Majority of B-schools’ faculty lack basic economic awareness

May 20th, 2008 - 5:23 pm ICT by admin  

New Delhi, May 20 (IANS) Barring the top 30, faculty in most business schools in the country lack fundamental economic awareness, says a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham). The Assocham Business Barometer (ABB) survey on faculty awareness covered 258 faculty members in various MBA institutes across the country - except the top 30 - and discovered that 89 percent of the teachers didn’t know the GDP growth rate in financial year 2006-07.

Less than five percent of the teachers could estimate the saving and investment rate recorded during the same fiscal. The proportion of teachers who knew the amount of exports and imports made during 2007-08 was almost nil, the survey said.

Ninety-two percent were unaware that foreign exchange reserves of the country had surpassed the $300 billion mark. Most could only recall that forex reserves had crossed the $100 billion mark.

Not even 10 percent of the teachers were aware of the existing financial turmoil in the US. Furthermore, 10 percent of them were not conscious of the possible recession in US, the world’s largest economy.

While the approximate exchange rate of Indian rupee vis-

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