Higher education, a dynamic phenomenon, is at cross roads in India today. Education is a big service industry and it is growing at a very fast pace. In India higher education is both a social and economic infrastructure. Challenges and accomplishments are two sides of the same coin. The cutthroat internationalization of education as well as job markets has become the order of the day. The need of value added well-trained man power at premier levels far manning ever-growing job opportunity pattern has become the present day necessity. In the prevailing scenario, an objective introspection and critical appraisal of Indian higher education system opens tremendous growth and development opportunities. Since higher education must promote development of the whole person and train responsible, informed citizens , committed to working for a better society in future; it calls for a paradigm shift in its approach, both in teaching and learning. The emerging challenges open Pandora boxes for stimulating Indians minds to re-establish the supremacy of Indian education system globally and led the strife-ridden world to a more harmonious ecofriendly tomorrow with the mission of sustainable human development. The 'man' the focus of development of all human endeavors should not be loose sight at any junction of our march towards a promising future, as the real worth of a nation is its 'people' .