"Without redesigning, the MBA degree will drift into irrelevance," feel experts.
Survival tactics include addressing the basic premises on which management education is based. This includes revising curriculum to make it job relevant.
In 2013-14, 145 business schools applied for closure - while 110 applications were received for opening new institutes, much less than the 244 applications two years ago.
"The supply has certainly exceeded the demand," AICTE chairman SS Mantha said.
Tripurari Pandey, director, Ajay Kumar Garg Institute of Management adds: "The good students go to IIMs. If the market is dry, it becomes a daunting task to get good placements."
The average salary of an MBA graduate is R15000-20000 per month, says Satish Kumar, director Vidya School of Management. "When a student can get the same salary by doing a certification course why will he go for MBA?"
"Over the years a large number of management institutes have opened up but they are not focussing on knowledge and skill," says Lalitya Vir Srivastava director Asian Business School.