National Institute of Technology (NIT) Trichy has signed a Memorandum of Understanding (MoU) with Tata Steel Ltd to jointly develop new technologies, Times Of India (TOI) has reported.
The MoU underlines a three-year undertaking between the two to conduct research in different engineering domains. The director of NIT Trichy, Mini Shaji Thomas, termed it as a significant step and it would help the institute to develop a talented pool of students. NIT Trichy had recently tied up with the German company Siemens to set-up a centre of excellence at the cost of Rs 190 crore.
Commenting on the benefits that corporate India could derive from such partnerships, Vice President of Tata Steel, Suresh Dutt Tripathi said, “This partnership will bridge the gap between academic excellence and business requirements to create an industry-ready workforce.”
The Economic Survey of India 2018 had stated that the lack of investment by Indian private sector in R&D as one of the reasons for India’s spending on R&D to stagnate for the last 20 years.