Paul, who is also the Chancellor of the University of Wolverhampton, lamented the "below benchmark" standard of education at many Indian institutions and called on these to aim for a "world class" standing by giving more seriousness to the university ranking process.
Speaking on 'Internationalism in Education' at the first convocation ceremony of the Apeejay Stya University, the Caparo Group chairman also lauded Prime Minister Narendra Modi's 'Make in India' initiative.
He also referred to President Pranab Mukherjee's emphasis on research and development in educational institutions and his call for pursuing greater international links with foreign universities.
"No longer can international educational exchanges be transactional, with one nation providing and the other receiving. For education to be truly global, we must enter into transformational arrangements with academic minds," he said.
The Apeejay Stya University, a pet project of Paul's elder brother, the late Stya Paul, was founded in 2010.