Question may arise in our mind that why management education is a luxury in many countries? The following are the reasons for this:
Every year lakhs of students with a common aim prepare themselves to join in Indian Institutes of Management. All the IIM's who have spread their campuses in over hundred areas of land look after thousands of students. As only 7% of India's population receives higher education, multiple schools and colleges could be built for the benefit of the people on these several hundred acres of campus.
Every year Indian government continues to invest in management education in which only one percent of the total number of students take it. These students, who are considered as the best brains in the world, then leave their own motherland in order to rise in their career, for greener pastures, for better pay and high living standard. When this best brains travel abroad for their livelihood the government as well as the taxpayer have to suffer heavy loss. It happen so because the seeds are sowed by them but the fruits are enjoyed by others.
After suffering losses of best brains no, attempt is made by India to reemploy these students back in the country. E.g. Indra Nooyi CEO of PEPSI, who is a product of IIM Kolkata, is a prime example of how the country lost out on its top brains. She has contributed to the runaway success to one of the brands in the USA PEPSICO. The scenario is just vice –versa in European country called France. France Government incentives to bring back these highly trained and skilled professionals back.
A growing country like India needs more management graduate to steer its economy to the path of growth. Different surveys have forecasted the number of skilled and capable MBAs would be required in the coming days. It also states that we not only need more management pass outs but also more quality management pass out to run our businesses and contribute to the development of the economy. As we know many of the pass outs from the IIT and IIM's have turned out to be global corporations, mainly in the USA and few other develop economies. Although, there are several priorities that cry out for attention in a developing country like India, it is a well known fact that elites run society and institution in the country and this is essentially a minority.