Education is vital to the human resources development and empowerment in the stages of growth of a nation. In any education system, higher education encompassing Management, Engineering, Medicines etc., plays a major role in imparting knowledge, values, and developing skills and, in the process, increase the growth and productivity of the nation. While the Government is committed to providing primary education and certain facilities/subsidies for higher education, given the higher cost involved in the establishment of higher education institutes, we are witnessing the entry of private sector to run educational institutions. On the need for education, it will be appropriate here to quote our Father of the Nation, Mahatma Gandhi, who once said that education not only moulds the new generation, but reflects a society’s fundamental assumptions about itself and the individuals which compose it. The famous philosopher Einstein while discussing the need for education has projected the following fundamentals: a. To educate the individual as a free individual; to understand and use critical thinking skills. b. To educate the individual as a part of society – virtually all our knowledge, our clothes, our food is produced by others in our society, thus, we owe Society and have responsibility to contribute back to Society. c. Through education, knowledge must continually be renewed by ceaseless effort, if it is not to be lost. It resembles a statute of marble which stands in the desert and is continually threatened with burial by the shifting sand. The hands of service must ever be at work, in order that the marble continue to lastingly shine in the sun. While discussing the importance of education, it must be stated that schools have become the most important means of transforming wealth of knowledge and skills from one generation to another. However, the role of institutions becomes more challenging in the modern world with innovations and technological developments. Investment in education and educational institutions should be viewed as an investment for economic prosperity. In India, there are about 26,478 institutions providing higher education and accounting for the largest number in the world. In comparison, according to a report in 2010, the U.S. had only 6,706 higher education schools and China had 4,000. It is important that given the large number of schools of higher learning in India, we must target to bring more students under the system. Investment in human capital, lifelong learning and quality education help in the development of society and nation.