what is the Current trends and issues in Project Management. how it
need to be dealt and addressed?

Well the focus used to be on groups and how they can help solve
problems and get projects done, now though the business world has
realized groups are complicated.  So recently we are seeing a backing
off of the whole group idea and instead outsourcing, but a few
managers have realized how to handle groups well.  There are definite
skills that are needed to manage a group when dealing with a project
and if done right you will see amazing results from using a tight knit
group.  Besides that issue I would say that cost evaluation is a major
concern, no longer can companies afford to "pad" their budgets, now
hard dollars must be accounted for and pay back has to be realized. 
Projects across the world have to have tighter scopes and more
effective data, and they have to be on time and done right the first
time.