He said India is far behind countries like China and US when considered under 'Innovation', and pitched for 'drastic action' to reform the system.
"Quality, affordability and accessibility should be the mainstay of higher education, in order to encourage innovation and research. Our institutes of higher education continues to be challenged by programs of quality", he added.
He further, considered an international survey 'Forbes Survey' which showed that no Indian University was amongst the top 200 Universities in the world and said, this calls for drastic action to reform the way education is impartment in our universities and academic institutes.
According to the survey, only 3 Indian companies have been listed amongst the world's most innovative ones. He ensured that the number shall increase in coming days only if the process of innovation is made a permanent feature in institutions of learning.
Mukherjee said in 2011, 42,000 patents were filed in India, compared to over five lakh applications filed each in China and the US in the same year. He pitched for taking the higher education, including technical education, to the doorstep of people by innovations in the delivery system.
"Our universities, engineering colleges and research and development centres should be the hotbed of innovation, he said, adding quality, affordability, and accessibility should become the mainstay of the country's higher education system. Expressing concern over the shortage of faculty across all types of institutes of higher education, the existing vacancies should be filled up "quickly", he said.
Mukherjee said that in engineering colleges and technical institutes, there is a need to pursue scaling up of research in cutting edge technologies such as nano-technology, biotechnology, embedded system design and technologies for sustainable development like renewable energy.
"A growth rate of 8-9 per cent per year has been envisaged during the 12th Five Year Plan period of 2012-17. Such scales of economic expansion need several enabling factors prominent among them being education," he said.
Mukherjee said that over time, India has created an infrastructure of good educational institutions for imparting quality education at all levels and in this context, noted the increase in the number of IITs from seven in 2006-07 to 15 in 2011-12.
Overall, its now time for India to cheer up and be more Innovative in both industries and education fields.