Today, we live in a globalisedand contemporary world.
... contemporary means modern and therefore the word "today " makes it sounds redundant.
In this modernized century it is a vital demand for growing generation to be able to acquire more than one foreign languages when they step up to school.
This sentence has two issues; First, your prompt does not speak about learning more foreign languages. It speaks about learning a second language. This second language can be foreign or even local. For example, an Indian student learning Hindi and Marathi. So, when you use the word "foreign", it sounds a bit out of topic. Second, this idea you had presented in a more complicated way. You can present it in a more simpler, yet interesting manner;
Therefore, learning a second language, especially an international language like English would immensely help students in their future endeavors.