We are a developing country. Large sections of our population still live in abject poverty, despite the huge natural resources and the talented technical personnel we possess. Amongst the many causes responsible for this state of affairs is the poor management in all respects. Our resources are not put to optimum use. Instead of seeking economic solutions to social problems we try to experiment with political solutions. Many of our shortcomings and drawbacks will disappear, if we sharpen our management techniques and train efficient, dedicated managers to run our institutions and organizations. It has been aptly stated "The achievement of business management enables us to promise the abolition of the grinding poverty that has been man kind's lot through ages" (Peter Drucker)

Traditionally in India business and industrial houses were formed based on the family or hereditary management. In this system of management both ther ownership and control of the business were in the hands of members of a particular family. Our inability to make best possible use of better technology and enlightened management systems introducing quality and competititveness in our products is considered to be mainly due to the lack of professional management. However in India we have reached a stage where professional management is fastly replaing the erstwhile system of family control and management. The new generationof businessmen is acquiring formal training in management. The need for good managers is bound to increase in the years to come and therefore impareting managedment education and tgraining and study of advanced principles and practices of management is essential for the economic advancement and progress of the country.

We have chosen to embark on economic reforms in the early Nineties ofthe last century accepting free competition ina market driven economy. This at once provides botgh opprtunities and challenges. Previously we have been operating in a captive economy protected from foreign competition through high tariff walls and internally regulated through a host of controls, licences and permit. It was all along a seller's market. The buyer has no option either with regardsto the product or its price. The public sector entgerprises dominated the indian economic scene. But with acceptance of globalisation and market driven free economy Indian business face competition amongsty themselveds as also from foreign entities. Better management to ensure quality and competitiveness is no longer a matter of choice, but an urgent necessity for survival.

On account of acceptance of globalisation of economic activieites Indian businessmen have to produce and sell in the global market. The immense oppurtunity that has been opened to our industry and business can be reaped only if Indian business and industry becomes more efficient and at par with international standards. Understanding management prfinciples and practices is a must in the new environment, as business and industry cannot be managed except by professionals.

Economic conditions, consumer tastes and preferences, fashion, dedsign etc. are undergoing rapid change. We are living in a world of continuous transition new ideas and new technologies. It is essential to underastand managment concepts and re-engineer our systems and practicves according to the changing times, for which study and understanding of management as a subject is essential.