The purpose of education is not a good job or income but using the acquired knowledge in the service of the nation and humankind, he said.
Quoting Mahatma Gandhi, Mukherjee said, "The Father of our nation had said real education consists of drawing the best out of yourself. What better book can there be than the book of humanity?"
In his convocation address at the University of Mumbai, Mukherjee said in present times when the youth, caught between traditional values and western culture, face a moral dilemma, Mahatma Gandhi's exhortation can set many doubts at rest.
"Once we imbibe the book of humanity, many of the divisions and conflicts in the society will meet their end," he said.
Mukherjee also asked universities to reinvent themselves as enablers of society and not restrict themselves to being gatekeepers of higher education.
"The youth of our nation should be empowered to take our great nation forward in leaps and bounds. University of Mumbai has a glorious history and must rededicate itself to the building of India's future.
"With India's youth seeking education and productive roles in the society, it is even more critical that universities reinvent themselves to deliver relevant knowledge and actionable skills," he said. (MORE)