Ours is a time of fundamental changes. Changes in our economy and politics, revolutionary manifestation of new technologies and the whole host of contemporary forces are shattering our taken-for-granted assumptions about self and society. In this contemporary context of epochal change and challenge reflection is also taking place on the nature of universities. Serious commentators in this field such as former Harvard president Derek Bok tells us that universities have to pay more attention to the way they can inculcate moral values in those who belong to it and the way they can be a source of creative transformation in and pleads for more commitment to creativity from all those who care about knowledge and society in our contemporary times.