Globalization has changed the dynamics of polity and society. These changes have, in turn, put a premium on creating people and institutions capable of operating in an increasingly complex and interdependent global environment. This is particularly true for emerging economies such as India, which have to develop new institutions and practices to deal with the host of new challenges globalization presents for its domestic society, and train individuals in both the private and public sectors who can operate in these new institutions, as well as mediate between India and the broad array of foreign entities and institutions of global governance with which India’s state and civil society increasingly interact. As a result, virtually every emerging economy is striving to create world-class institutions of higher learning that can help prepare them for the knowledge economy of the twenty-first century.