Revised International University Rankings and Changing University Functions: Underlining indicators to capture societal and entrepreneurial contributions of universities

The international University rankings are now increasingly used for various purposes, including for funding decisions. Various stakeholders use ranking assessments which are based on narrow set of criteria namely teaching, research, knowledge transfer, global outlook. This set of criteria have been criticised in different contexts. This paper presents an analysis on the need for updating the ranking frameworks in the context of changing functions of the Universities. A brief review of the popular ranking frameworks (QS, THE and ARWU) are presented. This is followed by a discussion on some new criteria and their evaluation for inclusion in the ranking framework in order to capture the changing university functions.