It is apparent that today education is largely directed towards the materialistic destination. There is a speedy decline in the ethical standards of the system which is witnessed in every corner of the society in different phases of value crisis. Starting from the Vedic period, there has been a gradual and historical decline in the ethical dimensions of the educational functioning. Can education produce the desired output when its ethical limbs are being paralyzed. Our present educational scenario has forgotten the vitality of ethical standards and the concept of value education has gone almost out of public interest. People are in the race of material progress and no one invites value education to the system of educational functioning as people prefer to be scientific but not spiritual. Poor value education has changed the outlook of all stakeholders of educational enterprise and has further resulted in the deterioration of respect for all prominent figures in the society. Moreover, value crisis in present society is casting its evil shadow in all walks of our life. Man has become so narrow, materialistic, and confused that he does not know the art of living. Education devoid of values is worthless and largely unable to improve our living standards. The examples of value crisis are reflected in all institutions of our society. It has further complicated our life and has magnified our problems in multiple areas of concern. Our educational centers must show respect for ethical education as inculcation of values among children develops a sense of humanism, a deep concern for the wellbeing of others. The nation can be built only when we instil in children a deep feeling of commitment of values that will bring back peoples pride and will assure success. Values are among the most precious gifts which one can experience and learn. Education devoid of value may produce a technical human capital like doctors, engineers, scientists, teachers, etc but such people are dominated by personal interests and are unable to reflect their commitment for the wellbeing of common masses. Human capital devoid of values can be equated to a mechanical capital that is in turn devoid of feelings and emotions. Such doctors listens everything in private clinics but nothing in Government hospitals. Similarly such teachers love tuition centers more than the Government educational centers. People devoid of values are naturally inclined towards such activities as life without values is worthless and cannot contribute for the benefit of others. There is a dire need to address the problem of value crisis and to achieve such goal we need to activate our educational centers. Values should be taken as serious as syllabus as we cannot have one without other. Role of teachers in this dimension is of prime importance. Teachers must convey the importance of values to students to live a peaceful life and to aspire for better things in future. Teachers should guide learners to develop values and to achieve the absolute goals of truth, beauty and goodness. Such teachers can bring desirable behavioural changes in the learners and will promote peace of life to preserve our rich cultural heritage and promote peace and harmony in individuals and society. In the contemporary era, the role of teacher has become challenging to bring about a condition of stability and to achieve the goal of goodness. In addition to information transmitters, teachers must function as the vectors of values to settle the unsettled axiological disturbances. Moreover, the role of parents deserves central attention in this perspective. Parents must show equal respect for value education as they show for scientific progress and achievements of their wards. Education devoid of morality and ethics is most mercurial for the society in general and the individual in particular. Such education will never bring ultimate happiness in the society. We must work together as a team to accomplish the goals of value education and to create a society that is based on eternal happiness.