"We must change the reality of our universities not figuring in the list of top universities of the world. Indian universities should aim at becoming top educational institutions in the world with global standards of research, teaching and learning," Mukherjee said at the convocation of S.R.M. University near here.
He added that with unlimited demands and limited resources, it is important that the private sector also contribute to higher education in India.
Mukherjee said the private sector has played a key role in higher education in other countries.
"Many top universities, including Harvard, Yale and Stanford, are the result of efforts of the private sector. There is no reason why Indian private sector cannot achieve similar results," Mukherjee said.
He said private universities should look beyond placements and must satisfy citizens that they are taking up the cause of education in public service and not for private profit.
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According to him, higher education needs a systematic re-look so that India can educate larger numbers without diluting academic standards.
"The objectives of reform and change in our higher education system must be expansion, excellence and inclusion. It is essential that a transparent framework for better service delivery be established in the field of private education," Mukherjee said.