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Proceedings of
Design Development and Deliverance of Skill
Objectives in Higher Education Institutions
- Emergence of Community Colleges and Kaushal Centers
Edited By
Dr. Pushpinder Gupta Bhatia
Vice-Principal and Coordinator of IQAC
Guru Nanak College of Arts, Science and Commerce
G.T.B.Nagar, Mumbai - 400 037
Organised by
The IQAC of
Guru Nanak College of Arts, Science and Commerce
G.T.B.Nagar, Mumbai - 400 037
2016
International E - Publication
www.isca.co.in
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Dr. Vaijayanti Pandit
Advisor
Prin. L. N. Welingkar Institute of Management Development & Research
L Napoo Road | Matunga (CR) | Mumbai- 400 019.
Tel: 022-2419 8300 | Ext. 8228, Mob: 9821089539
FORGING INDUSTRY LINKAGES AND EXPECTATIONS FROM HIGHER
EDUCATIONAL INSTITUTIONS.
Overview of the Indian Economy
The Indian Economy is the seventh-largest economy in the world measured by GDP and
the third-largest by purchasing power parity (PPP). The country is classified as a newly
industrialized country, one of the G-20 major economies, a member of BRICSand a developing
economy with an average growth rate of approximately 7% over the last two
decades. Maharashtra is the wealthiest Indian state and has an annual GDP of US$220 billion,
which accounts for 12% of the Indian GDP followed by the states of Tamil Nadu (US$140
billion) and Uttar Pradesh(US$130 billion). India's economy became the world's fastest
growingmajor economy in the last quarter of 2014, replacing the People's Republic of China.
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India has the one of fastest growing service sectors in the world with annual growth rate of
above 9% since 2001, which contributed to 57% of GDP in 2012-13. India has become a
major exporter of IT services, BPO services, and software services with $167.0 billion
worth of service exports in 2013-14. It is also the fastest-growing part of the economy. The
IT industry continues to be the largest private sector employer in the country. India is also
the fourth largest start-up hub in the world with over 3,100 technology start-ups in 2014-
15.The agricultural sector is the largest employer in India's economy but contributes to a
declining share of its GDP (17% in 2013-14). India ranks second worldwide in farm
output. India has $600 billion worth of retail market in 2015 and one of world's fastest
growing E-Commerce markets.
India's two major stock exchanges, Bombay Stock Exchange (BSE) and National Stock
Exchange of India, (NSE) had a market capitalization of US$1.71 trillion and US$1.68
trillion respectively as of Feb 2015, which ranks 11th & 12th largest in the world
respectively according to the World Federation of Exchanges. India is also a home to
world's third largest Billionaires pool with 111 billionaires in 2016 and fourth largest
number of ultra-high-net-worth households that have more than 100 million dollars.
Bridging the gap of expectations and delivery
All this shows that we are at the right place at the right time, at the cusp of the growth
trajectory. What do we as Educationists need to do to further strengthen this growth
momentum? What is it that the industry would want from the Higher Education Institutes? It
is absolutely necessary for the Educational Institutes technical and non technical to visit the
relevant industries around their Institute and assess their current and future needs. Technical
Institutes such as Engineering and Medicine related ones generally have a defined route
according to their areas of specialization. The Chartered accountants lawyers and such other
professionals either seek employment and branch out on their own in their own defined
space.
It is the non technical Institutes such as Management Institute's post graduates that need to
be closely interlinked with the industry as employment is the immediate way forward for
them. Management Institutes need to provide primary data, research insights and trends to
the industry through their student, faculty and Library resource. This will certainly pull the
industry stalwarts and senior leadership to engage with the "B" schools. Most mid sized and
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even big companies find it difficult to pay the high fees of the global consultants such as E
& Y, PwC, KPMG and others to get research insights. The global consultants are better
suited to suggest strategies and global comparisons on a macro scale. Hence the B schools
can chip in to develop a relationship with the industry in this niche and in many more ways.
Awards, Rewards, Recognition, Competitions, Projects, International partnerships can be
some other ways of this engagement. Industry needs young bright minds to work for it and
needs insights on their preferences and market trends. Senior business executives will
devote time to spend with young post graduates from B schools if Institutes find innovative
ways of engaging them.
What does the the industry expect from the post graduates especially MBA's I shall focus
on this as I am associated with one of the renowned B school (Weschool). Industry expects
hard working, humble and dedicated honest resources to contribute to the vision and growth
of the company. Education, skill sets, domain knowledge experience is in one bucket but the
behavioral qualities of integrity, trust, dedication, professionalism, punctuality and
willingness to dirty one's hands is what the industry values. After all most leaders be it in
the business world or science, sports, entertainment, or any other field have struggled to
reach where they are. There are no short cuts to success and no one achieves anything
without being a team player. Arrogance is the sure shot way for a downfall irrespective of
whichever field you work.
To sum up Industry is where the growth is and entrepreneurship is the way forward.
Entrepreneurs propel economies, convert obstacles to opportunities. It is the spirit of
entrepreneurship that creates wealth for nations and generates employment for the industry.
Both Industry and higher education institutes need to align themselves with PM Modijis
campaigns such as Make in India, Skill India, Beti Bachao Beti Padhao, Smart Cities,
Swachh Bharat and Start up India to name a few.
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Institute Industry Linkages need dedicated efforts over a period of time, faculty and students
need to align with the goals and needs of the industry. On the other hand industry should
make conscious efforts to engage with academia and student community in the larger
interest of nation building.
