In the fast growing economies in the world India holds second position. Indian economy has a sweeping transformation in almost all spheres of trade, industry and commerce in the era of globalization and privatization. The corporate bodies have to face new challenges, threats and opportunities in term of technology, quality, development of human resources, competition etc. in the current scenario. Corporate bodies need those employees who have adequate skills, analytical power, problem facing attitudes, opportunity identifying and so on to face the challenges. It can be possible after improvement in the quality of commerce education because commerce education fulfill the demand of corporate bodies. Commerce education can perform an important role in the development of trade and industry. This research paper is an attempt to address different relevant issues, in connection with the challenges and opportunities which are faced by commerce education in India in the current scenario. The paper is based on secondary sources of data such as various manuals, reports published by departments of GOI, journals, magazines, newspapers, websites etc.