Q/ How will the job market evolve?
A/ The geopolitical uncertainties would prevail in the short run. Accordingly, the type of recruitment would be focused on how the developed economies would be doing. If there is an improvement in the atmosphere that inspires confidence, it would lead to better recruitment cycles and hence work moving to India.
In the medium term, the most important challenge for educational institutions, corporations and governments will be: how do we equip our graduates to reskill in terms of not only technology but also organising the firm going forward. This would help develop both resilient employees as well as resilient organisations. Here is where the impetus is required from the management schools as well as technology schools. This is where foresight coupled with changes in curricula is important. Experimentation at the b-school level by being laboratories for the organisations would help pave the way forward. Collaboration should increase between technology schools, b-schools and universities going forward. We cannot have a strong India without resilient organisations and resilient workforce.
Then, in the long run, we need to focus on the values that individuals should live by. These values should help produce enduring societies and ecosystems.
Q/ What are some of the features of a market like India that b-schools need to keep in mind?
A/ B-schools in India should keep in mind that Indian economy is going to witness a tremendous growth, despite the uncertainties, over the next two decades. The only thing that b-schools or schools should know is that the growth rates may differ owing to the possessing or lack of political will, technological challenges and uptake, and trade relations among countries. These would translate into type of skills required by the economies. B-schools should train employees at various levels of experience as well as levels of the employees in the organisation. The horizons in which the faculty need to change their curriculum as well as upskill themselves is one of the specific challenges. If b-schools retain faculty (because of tenure) and thus cannot impart appropriate education, it would not only be unproductive for the faculty, it would be hurting the education. Hence, a specific challenge is to train and equip faculty in this fast-changing environment.
Q/ India's demographic dividend has been talked about. What role will management education play in cashing in on our advantage?
A/ As indicated earlier, this is definitely an inflection point for our country. China grew at a fast pace between 2005 and 2015. India is a decade behind. Hence, our growth is important over the next decade. The role of education in general and management education in particular becomes important. How do schools cash in on this advantage by keeping themselves up to the pace and being relevant for organisations (locally as well as globally) is an important question to ponder.
Q/ Do you see possibilities in management education in “non-traditional” areas like sports management or any other field?
A/ There are a number of non-traditional areas that would emerge because of changes in consumer behaviour, population demographics and technological changes. Some of them like sports management and entertainment would see management influx owing to the growth of the Indian economy and the rising income level and aspirations of the growing population. Some of the other sectors that would witness tremendous potential include areas around work of the future or gig economy. This would enable workers to have multiple skills. While moonlighting is not considered good for the economy, it is important to understand that life of careers would be the norm of the future rather than career for life. It is also pertinent that management education should also endeavour to develop the creative quotient of future managers.
Q/ What do you feel about the startup ecosystem in India?
A/ The startup ecosystem received significant support over the last decade. Government-backed initiatives like ‘Startup India’ have also created a tremendous support base in the regulatory scheme of things. The number of unicorns have also increased significantly in this past decade. This would only become higher with some unicorns shaping the economies globally. The risk capital that is getting contributed towards startups is still low. A lot of startups that receive funds at this point in time are for digital platforms. Fundamental investments in technology-based startups is still low in proportion. There are efforts by the government to fund these startups. However, venture funding availability for such startups is quite limited. Corporates or business houses should commit risk capital in fundamental technologies like medicine, space, renewables, climate, sustainability and AI. Without the above, the Indian trajectory of growth would not shift towards producing world-class products in at least one or two industries by the end of the next decade.