ICAI had recently signed MOU with the Directorate of school education, Kashmir. The agreement is for encouraging commerce education with students of government schools. The students of Kashmir valley work with the central university of Jammu and Kashmir, Jammu and Kashmir service selection board, Indian institute of integrative medicine, Jammu, SKUAST, Shri Mata Vaishno Devi University, Katra, Government medical college Srinagar, Ladakh Autonomous hill development council, Leh, university of Jammu and Jammu and Kashmir high court. The students living in Kashmir have the dream of graduation and a government job.
Commerce education at a young age helps these students for growing beyond the horizon. The ICAI agreement works for five years. People living in the Kashmir valley get a job in industries there. The industries in Kashmir are agro-based, cement industries, and forest-based industries. The manufacturing industries are less in Kashmir because of the non-availability of copper, petroleum, quality coal, iron ore, and natural gas. Art manufacturing is the traditional business of Kashmir people. This blog enthrals the readers with the following discussions about education. Commerce education is valued with commerce education in schools, inclusive growth because of commerce education and growth of commerce in the next five years.
How does ICAI help to improve commerce education in schools?
ICAI had taken initiatives to promote commerce education. The committee and programs are developed to educate the students from schools. Some of the key points are mentioned below:
• From a career selection perspective, commerce subject needs to be added to the class VI of the students is the long-held view of ICAI. The basic knowledge of science and maths creates an interest in engineering and medicine. Basic level knowledge of commerce subject creates interest in accounting courses.
• The committee on career counselling promote the exhibitions and fair. These elements attract global and domestic learning students.
• Essay writing, debate, elocution, workshops, deliberations, talent search programme, and other competitions are conducted to attract the school going students.
• The committee also promotes motivational stories with a focus on CA education.
• The school education department takes care of the funds for schemes, postings, transfer, department action, school inspection, and placement of lecturers.
• The committee on career counselling organise the faculty development program in coordination with directorate activities.
• The objective of the committee is to spread the value of commerce education. The committee activities organised focusing on schools and universities to promote commerce education.
How does commerce education pay the way for inclusive growth?
More specialised subjects and industrial linkage make commerce a practical subject. Zoology, botany, physics, and chemistry are the choices for science learning students before starting graduation. Commerce education has other branches such as BBA and BBM. But, the fundamental subjects are more than thirty subjects. Choices, specialisation and industrial exposure help promote the curriculum with diverse opportunities. It is essential to promote the research for postgraduate and professional courses. The specialised knowledge and dynamic aspect are equipped with the research of the subject. The global universities add systematic advancement to the commerce course. This makes the commerce subject experimental and practical.
Commerce education is the backbone of the economy:
Commerce education help with resource management, and business experience, and train the learners in the functional areas of commerce, trade and industry. Industrial growth demands a supply of manpower and functional operations. The business environment has become data-driven and technology-driven. So, customer experience, product pricing and managerial skills are given more importance. Commerce education is adding new subjects and creating new job opportunities for professionals. After engineering, commerce is the subject that enhances the job opportunities for the students. Chartered accountancy is a professional course that trains the students to make use of the complete commerce knowledge. The role of a chartered accountant in a listed company is vital.
What is the advancement in commerce education for the next five years?
As per the survey report of the HRD ministry, only 2.5 colleges have PhD programs. In the year 2018 to 2019, 962 universities, 9190 stand institutions and 38,179 colleges participated in this survey. Only 0.5 per cent of students have enrolled in the PhD programs. The ASHE report states that the student enrolment is high in the humanities stream. It is 35.9 per cent. The enrolment in engineering and technology go as 13.5 per cent. Commerce education comes last in the cadre. The percentage of enrolment is 14.1 per cent. Some of the trends in commerce education are given below. These commerce-related trends reveal the skills for low-profile jobs and high profile jobs.
• E-commerce is about understanding the modern communication instrument such as fax, internet, e-data interchange, telephone, e-payment, and money transfer systems. E-commerce studies also support cyber law studies.
• M-commerce is the branch of e-commerce. It educates about mobile transactions.
• Commerce students prefer self-employment oriented courses such as management accounting, taxation, financial analysis and cost accounting.
• Low profile jobs in commerce demand job oriented courses. The demand for advertisement, marketing, secretarial practice, and computer-based accounting software is high.
• What is a human? Is the question of the future trends in accountancy subject? Artificial intelligence is creating innovation that demands new institutional, social and economic models.
• Education must develop the attitude of responsibility and engagement in the students. Commerce education needs to find a solution to the big problems in the commercial world.
Developing countries give importance to journalism. It educates the decision about lives, government and societies in the country. This thought process help for the systematic development of the community. Commerce education improves the activities of the business cycle. It promotes systematic development in all industries. Communal and industrial development is part of systematic economic development. ICAI implement commerce education awareness and career counselling in Kashmir to envisage systematic development.