Every year, when the finance minister presents the Union Budget, there is great expectation that it will infuse substantial funding in higher education sector. Unfortunately, regardless of whichever party is in power, the sector has been the most neglected and least cared for. Today’s India has an aspiration with regards to its universities. There have been path-breaking policy initiatives such as Institutions of Eminence, which can promote excellence in the sector. The government needs to look at universities from the standpoint of opportunities they can provide in building a knowledge society. There is a need for a budgetary vision that captures the reality of the state of Indian universities.