There is need of management colleges in India for the economic development of the country and give the better opportunity to students. Now obtaining and assimilation of latest/emerging technologies and running of administration is the main thrust of the Indian's industry. The economic progress of a country is strongly linked with the quality of education. It is therefore necessary for our technical educators to undertake periodic review of the curriculum and subject content of the technical programmes to ensure that they are up to date, not outmoded or obsolete and effectively fulfill the technological requirements of the country. In view of the advancement in Business management measures to be adopted for better efficiency, output, revenue generation, newer techniques for more effective business strategies for fiscal matters and newer concepts of business management, the role played by Management Colleges is of paramount significance. The vital information, which Management colleges provide in imparting education, cannot be underestimated. They are via media for providing the expediency of business management techniques and methodologies, which apart from enlightening on management issues also provide informative measures on the ambit of corporate level. There was a time when most of the students in India were interested to pursue their careers in either engineering or medicine. But gradually, the focus has shifted to Business Administration. And in keeping with the times, Management colleges have grown in large numbers. Management schools in India have gained international repute and are in no way inferior to the famous business schools of the world. Since the day India threw open its doors to foreign investors, there has been a flood of business deals in India. This has automatically led to a demand for Management students to attend to the various jobs in these business houses. The lure of money is enough to entice most students to pursue Management as a career. Needless to say, the birth of many Management schools in India is a direct repercussion of this. Management colleges have kept up with the demand for educated business professionals. Every year, scores of Management professionals are ready to be drawn into the variety of jobs that are there in the business houses. All the Management colleges of India are basically involved in two spheres: one, to absorb students who seek a business qualification, and the other, to make available these students to different companies who seek them. When students enter Management schools in India, they are almost assured that they will get a good job when they graduate from the institution. Hence, placements play a critical role in determining the success or failure of Management colleges. But with the passage of time, both the spheres have become more demanding. Students have supreme confidence in their capabilities and have their own list of preferences of Management schools in India. In the same way, business houses are in search of people who can satisfy a variety of requirements and who can serve them in the best possible way. All this has led to the development of new branches in Management and also tough demands on the graduates of different Management colleges. Management colleges which can draw the best students stand to gain a lot in reputation. Similarly, students will be drawn to colleges which provide the best jobs and good remuneration. This brings out the very essence of business: to succeed in the midst of stiff competition. Management schools in India are focusing on the latest techniques to attract the students. Innovation is the keyword to make Management colleges the most sought after in India. Thus, in the limelight of the facts enumerated above, the imperative need of the hour is to set up more number of Management Colleges which it has very good future prospects.