Speaking at the sixth convocation of ICFAI Foundation for Higher Education here, he said agricultural, industrial and scientific growth of the country depend on creating a "corps" of well-trained professionals in these areas, and it would happen only with good quality higher education.
"It is cliche to say that higher education in India is at crossroads. But this hackneyed and overused phrase still contains an element of truth. We have reached a point where the need for bringing about some radical changes in higher education has become urgent.
"The excellent quality of the best students of our universities and colleges is well recognised at home and abroad and is not in doubt. But, it is the average which is causing concern," Rangarajan, who is the chancellor of ICFAI University, said.
Modernisation of syllabus or curriculum is imperative in today's world, he said.
S M Datta, former chairman of Hindustan Unilever Limited, in his address highlighted the importance of various qualities managers need to be successful in a dynamic environment.
He also advised the students on the importance of strategies to overcome major obstacles and coping up with limitations during their career.
As many as 1,438 students including 516 girls received degrees at the convocation.