If we were to look at the enrollment statistics of students from various streams in Nagaland, then it would reveal a huge bias towards the arts stream as compared to science and commerce. Commerce has never been a popular subject among the Nagas, but has always been the preferred stream of choice for the business community. With the opening up of banks, insurance companies, and more and more entrepreneurs coming up in society, the time might be ripe to focus on the importance of commerce education. Currently, in many parts of mainland India, it is actually commerce which is the most sought after stream for admission. So what is commerce education? Here's the Department of Commerce, Tetso College to tell you.
Why Not Commerce?
Over the last two decades, a number of changes and developments have taken place in the social and political arena and as a consequence, India and other developing countries are facing a new challenge. This has placed increased demand on the educational system.
At present India is in a stage of transition involving social, cultural and economic changes. It is gradually moving from tradition to modernity, from an industrial to an information society and from a welfare state to a liberal market economy. These have strong implications for commerce education.
Today, commerce education is suffering from terminal disease and there is a tremendous sense of frustration not only in the minds of students, but also in the minds of commerce teachers about the future of this subject. Commerce graduates and commerce colleges have grown in number in a significant way in the last 70-80 years. Every year thousands of students complete their graduation and post-graduation in commerce. Most of them are underemployed and many remain unemployed. On the one hand, industry is undergoing a difficult time and the number of employment opportunities is declining, whereas on the other hand, we don’t find up to the mark commerce graduates, when it comes to skill and understanding of the real problem.
At present most of the major industries of the world are controlled and owned by the developed western countries. It automatically generates employment opportunities and increases national income and wealth.
Commerce education in modern business covers diversified fields of education and research in Management, Finance, Marketing, Accounting and Commercial and Business Law. In industrialized countries, commercial education is organized on dynamic and systematic lines. They are able to plan and design finances, establish and operate big factories in months, while in Pakistan, it takes years to do so. Unfortunately, in our country commerce was not even given a fair chance in the field of education or as a significant career option. In the past, we considered it inferior to other career options such as medical practitioners and engineering etc.
In order to attain economic growth, one needs professional Economists and Accountants with advanced practical training to evaluate and analyze the complexities of large scale financial management. In this era of mass production and large scale industries, we need trained and qualified managers to control huge financial investments. Production and labour, as the requirement has become a science. Commercial experts have to play another very important role in the field of salesmanship, and proper advertisements are necessary tools to maintain a competitive line in the market.
The importance of commerce extends further beyond the subject and profession into the realm of social development and welfare as well. Human beings consume a variety of goods. When man consumes products, his standard of living improves. Commerce helps us get what we want at the right time, right place and at the right price and thus helps in improving our standard of living.
Commerce makes possible to link producers and consumers through retailers and wholesalers. Consumers get information about different goods through advertisement and salesmanship. The manufacturers are regularly informed about the likes and dislikes of the consumers through marketing research. Thus, commerce helps create contact between the centers of production and consumption.
Commerce also encourages trade. With the growth in trade and commerce there is growing need for expansion and modernization of trade. Commerce focuses on proper and systematic distribution of goods and services made available by the industry. Without commerce, industry will find it difficult to keep up with the speed of production. It also helps to increase demand for goods and helps industries by getting them the necessary raw material and other services. Therefore, commerce helps in making better division of labour and industrial progress.
Keeping in view the above, commerce as a field of education and profession is part of the business which is concerned with the exchange of goods and services. Today, many new and young skilled entrepreneurs are coming up with different ideas and innovations. The competition is fiercely growing. To improve the overall quality of commerce, one should be well equipped with the knowledge and understanding of the subject, as well as acquire technical skills, which is a key requirement in today’s developing world. Only then, commerce education will automatically expand and the standard of living improve.
“Degree of Thought is a weekly community column initiated by Tetso College in partnership with The Morung Express. Degree of Thought will delve into the social, cultural, political and educational issues around us. Tetso College is a Commerce and Arts College. For feedback or comments please email: email@example.com”