhance internship and placement opportunities, strengthening global career pathways.
The most successful partnerships are those built on mutual value creation. Synergistic relationships that benefit both parties are essential. Institutes can start with focused projects that can lead to faster achievements before expanding to more comprehensive collaborations. Cultural sensitivity and relationship-building are important stepping stones, often underestimated factors in successful international partnerships. Indian culture is vibrant and appreciated the world over. Students abroad would also benefit from cultural immersion.
What new teaching methods can help students apply classroom knowledge to real-world business challenges?
Management education must integrate methodologies that bridge theory and practice, actively engaging students in the learning process. Case-based teaching using real-time business problems submitted by industry partners ensures that students gain practical insights and are better prepared for their careers. Simulated business environments, where students manage virtual companies through multiple decision cycles, enhance strategic thinking and decision-making skills. Problem-based learning modules co-developed with industry practitioners provide hands-on experience in tackling real-world challenges. Additionally, reverse mentoring programs that pair students with executives in technology domains foster knowledge exchange and fresh perspectives. Scenario planning exercises addressing emerging business challenges further equip students with the adaptability needed in a dynamic business landscape.
The key is creating learning environments that replicate the ambiguity and constraint-based decision-making of actual business settings. Effective methods incorporate reflection components that help students extract principles from experiences. Technology-enabled learning tools can create immersive simulations that compress years of business experience into weeks of structured learning. Assessment methods must evolve to evaluate application skills rather than knowledge recall, focusing on students’ ability to synthesize information and make sound decisions under uncertainty. While recall capabilities are essential, the ability of critical thinking and taking decisions with limited information is key. Encouraging students to work on social impact projects enhances their ability to apply business concepts to complex challenges.
How can business schools create an environment that encourages startups and innovative thinking?
To cultivate innovation and a thriving startup culture, institutions should establish pre-incubation programs that validate business ideas before formal incubation, ensuring a strong foundation for aspiring entrepreneurs. Entrepreneurship tracks with flexible course scheduling and academic credit for venture development will encourage students to pursue their startup ambitions alongside their studies. Designing robust mentor networks that connect students with successful founders and investors will provide crucial guidance and industry insights. Implementing milestone-based funding mechanisms can offer financial support at critical stages of student ventures, fostering sustainable growth. Additionally, developing a specialized curriculum that addresses India-specific scaling challenges will equip entrepreneurs with the knowledge and strategies needed to navigate the unique business landscape
Institutes should recognize that entrepreneurial learning requires different assessment frameworks than traditional academic evaluation. Creating a culture that celebrates thoughtful failure as a learning opportunity is essential for encouraging risk-taking. Physical spaces designed for collaboration and prototyping help transform concepts into implementation quickly. Industry partnerships specifically oriented toward new venture creation provide the right environment to test student ideas, and motivates them to take risks. Inviting entrepreneurs for regular student discussions helps the students understand the many paths to business creation through exposure to a variety of entrepreneurial journeys. Appreciating the art of resilience is key to becoming an entrepreneur. Collaborating with venture capital firms and government initiatives like Startup India can create funding opportunities. Organizing entrepreneurship boot camps, business plan competitions, and innovation challenges fosters an entrepreneurial mindset. Providing students with access to industry mentors, alumni entrepreneurs, and angel investors enhances their chances of success. Interdisciplinary collaboration with engineering, design, and legal faculties can further strengthen startup ecosystems by providing technical and regulatory expertise.
How can institutes prepare students for fast-changing industry needs and job markets?
As industries evolve rapidly, institutions must embrace structural changes to stay aligned with emerging needs. Forming industry advisory councils with rotating membership will ensure fresh perspectives and ongoing industry relevance. Implementing modular curriculum structures will allow for rapid content updates without requiring complete program redesigns, while also providing students with multiple pathways to complete their education. Additionally, designing micro-credential pathways will enable students to acquire specialized skills without being constrained by traditional specialization silos, fostering adaptability and lifelong learning in a dynamic professional landscape. Create faculty development programs focused on emerging business technologies and methodologies
Establish centers of excellence in anticipatory areas like sustainable business models and ethical AI
The focus should be on developing learning agility rather than static knowledge bases. Institutional agility demands governance structures that can rapidly approve curriculum innovations while maintaining quality standards. Autonomy provisions should be liberal, based on the maturity demonstrated by the institutes. Industry trends should be tracked on a regular basis to anticipate skill demands before they become mainstream. Continuous feedback loops between alumni in various sectors provide early warning of emerging trends. Faculty incentive systems must reward industry engagement and curriculum innovation as much as traditional academic outputs.
How does hands-on learning, like internships and live projects, help students become job-ready?
Experiential learning cements concepts effectively when structured properly, requiring institutions to implement key initiatives. Designing project-based courses where deliverables address real business problems ensures practical application of knowledge. Creating assessment frameworks that evaluate application and adaptation rather than memorization fosters critical thinking and problem-solving skills. Implementing reflection components encourages students to analyze outcomes against theoretical frameworks, deepening their understanding. Establishing mentoring structures where industry practitioners collaborate with faculty to guide student project teams enhances real-world insights. Additionally, developing innovation labs that simulate specific industry environments provides hands-on experience, preparing students for complex professional challenges.
The effectiveness depends on creating environments for experimentation within safe learning environments. Well-designed experiential learning creates emotional engagement that enhances retention and recall. Experiences should be sequenced such that complexity and ambiguity progressively increases to build adaptive capabilities. Documentation requirements help students externalize their thinking processes for articulation and refinement. Cross-functional projects mirror workplace realities where collaborative problem-solving across disciplines is essential for success.
What key trends will shape the future of management education in India?
The current standard curriculum template will not suffice for future needs. Future education must prioritize hyper-personalization of learning pathways, tailoring education to individual career aspirations. The integration of sustainability and ethical leadership across all management disciplines is essential to developing responsible leaders. Specialized programs should be designed to address sector-specific management challenges, ensuring relevance in diverse industries. Additionally, leadership development must place increased emphasis on psychological safety and workforce well-being to foster inclusive and resilient organizations. A strong focus on family business transformation and governance will also be crucial in preparing future leaders for the unique complexities of family-run enterprises.
Indian management education must develop its own paradigms rather than simply adopting Western models. The integration of India’s philosophical traditions with modern management thinking can create distinctive approaches to leadership development. India is growing to be a superpower, the economic transition across the world creates opportunities for management education specifically addressing emerging market challenges. Our tradition of frugal innovation provides foundations for management education focused on resource-efficient business models with global relevance. Hybrid learning models, combining online and offline education, are making MBA programs more accessible. The integration of data science, AI, and sustainability into business curricula reflects evolving corporate priorities. Institutions are focusing on entrepreneurship, with more students opting for startup incubators over traditional job placements. Business analytics, fintech, and ESG (Environmental, Social, and Governance) frameworks are becoming core components of management education. Increased collaboration between academia and industry, through experiential learning and co-designed programs, is redefining business school structures.
How will policies like the National Education Policy (NEP) impact business education and global competitiveness?
The NEP creates significant opportunities by fostering multidisciplinary approaches that connect management with humanities and emerging technologies. Credit-based frameworks allow specialized qualification pathways, enabling students to study technology subjects alongside management concepts. Increased autonomy in curriculum design and delivery methodologies ensures the incorporation of relevant soft skills, enhancing overall competency. Research-focused partnerships with global institutions facilitate the integration of cutting-edge knowledge through advanced collaborations. Additionally, the integration of vocational and professional education components enables skill development while imparting strong conceptual foundations, preparing students for dynamic career landscapes.
Progressive institutions will leverage these policy frameworks to develop distinctive educational offerings. The emphasis on Indian languages opens possibilities for management education tailored to regional business contexts. Reduced regulatory barriers enable experimentation with alternative delivery models including hybrid and technology-enhanced learning. The focus on holistic education aligns with growing industry demand for managers with well-developed socioemotional capabilities alongside technical skills. Industry-academia collaboration, skill-based education, and digital learning models will improve employability. Additionally, the NEP’s encouragement of foreign university campuses in India will increase competition and improve quality.
What are the primary challenges in integrating emerging technologies into management education?
Technology is essential across all sectors, including education, but several key barriers must be addressed for effective integration. Faculty capability gaps in emerging technologies and their business applications hinder effective teaching, while infrastructure limitations constrain simulation-based learning environments. Outdated assessment frameworks remain misaligned with technology-enabled business environments, reducing their relevance. Curriculum rigidity prevents the rapid integration of emerging business technologies, limiting students’ exposure to industry advancements. Additionally, insufficient industry partnerships restrict access to current technology applications, making it crucial to foster stronger collaborations for a more future-ready education system. The solution lies in creating faculty development models that prioritize continuous technological learning. Investment in technological infrastructure must be coupled with pedagogical redesign to leverage technological capabilities effectively. Creating technology champions within faculty ranks helps overcome resistance to new teaching methodologies. Developing collaborative relationships with technology providers creates access to cutting-edge tools without prohibitive costs. Cross-institutional technology sharing models can distribute investment burdens while creating communities of practice. Industry can be brought together as partners to help provide the right push for technology adoption.
