Commerce education in India has long been regarded as a pathway to lucrative careers in fields like: 

• finance, 
• accounting, and 
• business management. 

With rising enrolment, it’s clear that the youth see this field as a means to secure their future. 

However, beneath this optimism lies a stark reality: the limitations of Commerce education. While the curriculum of undergraduate and postgraduate Commerce programmes focus on technical skills, they often ignore broader societal challenges. 

In this article, we’ll explore the key Commerce education challenges and why reforming Commerce education is critical if we want to see a more equitable and sustainable future.

1. Overemphasis on Technical Skills

One of the primary limitations of commerce education is that it unfortunately lacks the aspect of critical thinking. It is more inclined towards technical skillset, such as accounting, finance etc. The curriculum is built to prepare students for entry-level positions, frequently focusing on market efficiency and profit maximisation.

Due to its restrictive approach, commerce education in India is far removed from giving students the tools they need to tackle problems like: 

• wealth inequality, 
• economic vulnerability and 
• environmental degradation.

The rate of return and short-term results become more important than considering the generational implications that present business decisions will have on society. These commerce education challenges can only be overcome if we focus on more holistic learning at all levels.

2. Focus on Traditional Business Metrics

Another major issue with the Commerce education curriculum is its emphasis on traditional business metrics such as profitability, revenue growth, and market share. While these metrics are essential, they often come at the expense of understanding the broader social and environmental impact of business practices. Ethical decision-making and long-term sustainability are often ignored, leaving students ill-prepared to tackle real-world challenges.

Reforming Commerce education should involve integrating these considerations into the core curriculum to ensure that future business leaders make decisions that benefit society, not just shareholders.

3. Lack of an Interdisciplinary Approach

One of the most glaring issues in Commerce curriculum is the lack of an interdisciplinary approach. Commerce students rarely engage with subjects like political science, sociology, or environmental studies, which would help them understand the societal implications of business. Without this integration, students are often left with a limited perspective on how business decisions impact the world around them.

For Commerce education in India to truly evolve, there needs to be a shift towards a more comprehensive curriculum that includes social sciences. This would encourage critical thinking and provide students with a broader understanding of how economic systems shape societal dynamics.

4. Limited Exposure to Sustainable Development

Sustainability is a major global issue, but Commerce education in India often treats it as an afterthought. Topics like Corporate Social Responsibility (CSR) and Sustainable Development Goals (SDGs) are frequently relegated to electives or short modules, rather than being core components of the curriculum. This means that students graduate without a deep understanding of how to incorporate sustainability into business practices.

To tackle the Commerce education challenges, sustainability must be woven into the curriculum from the start. Students need to be taught how to balance economic growth with environmental preservation, ensuring long-term business success that doesn’t come at the cost of the planet.

5. Overemphasis on Profit-Driven Models

One of the major limitations of commerce education is that too much focus on profit-driven business models. However, knowing how a business makes money is only part of the story. If your bottom line relies solely on profit, you tend to gloss over some significant social and environmental costs. 

This myopic perspective about focusing on financial gains as the only way to measure success means that businesses tend to undermine ethical considerations or social responsibilities.

A mandatory course on ethical leadership and social responsibility is necessary for reforming commerce education. Through such steps, students are trained to not only become successful businessmen but also responsible citizens who foster more balanced entrepreneurship with the well-being of society in their hearts.

6. Inadequate Training in Ethical Leadership

The most prominent issues in Commerce curriculum prevalent today include failing to provide education about ethical leadership, which is very vital for the present scenario. Challenges such as: 

• labour rights, 
• inequality, and 
• environmental protection 

are becoming increasingly important business challenges on which students are not guided on. The commerce syllabus must address these problems.

Such an orientation to ethical decision-making and social responsibility within commerce education in India could produce the type of responsible business leaders who would not only think about returns on investment but also about the common good.

7. Rising Enrolment but Persistent Challenges

While there is a surge in enrolment in Commerce programs, it exists against the backdrop of rising wealth inequality, unemployment, and economic instability. Despite the optimism surrounding Commerce education in India, many students struggle to find stable employment after graduation. This mismatch between education and the job market highlights the Commerce education challenges that need addressing.

As inflation continues to erode financial stability, and job opportunities remain limited, reforming Commerce education is essential to bridge the gap between what is taught and the real demands of the economy.

8. Failure to Address Systemic Barriers

In the end, commerce education in India tends to constantly enable existing power structures instead of deconstructing them. The curriculum is shaped overwhelmingly by neoliberal ideologies, such as:

• markets self-regulate themselves, and
• personal success indicates merit. 

But it overlooks the issue of systemic barriers, such as caste or religious oppression, patriarchy, social exclusion of LGBTQ+ communities, and lack of support for differently-abled people. It impedes all kinds of progress for marginalised groups.

The more we fail to model these structural problems in commerce education, we will go on strengthening such inequalities rather than weakening them. To truly address these commerce education challenges, the curriculum must incorporate social justice, inclusive prosperity, and the understanding of how economic policies affect marginalised communities.

SMS Varanasi: Leading the Reforms in Commerce Education in India

What SMS Varanasi has done in order to curb this issue and address the overall commerce education challenges is to come up with an integrated approach that goes beyond traditional learning methods. The institution leaves no stone unturned when it comes to imparting the right kind of aptitude among students with its initiatives such as: 

• Business Analytics Course, 
• Language Lab, and 
• Employability Enhancement Programme.

SMS Varanasi has made an effort to overcome these limitations of commerce education and has been successful by integrating ethical leadership and sustainability into its curriculum. Our Centre for Entrepreneurship and the Centre for Spiritualism and Human Enrichment also foster interdisciplinary learning to help students tackle real-world challenges and promote inclusive growth in commerce education in India.