India witnessed prolific growth in Management education in recent decades. An increasing number of questions are raised about mushrooming growth: available faculty, course content, relevance, effectiveness, institute-industry interface etc. Management education needs to be revitalised and reengineered to the expectations of all the key stakeholders such as students, faculty, society, industry, and government. A broad based consultation with stakeholders would help in developing a holistic framework for effective Management education. Fundamental issues to be tackled are faculty shortage, lack of accountability, absence of effective regulatory body, poor research, lack of pedagogical innovations, lesser industry-institute interface and lower employability of B-School products. It is time to collectively reflect and act so that we are ready for next wave of Management education.