Pakistan like many other developing countries needs to develop its education system to achieve multiple goals of training people in emerging fields and at different levels, both quantitatively as well as qualitatively to run a contemporary modern society and meet the requirements of the new century concerning the economic development, national security as well as the value system. It is well recognized that Science and Technology provide most effective means of achieving rapid economic development, enhancing self-reliance improving the living standards of the society and ensuring the national security. The developed countries using Science and Technology as the engine of fast economic growth have increased their per capita income manifolds in short span of time. However, Pakistan with a low per capita income, high rate of population growth and illiteracy, poor health care and lack of other social services ranks very low in term of human development index. In order to bridge the gap, Pakistan has to strive hard through leap-frogging to build indigenous capability in the field of resource management and emerging sciences and development of new technologies. IT known to be a strong tool and effective cross cutting technology for the development of different sectors of economy and strengthening of the national security. Presently, it is also considered as an effective mean to raise the employment scale as it provides extensive job opportunities inside and outside the country. Besides, it helps to develop and export software to earn much-needed foreign exchange. Equally important is the field of Management Sciences to be developed and required manpower produced to manage development enterprise, locally. The two fields of learning viz. Management Sciences and Information Technology have become rather complimentary to each other and their promotion in terms of human resource development both qualitatively and quantitatively, is urgently required. Likewise, there are other number of fields of Science and Technology and so in fields like Humanities and Fine Arts in which a critical mass of quality manpower is required. With limited funds available, the private sector has to come forward to assist the public sector, but only to produce quality manpower. While, the Government must encourage, the public sector institutions should sincerely collaborate.