first of all the way of communication depends on the board of authority hiring you,

as if you are applying for colleges  out of country then i must say it is cumpulsory to have command in english , 

but within the country if you apply for any colleges at the time of interview it is just imporatnt that you covey yoursef in the best possible way..

if the person infront of gets your impression precisely and clearly, then it wont be a problem of language..

Hello Garvit! Since you are going for management studies studies, yes, english is important as it is used majorly by the colleges for interviews and also by the companies who come for placements and as english is considered as important for communication speaking the language is necessary in the interview. All the best!