Poor governance and poor leadership is the root cause for all ills in university education [NKC 2006]. Indian students & professors are brilliant but unfortunately they have to work today under poor governance. Governance and leadership at central and state levels is mainly responsible for poor educational standards The governing bodies, namely MHRD, UGC, AICTE, Board of Governors, executive councilsall,it seems,are not well familiar with the global winds of change. Truly, they are behind time. No wonder if Indian universities in spite of brilliant students and brilliant professors do not stand high in the world list. Thousands of students every year are leaving shores for foreign. To rectify the ills and to ensure educational quality India urgently needs to gofirst on priority formodernising governance systems, make themeffective, imaginative and competentso as to make most of people’s capabilities.They ought to engage fruitfully with the vice chancellors, principals and especiallylisten to the voice of students. In globalization education can best be shaped by adopting role models ofonly world best universities. National budget allocation to university education which creates vital human capital, a driving force for national development, is unfortunately observed to be dwindling. This is a major problem, and a challenge too. So as to build colleges and universities innovative, creative, and qualitative by world standardssome suggestionsare made in this paper. Strong leadership and distributed leadership and autonomy at the institution level is recommended. What kind of impact a professor makes on society and the profession of his specialization is of vital importance to take the nation to greater heights. What kind of knowledge leaders universities produce for professions and society depends on the influence of professors on national and international planes. Are they competent by global standards? Do the systems permit them to be so? Importance of education is outlined by Dr Amartya Sen Nobel laurate which needs to be borne in mind.Hesays there is no better way for economic development of India than to educate masses well. If India does not provide better education, instead it implements reforms in all other sectors like food, water, electricity etc. that is not going to matter much.