What is the relevance of the MBA degree in the Indian construction industry, especially after the advent of technologies like generative AI and large language models (LLMs)? Based on analysis and understanding of the industry, the MBA degree will continue to be valuable and important in the future for individuals pursuing careers in India, especially in the built environment sector.
One of the primary reasons for this is that the MBA programme provides students with a comprehensive understanding of business functions such as accounting, finance, marketing, operations, and strategy, which are critical for businesses operating in the Indian construction industry. The construction industry in India is one of the most important contributors to the country’s GDP, accounting for around 9 per cent of the total GDP (IBEF, 2021). With the Government of India’s push for infrastructure development and the increased demand for affordable housing, there is a growing need for individuals with a strong understanding of business functions and management practices to lead and manage construction projects effectively.
Moreover, an MBA degree helps students develop critical interpersonal skills such as leadership, communication, teamwork, and cultural intelligence. In the Indian construction industry, effective communication and teamwork are essential for managing complex construction projects involving various stakeholders, viz. clients, regulatory authorities, contractors, consultants, etc. The construction industry in India is also diverse and involves working with people from various cultural backgrounds, making cultural intelligence an important skill for MBA graduates to possess. By providing students with opportunities to work in teams, interact with peers from diverse backgrounds, and learn about different cultures, the MBA programme equips graduates with the necessary tools to work effectively in the Indian construction industry.
The value of an MBA degree in India, especially in the built environment sector is also supported by data. According to a report by the Confederation of Indian Industry (CII), the construction industry in India is expected to reach a market size of US$ 1 trillion by 2030 (CII, 2021). The report also notes that the industry will require a skilled workforce with expertise in business management and technology. The MBA degree equips graduates with these skills, making them valuable assets to the Indian construction industry.
However, it is worth noting that the MBA degree is not without its criticisms. One common critique is that MBA programmes prioritize profit over social responsibility, and as a result, MBA graduates may lack a sense of ethics and social responsibility. To address this criticism, many business schools in India, such as ours, have recognized the importance of teaching ethics and social responsibility and have incorporated these topics into their MBA curricula.
In conclusion, the MBA degree will remain relevant in the Indian construction industry due to its ability to provide students with the necessary knowledge and skills to succeed in the sector. As the Indian construction industry continues to grow, the demand for individuals with MBA degrees will only increase. However, business schools must also recognize the importance of teaching ethics and social responsibility and ensure that their curricula reflect these values. By doing so, MBA graduates will not only be successful in their careers but will also contribute to creating a more just and sustainable construction industry in India.
— Written by Triveni Prasad Nanda, Assistant Professor, School of Construction (SoC)
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