Abstract
This paper attempts to identify research and innovation as a major untapped potential of Indian talent in the emerging knowledge economy. If India is to exploit its demographic dividend potential, it must focus on knowledge creation, dissemination and application with quality in each of these, as the guiding philosophy. However, the current scenario of research - and particularly quality research in engineering and technology in the country, is quite disappointing. The ratio of undergraduate to postgraduate and research scholars in engineering colleges is heavily imbalanced infavor of undergraduates which are perceived as 'star' programs or 'cash cows' but research is seen as a cost center which has long term returns. About 80% of Ph.D. degrees awarded in engineering and technology are being produced by liT's/NIT's/liSe., though these institutions account for less than 5% of total undergraduates in engineering and technology. The paper employs concepts like SWOT Analysis. Theory of Constraints (TOC) and the BCG matrix to look at the academic degrees as academic products of an engineering college. The quality of research and its relevance to national needs is also a question mark. Due to manifestation of the 'Diminishing caliber Syndrome ', the quality of inputs to research programs is below par of the quality of lower degree programs of the same institute. Status of research publications in peer-reviewed international standard journals is also quite pathetic. To improve the situation and take a lead in emerging knowledge economy, a strategic road map is proposed to boost research in engineering colleges in close collaboration with industry.
