Union Finance Minister Nirmala Sitharaman said that India’s higher education has contributed top-level talent to the best global companies, stating that around 25% of all startups in Silicon Valley are managed by “people of Indian origin”.

FM Sitharaman made the comments while addressing the 10th convocation of the Indian Institute of Information Technology Design and Manufacturing, Kancheepuram (IIITDM Kancheepuram).

Stating that higher education in Indian universities is at par with that imparted abroad, she added that giving equal opportunity to all, irrespective of gender and class, would enable the entire 65% of the young working population to contribute to India’s growth story.

Pass outs from Indian universities now constitute the “second largest contingent (of demographic) managing the best of Indian companies”, the FM highlighted.

Education institutions need to produce more pass outs capable of getting into industry, she emphasised.

The FM also noted that India currently has to depend on other countries in order to meet some of its industry needs—a reason why Indian manufacturing sector suffers whenever there is a supply disruption, she lamented. For India to become a manufacturing hub, its educational institutions must produce industry-ready pass outs.

“We need to produce students who are capable of getting into industry and getting into industry which serve India’s development goals. I think this synergy is now achieved by most of the institutions because the government speaks to them and they give inputs to the government and as a result you (students) are able to get institutions which are absolutely important,” Sitharaman said.

The FM urged educational institutes to better understand the human resource demands of the industry to propel the country in the direction of becoming a manufacturing powerhouse.

“What we need to do now is to make sure we understand what the industry needs and be able to manufacture for ourselves and for the world and that is why industry leaders sitting on the boards of such wonderful educational institutions, which draw talent, which bring in best of skills and ability and which have rigorous learning experiences are very important,” she said.