Education is self understanding, self-control, self respect, self visualization and respect the dignity and rights of others. Reference knowledge in our conventional educational systems are mainly based on written books, documents, laboratories and R&D are very much structured and confined with respect to the specific requirements of the institutions. To me note taking process in the class room is a sign of colonial education since it creates more and more clerks, bureaucrats, and technocrats to manage the salesmanship and dealership jobs of the rich and developed world. So, knowledge itself is static or dead but education must be dynamic in nature. Wisdom is dynamic and gives ability for instant solutions to the problems and that only can be achieved through the rational and intelligent use of human brain. Our conventional educational institutes are more interested to make money than to give a person the ability to fit to the real world or the strength to innovate new products. Market economy is ok as long as it is targeted for the welfare of the people without personal unbound greed. So, the challenges of our educational system is to free the human kind from the clutches of colonial education and educate the generation with wisdom and vision so that the solutions to our needs can be many folded and multiplied for making a more peaceful and more equitable world in terms of well distribution of wealth and resources for the deserving humanity.