Malviya has been chosen by India for country's highest civilian award Bharat Ratna along with former Prime Minister Atal Bihari Vajpayee.
"Malviya has taught value based education to the world which is still relevant in this (Indian sub-continent) region," Jha said at a function organised by Madan Mohan Malviya Mission here to mark his 153rd birth anniversary.
Malviya founded the Banaras Hindu University (BHU) and became one of the torchbearers of the freedom struggle acting as a bridge between the Moderates and the Extremists.
Indian Ambassador to Nepal Ranjit Rae said the ancient relation existing between Kashi-Vishwanath and Pashupatinath symbolises the ancient bond of friendship between Nepal and India which needs to be nurtured from time to time.
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"The education system introduced by Malviya is not only based on eastern norms and values but it is equally incorporating modern ideas and scientific knowledge," Rae said.
"We need to follow the foot steps shown by Malviya whose education system incorporates moral values and character," Chandrakala Pandya, a scholar from India, said.
CPN-UML leader Bharat Mohan Adhikari underlined the need to follow the education system introduced by Malviya in India as it would help in generating social awareness and economic upliftment of the people.