Former president A.P.J. Abdul Kalam Monday said there was a need for creating an educational system that highlighted the importance of entrepreneurship.
"In the present context, the education system has to be designed in a way that produces large number of employment generators and not just employment seekers," Kalam said while addressing students on the 54th foundation day of the Indian Institute of Technology-Bombay.
To achieve this, he said, there was the need for a strategy that could make education more attractive, skill oriented and employment generating.
Kalam said the country's education system should prepare students to get oriented towards setting up enterprises which can give them creativity, freedom and ability to generate wealth.
He also called for the banking system to provide venture capital to those graduates who have the aptitude and keenness to create their own new enterprises.
"Entrepreneurs have to produce competitive products to become successful in their missions," Kalam said.
Kalam said IIT-Bombay should utilize services of its placement cell to take a lead in compiling success stories through venture capital funding and employment generation opportunities across India and the world.
He added the IIT curriculum should provide market research support to students for selection of right products and guide young entrepreneurs through the incubation period till they stand on their own.
He also highlighted the role of technology and its impact on society, saying that technology can affect fundamental changes in the ground rules of economic competitiveness.
"Science is linked to technology through applications. Technology is linked to economy and environment through manufacture of knowledge products. Economy and environment are linked to technology, which promotes prosperity to the society. We have to use innovation to generate high value added products for becoming a global player," he said.
Kalam inaugurated the new building of Bio-Sciences and Bio-Engineering Department at IIT- Bombay and also presented to winners the Distinguished Alumnus award, Young Achiever award and Faculty award.