Commerce Education – Challenges & Opportunities

Introduction

               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.

            Commerce has grown from a subject to a full-fledged
faculty in most of the universities and had acquired a pride of
place amongst different academic disciplines. The growing phenomenon of globalization, liberalization and privatization has been influencing the Commerce education. To meet the growing needs of the business society, there is greater demand for sound development of commerce education.

                                       Objectives

• To understand the problems of contemporary commerce
   education.
• To examine new aspects and trends in relation to Commence
   education.
• To propose a new approach to commerce education.
• To have practical orientation of commerce education.
• To know the development of commerce education.
• To impart valuable knowledge in the field of commerce education

                          Commerce Education

            Commerce Education, as a branch of knowledge imparts experience of business world at a large in all its manifestations. Chessman defined Commerce Education as - “That form of instruction that directly and indirectly prepares the business man for his calling”. The commerce education is primarily meant for providing the students in-depth knowledge of different functional areas of business so as to prepare people required by the community for the purposes of trade, commerce and industry. 

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.

    Challenges and Opportunities in Commerce Education

            Commerce is considered as one of the most popular career options in India. Commerce education is the backbone of the business and serial development of the nation. This education stresses on developing the people and making effective use of available resources.

Challenges
 
• Global issues in economy, commerce and management.
• Foreign Direct Investment role.
• Reforms in Indian and International Economic Sectors.
• Role of World Bank and IMF.
• Export and Import of Trade, Commerce and Industry.
• National and International strategies for stock market and
   investors in competitive markets.
• Government policies for mergers and acquisitions.
• Challenges and Strategies in Currency Market in International
   scenario. 

Opportunities
 
• A graduate in commerce had ample opportunities as he
   can join any private institute or government organization
   as a specialist in any of the Commerce stream and they
   can also pursue professional courses such as Company Secretary,
   Chartered Accountant, and ICWA.
• A graduate in Commerce can also opt careers in financial
   services as a Financial Consultants, Stock Brokers, Merchant
   Bankers, Budget Consultant, Financial Portfolio Manager,
   Project Formulation Manager, Tax Consultants.
• A graduate in commerce will with specialization in Banking
  & Finance will have opportunity in Banks and Insurance
  companies.

                                        Conclusion

             The traditional Commerce education has become irrelevant
in the new era of globalization. There is an urgent need to overhaul the existing business education system to cope up with the dynamic world With trade and commerce assuming innovative dimensions in the context of growing international business, the curricula for Commerce faculty should be adapted and re-structured to meet the future challenges of the economic, manufacturing and service sectors.
             Keeping in mind the significance of modern commerce education, the Indian government has liberalized the commerce
and business education market since 1990s, resulting in an unprecedented growth in the number of commerce and management institutions mostly through private participants.                        
             Education now becomes an industry, there is explosion of technologies and knowledge in all sphere. The quality of Commerce Education has become a major marketing issue in the changing environment. As per specialization, a practical training should be provided to the students. By making relevant and practical oriented Commerce Education, we may impact global competitiveness to our students. The students now have a vast choice regarding the institutions in which they want to study and accordingly they can develop their skills and equip themselves for the future and ultimately fit themselves for the future needs of changes in both in the industrial and services sectors within the country.

YOGA DAY

International Day of Yoga

World Yoga Day

                International day of yoga is also called as the world yoga day. United Nations General Assembly has declared 21^st of June as an International Yoga Day on 11^th of December in 2014. Yoga in India is considered to be around 5,000 year old mental, physical and spiritual practice. Yoga was originated in India in ancient time when people were used of meditation to transform their body and mind. Launching a particular date of practicing yoga all across the world and celebrating as yoga day was initiated by the Indian Prime Minister to the United Nations General Assembly.
                 Yoga is very necessary and beneficial for all human being if it is practiced by all on daily basis in the early morning.  Official name of this day is UN International Yoga Day and also called as Yoga Day. It is a worldwide event celebrated by the people of all countries through practicing yoga, meditation, debates, meetings, discussions, variety of cultural performances, etc.

History of World Yoga Day 

               Celebrating yoga day all over the world as World Yoga Day or International Day of Yoga on 21^st of June every year was declared by the United Nations General Assembly on 11^th of December in 2014. The declaration was done after the call by the Indian Prime Minister, Narendra Modi to the United Nations General Assembly on 27^th of September in 2014 during his address to the UN General Assembly. He call the United Nations General Assembly for adopting 21^st of June as an International Yoga Day to get all the benefits of yoga for the people all around the world.
              Narendra Modi has said during his address to the UN General Assembly that “Yoga is an invaluable gift of India’s ancient tradition. It embodies unity of mind and body; thought and action; restraint and fulfilment; harmony between man and nature; a holistic approach to health and well-being. It is not about exercise but to discover the sense of oneness with yourself, the world and the nature. By changing our lifestyle and creating consciousness, it can help us deal with climate change. Let us work towards adopting an International Yoga Day.”
              The declaration of International Day of Yoga is the great moment for the India in the history. It took less than three months to be declared as the World Yoga Day by the United Nations General Assembly. Narendra Modi had called for it on 27^th of September in 2014 which was finally declared on 11^th of December in 2014. It was first ever in the history that the initiative of any country has been proposed and implemented in the UN body within 90 days. This resolution has been adopted under the Global Health and Foreign Policy by the General Assembly in order to provide a holistic approach to the people worldwide for their health and well-being.
              In order to create a great level of consciousness and positively changing the lifestyle of worldwide human population Indian PM, Mr. Narendra Modi has put his views for adopting a day especially for yoga while address to the United Nations General Assembly. He asked to the world leaders for adopting international Yoga day to deal with the declining health because of negative climate changes. Especially, he suggested 21^st of June for adopting the International Day of Yoga as this day is the longest day in Northern Hemisphere regions as well as of great significance for people in many parts of the world.

World Yoga Day Celebration

             The celebration of the event International day of yoga is supported by various global leaders. It is celebrated by the people of more than 170 countries including USA, China, Canada, etc. It is celebrated on international level by organizing the activities like yoga training campus, yoga competitions and so many activities to enhance the awareness about yoga benefits among common public all over the world. It is celebrated to let people know that regular yoga practice lead to the better mental, physical and intellectual health. It positively changes the lifestyle of the people and increase the level of well-being.
             All members, observer states, United Nations system organizations, other international organizations, regional organizations, civil society, governmental organizations, non-governmental organizations, and individuals get together to celebrate the International Day of Yoga in suitable manner according to the national priorities to raise the awareness about yoga.

Objectives of World Yoga Day 

              International Day of Yoga has been adopted to fulfill the following objectives:

• To let people know the amazing and natural benefits of yoga.
• To connect people to the nature by practicing yoga.
• To make people get used of meditation through yoga.
• To draw attention of people worldwide towards the holistic benefits of yoga.
• To reduce the rate of health challenging diseases all over the world.
• To bring communities much close together to spend a day for health from busy schedule.
• To enhance growth, development and spread peace all through the world.
• To help people in their bad situations themselves by getting relief from stress through yoga.
• To strengthen the global coordination among people through yoga.
• To make people aware of physical and mental diseases and its solutions through practicing yoga.
• To protect unhealthy practices and promote and respect the good practices to make health better.
• To let people know their rights of good health and healthy life style to completely enjoy the highest standard of physical and mental health.
• To link between protection of health and sustainable health development.
• To get win over all the health challenges through regular yoga practice.
• To promote better metal and physical health of people through yoga practice.

TOP 10 INDIAN BUSINESS WOMEN

TOP 10 BUSINESS WOMEN IN INDIA

1) NITA AMBANI 
Chairperson of Reliance Foundation and director of Reliance Industries.

She leads India's biggest corporate CSR outlay of over Rs 1,500 crore annually. Reliance Foundation's flagship programme Bharat India Jodo (BIJ) is an attempt at capacity building and rural transformation to help make India a developed nation by the 100th year of Independence. Her 13 schools teach over 15000 children. She launched the Health For All initiative through community outreach programmes around the hospitals for the underprivileged. Reliance Foundation has touched over 4.5 million lives till date.

2) PRIYA NAIR

Executive Director, Home Care, Hindustan Unilever

Priya Nair heads the home care business of Hindustan Unilever. Her division contributes over 45 per cent of the company's revenues. Nair, who made it to HUL's management committee last year, says that the big game changer for her has been the movement from an operational leadership role to a more strategic part of leadership. She is now engaged in making the business responsive to society.
 

 

3) DEEPIKA ARORA

Regional Vice President (Eurasia), Wyndham Hotel Group 

          When Deepika Arora quit Hilton hotels to join Wyndham in India, it was a big risk because the world's biggest hotel chain had very little brand recall in this country. But in the past five years, she has taken Wyndham from eight hotels and one brand to 24 hotels in 13 cities across four brands, making it India's 12th largest.  

4) ARUNDHATI BHATTACHARYA
Chairman, State Bank of India

        Arundhati Bhattacharya, the first woman to head India's largest bank, the State Bank of India, has managed to deliver an encouraging performance despite the challenging economic environment. In the past two years, she has managed to put a check on non-performing assets, delivered profitable growth and introduced new initiatives in the digital banking space.  
 

5) ISPITA DASGUPTA
Chief Commercial Officer, GE, South Asia

       Ipsita Dasgupta believes being a woman in manufacturing is an amazing experience. She is responsible for development and execution of marketing and strategy, new products & solutions, and business development across GE's businesses in South Asia. In 2014-15 she also worked on building the China strategic marketing team and pivoting the company's strategy for two of GE's biggest businesses - Oil & Gas and renewable.

6) JYOTI DESHPANDE

 Group CEO and Managing Director, Eros International

    Jyoti Deshpande leads India's biggest and most profitable film-making and distribution company, Eros International. With a string of hits like Bajrangi Bhaijaan, Tanu Weds Manu Returns, and Dabaang2 to her credit, Deshpande's passion now is taking consumers digital. With Erosnow, she wants to make latest movies and other content available for free on the web and on mobiles for people to enjoy. Jyoti Deshpande, Group CEO & Managing Director, Eros International Plc.

7) Tanya Dubash
Executive Director and Chief Brand Officer, Godrej Group

        Tanya Dubash is heading the Godrej Group's Mastermind 2.0, a customer connect initiative that looks at products ranging from hair colour to fridges to hi-tech engineering products. She is spearheading the mission to create a brand identity for the group among the new generation, and grow its revenues exponentially. 

8) SHANTI EKAMBARAM
President, Consumer Banking, Kotak Mahindra Bank

      Shanti Ekambaram is responsible for driving in 1/3rd revenue of Kotak Mahindra Bank. She is driving digital innovations at the bank, which integrate conventional banking with social media seamlessly, offering the best of both worlds to customers. In addition to being a quintessential banker, Ekambaram is deeply involved in SOPAN, an NGO that works for educating and rehabilitation of autistic kids and always makes time for it on the weekends. 

9) ARUNA JAYANTHI
 Chief Executive Officer, Capgemini India

      Aruna Jayanthi heads one of the biggest business units of the Capgemini group with as many as 85,000 people. Jayanthi has grown into one of the most powerful leaders in the IT services industry today. She is also an Executive Council member of NASSCOM. When she gets time Jayanthi loves to read and listening to music. 

10) Radhika Piramal 
 Managing Director, VIP

     Radhika Piramal's role model in business is Warren Buffett. When she took over as Managing Director of VIP in 2009, her goal was to strengthen its leadership position. And like Buffet, Piramal was determined to achieve this by consistently offering excellent, cutting-edge luggage solutions to her consumers. So, she resurrected Skybags, a range of funky luggage for youth, the Caprese brand for women, and Carlton.

MANAGEMENT CONCEPT AND DEFINITION

MANAGEMENT

        Management is a universal process in all organized social and economic activities. Wherever there is human activity, there is management. Management is an essential part of any group activity. It is a primary force within the group or organization which tends to lead it towards the group goal. It is a vital element in the economic development of a country.

         Management is the effective utilization of human and material resources to achieve the objectives of the enterprise. It is concerned with the planning, organizing, directing and controlling the affairs of an organization.

 DEFINITION

      There is no universally accepted standard definition for management. Different authors defined the term management in different ways:

1) According to Mary Parker Follett, "management is the art of getting things done through people."

       

2) Harold Koontz has made a little modification. In his words, "management is the art of getting things done through and with people in formally organised groups."

3)  "Management is what a manager does"      

                                                                                 Louis Allen 

4) "Management is principally the task of planning, coordinating, motivating and controlling the efforts of others towards a specific objective."                              

                                                                                 James Lundy 

5)  "Management is a distant process consisting of planning, organising, actuating and contrlling performance to determine and accomplish the objectives by the use of human beings and other resources."     

                                                                            George Terry 

6)  "Management is the art of knowing what you want to do and then seeing that it is done in the best and cheapest way."     

                                                                              F.W.Taylor

7)  "Management is a multi purpose organ that manages a business and manages managers and manages worker and work."

                                                                           Peter F. Drucker