I dont know if shouting the above slogan is the appropriate way of celebrating Teacher's day, but thats what we used to do at school procession taken out on this day. We used to walk on the road, the students of all shools forming a huge procession and everybody shouting this slogan.
In India, Teachers' Day is celebrated on September 5, in honour of Dr Sarvepalli Radhakrishnan, its second President, Profeesor of Philosophy and a noted educationist, on a day which happens to be his birthday.
Its interesting to note that it is celebrated all over the world but the dates are different. Every country has a fixed date, but not the USA--they have it on the Tuesday of the first full week of May. Strange!