Scindia calls for industry, academia collaboration

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SME Times News Bureau | 19 Apr, 2012
Greater collaboration between the Indian industry and the academic institutions would be a move forward in achieving inclusive growth, said Minister of State for Commerce and Industry Jyotiraditya Scindia recently.

The role of businesses in inclusion can be broadened by not just looking at CSR as a tax saving mechanism but should be seen in the form of trusteeship. Greater investment in skill development, R&D and in connecting educational institutions with industry can go a long way in achieving inclusion, the minister said while speaking at the Confederation of Indian Industry's Annual General Meeting, in New Delhi.

According to him, along with the government, the industrial sector has a huge role to play in overall economic progress. He said, "Industrialization is the key to development and the wheels of industrialization need to continue rolling".

Also, Scindia elaborated that to increase livelihood of people it is essential to create jobs, which is possible through direct and indirect employment creation by the industrial sector. He added, Industrial sector has a huge responsibility of absorbing a part of the 70 million people who will enter the job market in the coming years.

For sustaining industrial growth, Scindia emphasized on value addition in the industrial sector, committed state leadership, and creation of an enabling policy environment for industry to function.

On GST and DTC, he said that these would be landmark reforms.

In his speech, Scindia elaborated the changing paradigm from North-South collaboration to South-South collaborations.

He said that by 2050, Asia will contribute 25% of global output and South-South trade will be driving global trade. In this background, India had a dominant role to play despite its emerging problems.

He pointed out that post 2008, while the global economy was falling apart, India's growth has been an important factor in keeping the global economy afloat.