We are moving through a period of rapid Technological change in the realm of industries. A missed opportunity could mean the demise of the firm or even the industry. It is essential not to overlook the fact that it is the application and consequences of these changes which are wealth creating--not the technological developments themselves. For the creation of wealth, technological change must be harnessed to provide improved or new products within the time scales and costs commensurate with competitive market needs. This is the central theme of engineering management in manufacturing industry. It involves many tasks including product innovation and the product realization process. To face the challenges the management will invariably go for getting the right people, aiming at the right targets, encouraging innovation through competition and developing awareness of the social and other consequences of new technology. The responsibility of the institution will be to generate right type of technical manpower who will be in a position to meet up the craze of industries. The syllabi should be highly flexible and laboratories and workshops should be well equipped. Industry institute interaction should be built up and this should go a long way to build up industry institute partnership.