"Nalanda is a landmark in our civilizational journey and a revival of Nalanda signifies an Asian renaissance" said the Prime Minister addressing the group of Mentors of the proposed new International University at Nalanda. Prof. Amartya Sen chairs the mentor group for the university proposed to be set up as a collaborative project to which countries in the Asian region have expressed support. Members of the Mentoring Group include Lord Meghnad Desai, Shri N.K. Singh, Dy. Chairman, Planning Commission, Government of Bihar, Prof. Sugata Bose, Harvard University, Prof. Wang Banwei of Beijing University, Mr. Ikuo Hirayma, Mr. George Yeo and Prof. Tansen Sen.

The Mentoring Group informed the Prime Minister of the proposed plan of action in setting up the University for which the international collaborative agreement is expected to be finalized in time for the East Asian Summit in December 2008. Government of Bihar has provided land for the reconstruction project. Ministry of External Affairs is coordinating the project.

The Prime Minister thanked the Mentoring Group for their efforts and hoped that the institution would provide an effective link between tradition and modernity. Prof. Sen mentioned that Nalanda was also unique as the only educational institution outside China where Chinese have gone for education before the 17th Century.