Education can play a vital and important role in determining the entrepreneurial orientation in individuals. This paper attempts to explain the evolution of entrepreneurship education in India. It then discusses the importance and role of entrepreneurship in Indian economy. It further discusses the challenges with regard to the role of educational programs and the delivery systems for disseminating these entrepreneurship education programs. This paper tries to explain the role of B-schools in shaping and nurturing of future entrepreneurs in India. It also discusses whether the current curriculum taught in B-schools meets the requirements of budding entrepreneurs. Moreover, this paper discusses the steps that should be taken by B-schools   towards promotion of entrepreneurship education.

KEYWORDS: Innovation, Risk-Taking, Decision-Making, Personal Value Orientation.