The first wave of economic reforms was the result of the economic crisis in 1991 and led by Mr. Manmohan Singh. India gained a lot through these reforms but the task was unfinished. Later on Fiscal mismanagement, political profligacy, increasing corruption, absence of reforms in key inputs like land, power and labor, policy paralysis, lack of initiatives to promote innovation, and problems in running of business has set the stage for the Modi era and a new set of reforms.
Prime Minister, Mr. Modi has identified the need of the hour and Introduced Make in India, Digital India, Skill India, Start up and Stand up India, Transform India, Swachh Bharat Abhiyaan, Clean Energy Mission, Invite FDI, Smart City Mission, etc. The other initiatives are financial and communications inclusivity like the Jan Dhan Yojana, Aadhar Mobile Number Trinity, Revitalizing public sector banks , Ease of Doing Business (EoDB), cleaning the system from black money and corruption and finalization of the GST.
The government has launched a program of bold reforms, with the objective of providing job opportunities for every youngster, making India a manufacturing hub and closing the economic & technological gap with the World. Modi’s actions on reforms are backed by innovative thinking and dynamism with strong vision back up but have its own challenges and limitation in the given socio-economic framework.
There are many challenges in the implementations of these reforms such as privacy issue, data security, structural reforms, land reforms, Indian tax compliance system, labor laws, implementation of the Skill India programme, compliance adherence, Reforms in banking, bankruptcy and insolvency laws.
On the other side there are many issues still unaddressed, such as Land Bill, improving corporate governance, fast Judicial reforms to address commercial matter, smooth and good implementation of GST, environmental degradation, social inequality and gender equality, proper targeting of welfare schemes, no plan to capitalize on global turmoil to attain higher growth, etc. How serious Narendra Modi Govt. is about effecting change is clear from the fact that it is yet to start fixing timelines for various policy initiatives.
The pace has to be increased in bringing about changes and implantation of the same. In such a scenario, it is not only the Government but also Indian higher education system that has to play an important role in the successful implementation of these programmes. In a world, where growth is driven by knowledge and innovation, Strategic investments in higher education built intellectual capital, leads to innovation which is the predictor of a strong economy. It’s especially appropriate for China, where higher education has become a central part of the nation’s strategy for growth.
Institute of Management, JKLU, backed and sponsored by the JK Organization, an Indian industrial conglomerate is one of the top institutes for management in India. The MBA, BBA and B.Com (Hons.) programmes of Institute of Management, JKLU, are designed to align with the need of these new economic reforms; catering the need of the industry for ensuring sustainability, developing entrepreneurial skills in the students to build an entrepreneurial ecosystem in the country and making India a manufacturing hub, skilling students in industry specific programmes and making them globally competent.
IM, JKLU offers MBA specialization in Logistics and Supply Chain Management (CII-IL); Financial Analytics (Moody’s Analytics and EduEdgepro), Digital Marketing and Web Analytics and Retail Management apart from conventional areas. Similarly, BBA offers specialization in Supply Chain and Logistic Management (CII-LI); Retail Management; and Banking and Finance and B.com (Hons.) offers specialization in Accounting and Finance; Banking and Finance; and Entrepreneurship. All these specializations will enhance the students’ employability and contribute to National development. These initiatives are making the management education programme of JKLU, best institute of management in Jaipur.
The Mantra of Management Education in JKLU is not only about Accreditation but it is also about how the Management Graduates find good jobs to meet the needs of the fastest growing industries and the transforming economy.
About The Author
Assistant Professor, Institute of Management, JK Lakshmipat University