Commerce has emerged as one of the most potential pursuits in the wake of industrialization, economic development and techno-management revolution. It has grown from a subject to a full -fledged faculty in the most of the universities and colleges and had acquired a pride place amongst different academic disciplines. The growing phenomena of globalization, Liberalization and privatization has been influencing, commerce education. The technological revolution has further provided new dimensions. E-baking, e-financing, e-investment, paperless trading and governance have been gaining importance all over the world. At the same time the outsourcing business, call centers, small business operation, IT based Services etc. are expanding fast.

Commerce is considered as one of the most popular career options in India. Commerce education is the backbone of the business and serial development of the nation. It covers wide area of business and society. Further it provides skill oriented education to student and society.

Education is essentially, a process rather than a product as it is mostly taken to be. It teaches us to learn: learn things to develop in a creative manner, teaches us to learn to be economical in effort. True education is not knowledge of facts, but of values. True education leads us to the reality of life, peace, nature and survival of human race.

The world is changing very fast. The pace of globalization, liberalization and privatization has tremendously influenced the various dimensions of Commerce education. Thus, literature on Commerce has been reviewed on the basis of papers presented in All India Commerce Conferences and also on the papers published in referred journals. Most of the scholars opined that Commerce courses were not able to meet the different types of challenges posed by Industry and Business and that the education was not practical -oriented and did not lead to develop skills and qualities of young generation to face the work situation.Therefore, there is a need for its improvement and innovations to lead the present education system rise to a sufficient standard.

Commerce education plays a very important role in the changing business world. It is the most important key, which leads to success in all sectors of economy.

The education imparted among Commerce students include lecturing, learning, group discussion, brain-storming, simulation exercises, case study, role-play, seminars etc... Through all these, the

Commerce students have derived some benefits. Lecturing seeks to offer a large amount of knowledge in a capsule form. Interaction and group discussion will make them involve in the topic and develop debating qualities. Brain-storming sessions help the students develop their creative thinking in groups. Simulation exercises make them change their attitude in different cases. Case method makes them understand the subject; improve communication skill, problem-solving rationale and many more. However, a Commerce student would understand the value of concentration, patience and creativity thereby trying to develop within him, the fruit of real education.

Commerce education has gained such an importance because if a simple mistake is committed or an entrepreneur in his business affairs takes a slightly wrong decision, then it would lead to the doom of his enterprise, which has been developed so far. Therefore, Commerce education is very important. The activities relating to Commerce is also affected when the business cycle is not going well.

Through Commerce education, a student is exposed to the environment of the business world. It is helpful for preparing them for self-employment and developing in them, the entrepreneurial abilities. It also inculcates practice orientation among the students. It makes them know about the importance of applying economic principles while making business decisions. It makes them aware of social, economic and political problems relating to business concerns. It teaches them to face the market situation, to adapt themselves to the present circumstances. Moreover, it helps them to meet the global competition.

We are living in the dynamic world where man with his uncanny intellect first tried to understand Nature, then started exploiting it, and then started manipulating it. As the World progressed, there has been a paradigm shift in the different concepts relating to Commerce, say wealth. In the earlier times wealth was synonymous with the treasure of yellow gold. And now, for the first time in the history of mankind the world's wealthiest man is one who owns a huge KNOWLEDGE WELL. His name is William (Bill) Gates and he owns the biggest software company ‘Microsoft! Bill Gates' owns vast resources of 'grey gold' signifying grey cells in our brains, which store intelligence. The present era is the era of grey gold, and with a large quantity of the best of it available in India, the possibility of our country to emerge, as a super power in the next 20 years is not far fetched. A large number of Silicon Valley entrepreneurs are Indians. Even in India, we have Narayana Murthy whose Infosys' ADRS are quoted with respect on New York Stock Exchange. There is another person Azim Hasham Premji whose wealth is estimated to be about US$28 billion.

The reason for stating these examples is to stress on the fact that the students must be taught to convert whatever they learn in a classroom into a more practical knowledge. The students must be taught how to convert knowledge into wealth through innovative means. The Commerce education of today will have to revolve around ideas and innovations. Besides, it will also be extremely essential to learn to put into practice these ideas and innovations.

The process of Commerce education can be understood through its nature. It is a socio-behavioral science i.e. it is the science, which studies the social behavior or human behavior with conduct of business activities. The University, College, Students, Commerce Colleges and institutions must take interest in spreading the general education of Commerce to the public in general. The Students write their exams in their institution. But the present evaluation system is so rigid, and it stresses only on bookish knowledge. It lacks practical outlook and the need to change in pattern of this type of education is very essential as well as beneficial.

The role played by an effective system of Commerce education is self-evident as it provides necessary inputs among the young graduates of today, towards turning them to dynamic and successful businessmen of tomorrow. It must train the students not only in the technical aspects of the business, but also teach morals and ethics. The Commerce education must be theoretical and practical. This must never be forgotten that the real education is one, which provides freedom of thought and judgment and liberation from dogmas. In this way, the role played by Commerce education is very important or sufficient as well as effective in the changing business world.