Value based higher education system is essential for national, social and economic development of the country. It empowers the youth of the nation for self sustainability by developing knowledgebase and employment. Generally value based education associates with the mental, spiritual and social development of students. It is true but in the present globalised world value based higher education is also essential for balanced economic growth of all sections of society. We can’t imagine a scholar being developed himself as a hardcore economic person, indulging in making more and more money without considering its negative social impacts. Only value based education mentors the scholars in such a way which can prove themselves a social as well economic assets for the society. This paper includes the role of value based higher education system in the economic development of country. The paper proposes educational reforms and explains the critical aspects of managing, and delivering superior value of the higher education system in India which leads the nation in the path of uninterrupted economic growth in particular.