Generating Smart Goals of Engineering Education Institutes in the Fast-Developing Countries

India is facing many critical issues in meeting the challenges of human resource needs due to the globalization of its economy. Hence Indian engineering institutions have to upgrade their programs through appropriate educational goals to reach excellence as suggested by the National Educational Policy 2020. These goals center around capacity development, quality improvements, and efficiency improvements which are to be linked to industrial needs. Further, these institutes have to develop strategic plans. The educational goals are to be developed to improve the skills of the faculty members who can develop industry-specific programs based on human resource forecasts to avoid failures. A research study reveals that around 3% of engineering colleges have improved their programs, offered multidisciplinary programs, established linkages with industries, and offered consultancy programs. Most of the institutes have to develop strategic plans to meet the human and knowledge capital and they have to create linkages with various companies. Faculty members have to plan to reach excellence and undertake consultancy works and train the graduates with needed attributes. The administrators have to support and scaffold the growth of outstanding faculty members. Tracer studies and impact studies are to be undertaken to check the growth and contribution to knowledge capital and human capital.