New Trends in Higher Education (In Special Reference in Commerce & Management) The growing phenomenon of globalization, liberalization and privatization has been immensely influencing the Commerce Education. Alvin Toffler in his famous book "Future Shock" says that, "To help avert future shock, we must create a super industrial educational system and to do this, we must search for our objectives, methods in the future rather than past. Education must shift into future tense." The Higher Education sector in India is very vast. The role of Higher Education in national development is well established. The objectives of Higher Education can be achieved only through qualitative change in the system. The output of Commerce Education should be multidimensional and with full global competitiveness. But we have to realize that the Commerce graduate have lack of practical knowledge. The practical oriented Commerce Education is a need of the age. Commerce education is business education. Commerce education is that area of education which develops the required knowledge, skills and attitudes for the handling of Trade, Commerce and Industry. The recent commerce education has emerged in the form of Chartered Accountant, Cost and works accountant, Company secretary and Business administrator. Commerce education is a totally different from other disciplines. Hence, it must charter new routes to service the aspirations of the nation. To meet the growing needs of the business society, there is greater demand for sound development of commerce education. The relevance of commerce education has become more imperative, this means a marked change in the way commerce and management education is perceived in India. Through teaching, research, and service, the College of Commerce is dedicated to developing tomorrow's leaders, managers, and professionals. Keywords: Commerce Education, Online Education, E-banking, E-marketing,E-commerce. Introduction: Education should be a three-fold process of imparting knowledge, developing skills inculcating proper attitudes and values towards life and society in general. It must enable the individual to develop the activity skill. To earn and carry on reasonable standard of living, it must also enable him to develop his creative faculties to the utmost so that intellectually, morally, physically and spiritually he is in a position to enrich his personality. Although commerce education started in India almost a century ago, it has witnessed many changes due to change in industrial and economic situation. The Indian higher education system has witnessed significant expansion in recent years, both in terms of the number of institutions as well as the student enrollment. India has more than 400 universities and over 20,000 colleges, of which almost half were set up in the last decade. Student enrollment has crossed 15.9 million in 2012-13, clocking a compounded annual growth rate of 6.2% since 1985-86. The private sector has enthusiastically participated in the growth of the higher education system with about 63% of the total higher education institutions being private unaided institutions. Webster defines Education as the process of educating or teaching. Educate is further defined as to develop the knowledge, skill, or character of students. The principle purpose of education is to educate all students and give everyone equal opportunity as a means to succeed in life. The important factors of education includes providing the necessary knowledge and skill. According to Eric Hoffer, "The central task of education is to implant a will and facility for learning; it should produce not learned but learning people. The truly human society is a learning society, where grandparents, parents and children are students together" Though these are clearly positive trends, the Indian higher education system continues to demonstrate many structural shortcomings which in turn create challenges in meeting future expectations. Despite having more higher education institutions than any other country in the world, hardly any feature in the leading institutions in the world. At about 12%, our GER is almost half of that of China, and lower than many developing countries. Inequity is also pervasive in the system, with the GERs of women and backward castes being much lower than the national average. Tertiary education in India is characterised by a well established higher education system and an evolving vocational education & training segment. The first Commerce school was established in Chennai in 1886 by Trustees of Pachiyappa"s Charities. Commerce classes started in the Presidency College, Kolkata in 1903.The Sydenham College of Commerce and Economics was established in 1913 as the first institution for higher education in Commerce. In post-Independence period, Commerce education has emerged as one of the most potential pursuits in the wake of industrialization, economic development and techno-managerial revolution. Commerce has grown from a subject to a full-fledged faculty in most of the universities and had acquired a pride of place amongst different academic disciplines. COMMERCE EDUCATION – MEANING: As a branch of knowledge, Commerce imparts experience of business world at large in all its manifestations. It prepares its learners for personally fruitful and socially desirable careers in the field of business. Chessman defined Commerce Education As - "Commerce education is that form of instruction which both directly and indirectly prepare the business man for his calling." Fredrik G. Nichols defined as "Commerce education is a type of training which, while playing its part in the higher education. University Grant Commission (UGC) released a report," Higher Education in India at a glance" summarizing key data points of relevance for policy makers and administrators. Here are three charts from the report: 1. Massive expansion in supply of colleges: India added nearly 20,000 colleges in decades (increased from 12,806 in 2000-01 to 33,023 in 2011-12) which translate into growth of more than 150%. Number of degree granting universities more than doubled from 256 to 564. India has a complex affiliation system where a universities can have hundreds of public and private teaching colleges affiliated to it. 2. Lesser growth in student enrollment: Although number of students enrolled in higher education doubled from nearly 8.4 million to 17 million in a decades, it grew a slower pace than number of colleges which grew 2.5 timed in the same period, creating paradoxical situation of excess capacity in a country where gross enrollment ration is less than 20%. 3. Three-year degree and engineering: Students continue to be sorted into two tiers- engineering and three-year degrees of Arts, science and commerce. Every sixth student in India is enrolled in engineering/technology program and more than 2/3 of Indian students are enrolled in three-year undergraduate degrees. However, India's education system is bogged down by the fundamental challenges of access, equity and quality. The growing phenomenon of globalization, liberalization and privatization has been influencing the Commerce education. The technological revolution has further provided new dimensions' E-banking, E-marketing, E-commerce, E-finance, E-investment paper less trading and governance has been gaining importance of all over the world. At the same time, the outsourcing business, call Centre, small business operation, IT based services etc. are expanding very fast. These developments demands paradigm shift in teaching and learning process. The new skills and training are required to cope up with these changes. The technological advances must be integrated into the basic fabric of Commerce education. Commerce: Commerce is the exchange of items of value between Persons or Companies. Any exchange of money for a product, service or information is considered a deal of Commerce. The Internet and an efficient postal system have made International Commerce convenient for Business as well as individuals. Education: Education is developing inherent abilities and power of students. It is the process by which society deliberately transmits its accumulated knowledge, skill and values from one generation to another. Education in the largest sense is any act or experience that has a formative effect on the mind, character or physical ability of an individual. E-Commerce: E-Commerce involves conducting business using modern communication instrument like Internet,Fax,Telephone,E-data interchange,E-payment, Money transfer system.E-Commerce provides multiple benefits to the consumers in the form of availability of goods at lower cost, wider choice and save times. People or Consumer can buy goods with a click of mouse button without moving out of their house or offices. Similarly, online services such as Internet Banking, Tickets includes Airlines, Railway, Bus Bill Payment, Hotel Booking etc. Have been tremendous benefit for the customers. E-Commerce education has been phenomenal in making a deep impact on higher education. Growth in the Internet over the last few decades has led to great impact on communication and research in the institutes.