The globalization of the education system in different countries forced the higher education to be more competent so as to produce the stakeholders with better knowledge, skills and competencies which are essential for survival in the world market. In tune with this, the Indian higher education system is undergoing rapid changes in terms of expansion, privatization, marketization, curricular reforms and pedagogical innovations. These changes have challenged the Indian universities in terms of quality education, shortage of faculty of high caliber, ineffective teaching methods, outmoded curricular and evaluation system, lack of appropriate reading materials, poor infrastructure facilities, faulty administration, faulty admission criteria, inability to attract and retain talented minds and absence of academically conducive environment.