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Dynamic changes in business created an immense need to introduce creative techniques of teaching and learning in the management education system. At a global level, the business school adopted innovative Pedagogy for teaching and due to this, they can serve competent leaders and managers to the industry. In India, most of the business schools are still lacking such teaching pedagogy which able to develop problem-solving capability in students as well as activate their creative thinking. This paper mainly emphasizes the contribution of creativity and innovationon the enhancement of the Management Education system and its impact on students. Efficient Managers can be developed through the modern education system by incorporating innovative teaching methods and toolsin it.Foreign business schools having practical based teaching learning system. The Indian Business School can be equivalent to the foreign Business schools by adopting recent innovative teaching -learning methods such as MOOCs (Massive Open Online Course), Case study, Roleplay, Flipped classroom, Peer to peer learning, Internship program, Project-based learning, Practical workshops as well as continuous research on employer/Industry demand. An attempt has been made in this paper to understand the current standard of Indian management education system, gap, challenges, and lesson learned by of Indian Management Institutes to compete with global standard.
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