The Vice President of India M. Hamid Ansari has said that our system turns out nearly seven lakh science and engineering graduates every year. On the other hand, industry surveys show that only 25 percent of these are employable without further training. The picture is more dismal in other disciplines if a recent, non-official, employability report is to be believed. The conclusion is inescapable that the demographic dividend that is likely to last till 2040 may well be in danger of becoming a liability if comprehensive correctives on quality covering students, faculty and teaching, research and assessment standards are not forthcoming very quickly. Delivering Annual Convocation Address on 'The Challenge in Higher Education' at the University of Lucknow, at Lucknow, Uttar Pradesh today, he has said that it is thus evident that we confront multiple crises that relate to the input, the process, and the output. What is the purpose, and comprehension level, of those who enter institutions of higher education? Does the teaching process enhance these levels meaningfully? Does the outcome contribute to the requisite 21st century skills on the one hand and on the other to the research and innovation requirements?