Reimagining Commerce education in India

Commerce education must transcend its current limitations to address pressing societal challenges, including inequality, economic instability, exclusion and environmental degradation

While the growing interest and rising enrolment in undergraduate Commerce programmes in India signify optimism and ambition among the youth, they also underscore the imperative for transformative change. | Photo Credit: Pixabay

In recent years, undergraduate Commerce programmes in India have witnessed a surge in enrollment, reflecting the aspirations of young students eager to carve out careers in Finance, Accounting, and Business Administration. This growth, however, unfolds against a backdrop of deep-seated challenges: rising wealth inequality, persistent economic crises such as unemployment and inflation, and a widening gap between economic growth and social well-being. At its core, Commerce education in India often reinforces neoliberal assumptions about economic development and growth, yet falls short in equipping students with a comprehensive understanding of their social and environmental impacts.

The allure of Commerce education lies in its promise of lucrative career prospects and opportunities in a globalised economy. Students are drawn to fields such as Accounting, Finance, and Business Management, influenced by the perception that these sectors offer stability and upward mobility. However, the prevailing curriculum tends to prioritise technical skills over critical thinking, emphasising profit maximisation and market efficiency, while neglecting broader societal implications.

India, like many emerging economies, faces profound challenges rooted in inequality. The concentration of wealth among a privileged few juxtaposes starkly with the plight of millions struggling to access basic resources and opportunities. While Commerce education fosters a culture of competitiveness and individual achievement, it often overlooks the systemic barriers that perpetuate inequality and restrict social mobility. This oversight is exacerbated by economic crises that amplify disparities, leaving vulnerable communities further marginalised.

Moreover, the current paradigm of Commerce education in India mirrors global trends shaped by neoliberal ideologies. Emphasis on deregulation, privatisation, and free-market principles dominates academic discourse, reinforcing a narrow understanding of economic progress centred on GDP growth and capital accumulation. Such an approach, while integral to economic theory, fails to encompass the complexities of sustainable development and inclusive prosperity.

A critical concern is the environmental impact of unchecked economic growth, exacerbated by Commerce education’s focus on profit-driven models. In a world grappling with resource depletion and a climate emergency, future business leaders and finance professionals must be equipped to navigate challenges of sustainability and corporate responsibility. However, the curriculum often sidelines ecological awareness and ethical considerations, perpetuating a cycle where economic decisions prioritise short-term gains over long-term environmental stewardship.

Cultural hegemony

Italian philosopher Antonio Gramsci’s concept of cultural hegemony provides a compelling framework to understand how Commerce education can perpetuate and reproduce existing power structures and economic inequalities. According to Gramsci, cultural hegemony refers to the dominance of a particular set of ideas, values, and beliefs that shape and maintain the status quo, often serving the interests of the ruling class. In the context of Commerce education in India, cultural hegemony manifests through the uncritical acceptance and reiteration of neoliberal economic principles that benefit the economic elite.

Neoliberalism, as an ideology, promotes the idea that markets are self-regulating and that individual success is primarily determined by merit and entrepreneurial acumen. This perspective permeates Commerce education, where students are indoctrinated into believing that economic success is synonymous with personal achievement and that societal progress hinges on unrestricted market forces. However, this perspective ignores the structural inequalities and barriers that limit opportunities for marginalised groups.

Cultural hegemony operates not only through overt coercion but primarily through consent and acquiescence. In the context of Commerce education, consent is obtained through the dissemination of ideas that naturalise and legitimise capitalist relations of production. Students are taught to view economic inequality as a natural outcome of individual effort and to disregard broader systemic issues such as institutional discrimination, historical injustices, and regulatory capture.

The curriculum in Commerce education, therefore, becomes a site for the fortification of hegemonic ideas. Critical perspectives that challenge the status quo or advocate for alternative economic models are often marginalised or excluded. This perpetuates a cycle where commerce graduates, imbued with neoliberal ideologies, enter the workforce equipped to perpetuate and protect the interests of the economic elite, rather than challenging systemic inequalities or advocating for social change.

Caste exclusion and private universities

In addition to economic disparities, the proliferation of private universities and colleges in India has exacerbated social inequalities, particularly those based on caste. Despite constitutional guarantees of equality of opportunity, private educational institutions often operate under the guise of meritocracy while excluding students from disadvantaged caste backgrounds.

Caste discrimination remains deeply entrenched in Indian society, despite legislative efforts to eradicate it. Private universities, often driven by profit motives and catering to affluent urban populations, perpetuate caste inequalities by maintaining exclusionary admission practices. Through their selective admissions criteria and high tuition fees, they effectively bar students from historically oppressed castes from accessing quality education.

The exclusion of marginalised communities from commerce education not only reinforces economic disparities but also perpetuates social stratification. By limiting opportunities for upward mobility, private universities contribute to the consolidation of economic and social privileges among dominant castes, thereby entrenching existing power differentials.

Transformative approach

To counteract the pitfalls of cultural hegemony and caste exclusion in Commerce education, there is an urgent need to adopt a transformative approach that integrates Social Sciences perspectives and fosters critical inquiry. By expanding the curriculum to include courses on political economy, sociology of development, and environmental ethics, educators can equip students with the analytical tools to interrogate neoliberal assumptions and understand the broader socio-economic and environmental implications of their decisions.

Moreover, initiatives such as affirmative action policies and scholarships targeting students from disadvantaged caste backgrounds can promote inclusive access to Commerce education. By dismantling barriers to entry and fostering diversity within educational institutions, India can mitigate the effects of caste discrimination and promote social justice in higher education.

Incorporating Gramsci’s concept of cultural hegemony into the discourse of Commerce education can serve as a catalyst for intellectual exploration and ideological diversity. By encouraging students to critically examine the ideological underpinnings of economic theories and policies, educators can foster a more nuanced understanding of economic systems and their impact on societal dynamics.

While the growing interest and rising enrolment in undergraduate Commerce programmes in India signify optimism and ambition among the youth, they also underscore the imperative for transformative change. Commerce education must transcend its current limitations to address pressing societal challenges, including inequality, economic instability, and environmental degradation. By embracing a greater emphasis on Social Sciences perspectives, interrogating cultural hegemony, and dismantling caste barriers, India can cultivate a cadre of future entrepreneurs, finance professionals, and leaders who are not only adept at navigating economic complexities but also committed to shaping a more equitable, inclusive, and sustainable world. This paradigm shift is not merely an educational imperative but a moral and societal imperative, ensuring that commerce education serves as a catalyst for positive change.

The writer is an Assistant Professor, Department of Professional Studies, Christ Deemed-to-be University, Bengaluru.