National Journal of Advanced Research

Authors
Sushil Sharma, Ekta Sharma, Yatendra Sharma

Abstract
Relationship between the academia and industry is not just one of technology donor­ recipient, but is of interactive, collaborative, participative nature spanning respect for each other's role and contributions to bring about research production integration - the true purpose of such interactions. Here, academia-industry interactions are viewed as a system where active participation of all players is important. It is observed that the changing Complexity of the Business environment has necessitated the industry and the academia to develop close links to create the synergy. The interface between these two has led to increasing mutual dependence to ensure their better survival in their domains. There is a tremendous need for academia industry interaction. All the Stakeholders, namely: Institutions, Industry, Students and Society stand to gain, as it can be a 'win­ win' partnership. Industries could gain by using the academia's knowledge base to improve the industry's cost, quality and global competitive dimensions, reducing dependence on foreign know- • how and expenditure on internal R & D. Industries .also gets benefited by updating and upgrading the knowledge base of the industry’s professionals through management development programs designed by the academia. Academics benefit by having the satisfaction of seeing its knowledge and expertise being used for socially useful and productive purposes, widening and deepening of the curricula and the perspectives of teachers and researchers and thereby improving their morale as well as that of students, secure training and final placements more easily for their students based on the respect earned from, and the relationship established with industry. The faculty's exposure to industry leading to improved curricula and widened and deepened teaching perspectives resulting in professional graduates of improved caliber emerging from the academia to man industry. Students stand to gain by way of hands­ on training, reduction of learning curve in industrial practices: and, society stands to gain by way of improved quality of goods and services.