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Commerce Education in India - Contents, Importance, Challenges, Future Scope

Diksha Nautiyal
Diksha NautiyalUpdated On: February 24, 2022 06:01 pm IST

Commerce education imparts the experience of the business world in all its manifestations. It equips students with a number of specialised skills that help them excel in different functional areas of trade, industry and commerce.

Scope of Commerce Education in India

Apart from Humanities and Science, Commerce is a fundamental academic stream in India. The field of commerce deals with trading things of economic value between two or more entities, in other words, exchange of services or goods from a producer to the final consumer. The field of commerce is the most influential and strongest social institution these days. As a branch of knowledge, Commerce education imparts the experience of the business world in all its manifestations. The growing phenomenon of privatisation, globalisation and liberalisation has had an immense impact on the Commerce education.

Meaning of Commerce Education

As said by Chesseman, Commerce education is a form of instructions that directly as well as indirectly prepares a businessman for his calling. It prepares students for socially desirable and personally fruitful careers in the field of business and finance. While pursuing higher education in Commerce in India, students acquire the knowledge of business trade, fluctuations in the market, fiscal policies, basics of economics, industrial policies, etc. The education imparted to Commerce students tends to equip them with a number of specialised skills that help them excel in different functional areas of trade, industry and commerce.

The popularity of Commerce Education in India

In the post-independence era and wake of industrialisation, Commerce education is emerging as one of the most budding and potential pursuits. Most of the Education Commissions that has explored higher education in the post-independence era have held commerce education to provide students with in-depth knowledge of business and its different functional areas. This prepares students to fulfil requirements of the community for industry, commerce and trade purposes.

In the students’ community, commerce education has achieved high position and importance in India. This can be proved by the fact that from 0.36 lakh enrollments in 1950-51 in commerce courses, the enrollments reached over 20 lakh at present with a substantial share of 49% of total students in this sector. This percentage was 17.1% in 1975 and 25% in 2005.

Importance of Commerce Education

Commerce education helps support the increasing needs of business houses. It has been developed to provide aids to the growing manpower needs in thousands of business enterprises. Commerce education equips students with specialised skills that come useful in tackling problems in different functional areas of commerce, industry and trade.

The skilled manpower supply is indispensable for the growth of a business. Commerce education has a crucial role in today’s dynamic business environment. The rapidly changing trends privatisation, globalisation and implementation of technology has made tough for organisations to survive the competition in the business world. Consequently, the demand for Commerce education has increased many folds. Business executives need to be trained to update and adapt their skills quickly as per the sudden changes in the external environment.

Objectives of Commerce Education

The objectives of Commerce education in India include:

  • Finding out challenges in the commerce education sector.

  • Identifying future trends in commerce education.

  • Fighting challenges in commerce education by promoting its importance in business and finance.

Also ReadList of Entrance Exams for Commerce Students After Class 12

Contents or Subjects Studied in Commerce Education

As a stream of study, students can study commerce after Higher Secondary Level. The UG and PG education in commerce is offered by colleges/ universities across the country covering every specialisation. Under the discipline of commerce, aspirants can study a number of subjects that include:

  • Business Economics

  • Financial Accounting

  • Cost Accounting

  • Income Tax

  • Business Finance

  • Auditing

  • Marketing

  • Business Law

Also Read: Explore the Top Commerce Courses in India as Per 2020 Rankings

Challenges in Commerce Education in India

With a quantum jump in the business world, the need to redefine and strengthen the commerce education in India has increased. Commerce education is considered as the backbone of serial development of business in the nation. So, it is important that a sector as crucial as this one, there are no flaws in the system. Here are some challenges that commerce education is or will be facing in India.

  • Reforming International and Indian economic sectors.

  • Emerging issues in commerce, global economy and management.

  • Internationalisation or globalisation of Financial Market in the world.

  • Strategies and challenges to control inflation.

  • Role of Foreign Institutional Investment and Foreign Direct Investment.

  • Role of IMF and World Bank.

  • Govt. policies for acquisitions and mergers.

  • Import and export of commerce, industry and trade.

  • Challenges in the current market as with respect to the international scenario.

  • Strategies and challenges for the stock market

Also ReadDiploma Courses after Class 12 Commerce: Duration, Jobs and Scope

Future Trends and Opportunities in Commerce Education in India

A commerce graduate has ample opportunities in the private as well as government sector. Taking the current scenario and development into account, India will experience standards-based education in Commerce that focuses on outcomes for student learning. As per a research study, the number of e-commerce students/ aspirants in India will rise to 100 million in the next few years. This will create even more job opportunities and career scope for commerce education.

Also Read: Here Are The Top Career Options For You After B.Com - Check Now!

In the new era of globalisation, the traditional commerce education has become redundant. With the increased emphasis on global economy and information, higher education is viewed as very essential. With the changing trends in the education system, there has been an explosion of knowledge and technologies in all spheres. In such a situation, it is important that Commerce education does not face compromise with respect to quality as commerce education provides ample opportunities to graduates for employment.

Also Read: Explore Your Options in Government Sector After B.Com

Top Commerce Education Colleges in India

Some of the top Commerce colleges in India are listed below:-

S.No.

College Name

Type

Location

1

Amity University

Private

Mumbai, Maharashtra

2

Karnavati University

Private

Gandhinagar, Gujarat

3

Alliance University

Private

Bangalore, Karnataka

4

Nehru Arts and Science College

Private

Coimbatore, Tamil Nadu

5

Dolphin PG Institute of Biomedical & Natural Sciences

Private

Dehradun, Uttarakhand

6

Bangalore Institute of Management Sciences

Private

Bangalore, Karnataka

7

KL University

Private

Guntur, Andhra Pradesh

8

IEC University

Private

Solan, Himachal Pradesh

9

Future Group of Institutions

Private

Bareilly, Uttar Pradesh

10

Acharya Bangalore Business School

Private

Bangalore, Karnataka

11

Adamas University

Private

Kolkata, West Bengal

12

Maharishi Markandeshwar University

Private

Ambala, Haryana

13

Mount Carmel College

Private

Bangalore, Karnataka

14

Hansraj College

Public

Delhi, Delhi

15

Symbiosis College of Arts and Commerce

Private

Pune, Maharashtra

16

Shri Ram College

Private

Delhi, Delhi

17

Loyola College

Private

Chennai, Tamil Nadu

18

St. Xaviers College

Private

Mumbai, Maharashtra

19

St. Joseph's College of Commerce

Private

Bangalore, Karnataka

20

Narsee Monjee College of Commerce and Economics

Private

Mumbai, Maharashtra

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