Introduction of Economic Reform, replacement of GATT by WTO and signing of GATS have globalised education with 12 classified sectors, covering 161 services. In the changing situation education has become tradable being determined by market forces. Teaching learning is no longer for building nation but a business for profit making. The present work is the outcome of research work of many researchers, senior faculty members and educationists from various places of Orissa. The researchers have studied the nature of working of Indian institutions to carry out their vision and mission in future in the light of the entry of global players in the education sector, the emerging trends of education, consequent challenges, their ways of mitigation and apprehension of future crisis collecting data both from primary and secondary sources. It is certain that the valuable contributions, views and suggestions of researchers will be of immense help to the future researchers, policy makers, administrators, social thinkers and educationists in solving the problems of the sector and to introduce policy measures for the educational development in general and higher education in particular of the state and the country.