Higher Education in India is one of the most developed in the entire world. There has, in fact, been considerable improvement in the higher education scenario of India in both quantitative and qualitative terms. In technical education, the IITs, and in management, the IIMs have already marked their names among the top higher educational institutes of the world. As a result, students from various parts of the world are coming today for higher education in India. Higher education is of paramount importance for social and economic development. Institutions of higher education have the main responsibility for equipping individuals with advanced knowledge and skills required for positions of responsibility. Estimated social rates of return of ten percent or more in many developing countries also indicates that investments in higher education contributed to increase in labor productivity and to higher long term economic growth essential for poverty alleviation. (World Bank, 1994, p.1). According to UNESCO, "higher education is no longer a luxury; it is essential to national, social and economic development".