There is not effort to bench mark the Indian engineering education with that of the developed nations. It should be worth recalling the fact that in the west, the most advanced scientific and engineering developments take place in the engineering and technological universities and institutes! What happens in India on the other hand at the best could be publication of research papers without any 'actual' or worthwhile research!
The HR departments of most of the industries are filled with novices with no experience in the selection of appropriately experienced technical people. How can a non technical HR man guage the experience or expertise that is most suited for a technical job? All they do is mechanical assessment, which keeps the real experts out of bay, making their business suffer pretty much if they happen to do business in technically oriented things! Here too the business leaders go by the advice of someone below, not necessarily someone who knows the things well.
It is high time that both government and industry think and device of ways by which movement of engineers from industry to academics and vice versa is facilitated without much hurdles. Requirements of PG/PhD should be waived off for experienced engineers who are otherwise suited for teaching. Similarly, industry leaders should think of inducting engineers with teaching and research experience to appropriate levels in the industry.
In short, there should be a situation facilitating easier movement of engineers from both sides!
Such things will greatly help industry-academy interactions in actuality and help the young aspiring engineering students to get more exposure to the realities of engineering profession while in the colleges itself to decide upon their future career planning wisely. Industry would benefit.
The country would also, no doubt benefit.
But who is there to listen to these ?