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Union Minister Nitin Gadkari on Thursday said that economic viability is crucial for higher education institutions and these institutions need to reduce their operating cost without compromising on quality.The Minister was addressing a meeting via video conferencing with the representatives of MIT ADT University on the future of higher education.According to a press release from the Ministry of Micro, Small & Medium Enterprises, Gadkari said the upgradation of universities is required, and value-based education is the strength of the society.He further shared that "our youth should understand their strengths and weaknesses and problems faced by them can be converted into opportunities." He added that enhancing capability of the youth is critical for the country at this stage.Gadkari, who is also the Minister of Road Transport and Highways, emphasised the need for an integrated approach, effective coordination and team spirit among stakeholders and urged the industry to have self-confidence and positive attitude to overcome this challenging phase.He opined that industry should focus more on innovation, entrepreneurship, science and technology, research skill and experiences to convert the knowledge into wealth.According to the press release, the Minister recalled that the Government of Japan has offered a special package to its industries for taking out Japanese investments from China and move elsewhere. He mentioned that it is an opportunity for India, which should be leveraged.He opined that there is a need to work on the decentralisation of industries and focus on rural, tribal and backward areas of the country. He added that there is a need to explore the Agro MSME sector."The Minister also stated that the government is planning to introduce a vehicle scrappage policy. Recycling clusters may be started near the ports, which will boost the automobile manufacturing industry in the country," the press release said."The Minister responded to the questions from participants which were about qualities needed for an entrepreneur and guidance on decision making," it added.( With inputs from ANI )

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