By: Vrinda Rastogi
Importance of Academia in the Industry
Academia in the industry is imperative for both domains as these structures are crucial to a country’s well-being. An alliance between the two could result in magnification of the education sector, expand employment, spark innovation, and develop India as a whole according to a Hindustan Times article.
In our nation’s history, revolutionising ideas and transforming them into viable products were always part of the industry’s own research wing. The corporations relied on themselves for novelty instead of leaning on academia. The lack of social awareness, collaboration, research scholarships, and stereotyping of the academic sector has created a hindrance in this duo-partnership. Yet, in order to turn India into a more progressive nation, the industry must create opportunities for academia to thrive in. The academic industry in return has to create viable and cost-effective solutions which can be applied for marketable use.
The most effective learning is with a hands-on approach. To prepare young graduates for the “real world”, it would be beyond advantageous if they had the opportunity to work on real-life industrial projects. Students could also attain mentorship from successful entrepreneurs. This could be done ideally through academic-industry collaboration. The industry, in return, will get young fresh minds working on cutting edge technology and innovation for their company. They will also be aiding the country by building more proficient and capable young adults.
The Indian government has slowly realized that the collaboration of corporations and academia is a gold mine, therefore has created many initiatives to bridge both domains. IIT Madras has received a considerable amount of funding (approximately $47 million) by the Ministry of Human Resource and Development (MHRD) as reported by the National Herald. India Electronics and Semiconductor Association (IESA) also tied up with IIT Kharagpur to construct revolutionary technology for the electrical domain. Our government strongly believes in the “Make In India” initiative and as responsible citizens, it is our responsibility to carry it out as best as we can. Hence, it the perfect time for Indian companies to invest in Indian academia to build a stronger and better nation.