National Education Policy [NEP-2020] has emphasised the need and importance of research, innovation and entrepreneurship in university education. It prescribes that Indian professors in universities and colleges need to be oriented and trained now in teaching emerging skills of innovation and skills for entrepreneurship. Professors are competent in their respective fields of specialization but now in the rapidly changing world environment they need to change their mind set in favour of skills for research, innovation and entrepreneurship. They ought to acquire and teach the needed emerging skills ably to their students so that they become creative and innovative and remain so life-long. Online education, the world over, due to Covid-19 is becoming a necessity. Training programs and schemes for professional growth being run by staffs in colleges must now be redesigned to include these emerging skills in the changing world. Governing bodies of universities and colleges need to urgently give high priority, to teaching innovation and entrepreneurship. Government ought to give boost to these institutions and provide adequate funds. The paper invites attention of the government to improving the service conditions of professors enabling them to grow to the level they are capable of. Universities ought essentially to groom professors in innovation, patenting and entrepreneurship to world class standard, for without them universities cannot play a vital role in the generation of hi-tech employment in emerging skills in the changing world. The experience of Japan, USA, UNESCO, and the European Union in support of the theme of the paper is given in brief. Interaction of Indian professors with their counterparts in world's best universities is advocated. Innovative universities will undoubtedly give good momentum to the mission of Atma Nirbhar Abhiyan.