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Synopsis Higher Education, in quite a few countries of the world, has been facing a resource crisis. In India, the university institutions have been subjected to an inexplicable ambivalence on the part of the government, both central and states, since early seventies resulting in inadequacy of resources for their maintenance and development. The problem got accentuated with the onset of the New Economic Policy launched in the 1990's. As a fall out, accent was laid on liberalization, decentralization, decontrol and privatisation. Emphasis was also laid on pro-active participation of private bodies in the establishment, management and financing of institutions of higher education. This study, besides analysing the various contours of financing of higher education, attempts to bring into sharp focus the likely impact of privatization and marketization of higher education with particular reference to access, efficiency and equity in the system. It also discusses the implications of globalization and internationlisation of higher education. The study examines, among others, the nature and extent of involvement of private sector, particularly of the industrial and commercial houses, in establishing, funding and managing of institutions of higher education. It is expected to help the academic community, educational planners and administrators to work out strategies to promote private participation, keeping in view the continuing resource crunch that the university system is facing. It will also help in evolving policy guidelines to meet the global challenges posed by the onset of globalization and its corollary of internationalization of higher education.