The goal of higher education is to meet two principal needs: socio-cultural and developmental of a country. Higher education is an opportunity for individuals to develop their potential. It fulfils the needs for high-level manpower in a society. Its objectives include cultural and material development. It produces individuals who are morally sound and capable of multifarious roles in the society. It is a medium and vehicle for achieving an objective of higher vision, should endeavours, with commitment and larger spending, in higher education A country’s social and economic development depends on the nature and level of higher education. This fact is revealed by the statements and findings concluded by the prominent educationists and decision-makers. In the developed countries, the role of higher education in production of high quality human capital is quite evident. The Governor of the State of Kentucky, Paul Patten, once said, “I have staked my success as governor on changing the way we deliver higher education to our people. Education and economic development are the twin rails that will lead us to a higher plateau and help us achieve our goal of raising the standard of living in our state. My experience in creating jobs, as the secretary of the economic development, during my term as lieutenant governor, has helped me focus on the needs of our businesses. Those businesses are the customers of our product: the graduates in higher education. Increased technology and global competition demand that we develop our students’ skills and mental capacity so they can share in the tremendous prosperity of our nation”. He further emphasized on the quality of higher education and the need for its improvement. He commented, “higher education is in trouble. The warning signs could not be clear. Its users (students and families) think it charges a premium price for an increasingly mediocre service. Its primary suppliers (secondary schools) often fail to deliver material that meets minimum standards, and its beneficiaries (employers) often are frustrated by the quality of the “finished product” .