The management education has played on important role in the social uplift and overall development of the society. It is the responsibility of Management Institutes and business schools to provide qualitative, relevant, current, and updated knowledge to the students in the competitive world. Unfortunately the business schools face several challenges in terms of imparting quality education. Today, in the age of globalization external environmental forces and stakeholders continuously put pressure on the business schools to adapt the changes happening in the business world. It is difficult for organizations to survive the rapid trend of globalization and technological changes in the competitive world. Importance of management education has increased in many folds; hence it is a need of Business executives to update their skills due to sudden changes in the external environment. In order to meet the challenges in higher education, the business schools need to maintain their standard of excellence by paying attention to performance measurement. In order to maintain the quality education, business schools to remain in close contact with the industry. It is also important that the Education Institutions need to strive to achieve balance between the education cost and the quality. According to Economic survey India is going to youngest nation in the world which creates largest workforce with potential to meet the growing requirement of the Industry.