The management education in India took practical shape during early sixties with establishment of institutions like Indian Institutes of Management (IIMs)
to train young minds in the art & science of management. Since then many universities have started Faculty of Management Studies and various other management institutions have also come up to cater to the growing demand of managers, both locally and globally.However,LPG (liberalization,privatization and globalization) have made a ground for popping up of hundreds of private,commercialized management courses and institutes. Changing economic conditions and intensification of global competition have given management education an increasingly key role in the success of business houses. Except IIMs and other statutory institutions in India, nearly 95% of higher education institutions (HEIs) have been directly or indirectly regulated and monitored by University Grants Commission (UGC) and All India Council for Technical Education (AICTE) ,under siege of the Ministry of Education, Government of India. The model curriculum, which is devised by UGC and AICTE guides, by and large, the board of studies (BoS) of universities, academic councils of autonomous and stand-alone institutions.What is the quality of the model curriculum? How often it is updated? Does that model curriculum ensure updated learning and make students industry-ready? The condition is still worse for affiliated colleges of universities, including engineering and management institutions, which are compelled to follow the curriculum prescribed by the university, hardly reviewed for over a decade.Thus, this paper will focus on current scenario of managing management institutions& education in India, diagnosing the gap between management education curriculum &industry expectations. This paper also examines the effort that has to be put in changing management education curriculum to assure quality and meet industry expectations.