As long as central and state governments do not walk together, the dream can not be fulfilled,' Sibal said.

'What kind of Hindustan (do) we want to build when 88 percent students don't go to colleges. (Through this bill) we can get a critical mass of education to go to colleges,' he said adding that this would help bring reforms in higher education.

The minister said the idea of such a bill was mooted in 1993 and in 2001, the Constitution was amended to make education a fundamental right. But the amendment also had a rider that to make education free and compulsory, a separate bill has to be introduced. 'So, technically, we have had to wait 16 years for this.'

The minister said once this bill becomes a law, it will ensure 25 percent reservation in private schools.

'All private schools will have to reserve 25 percent seats for disadvantaged students in Class 1. They have to give admission to economically weaker section students living in the neighbourhood of the school.

'This too will be decided by the state governments - they have to decide which of their community is educationally backward and need benefit.'

Talking about the investment, the minister said: 'After the bill is passed, we will decide how much money the state governments will spend and how much will centre give. If we will feel that a state has some problem, then we have provision in the bill to take this in front of the finance commission.'

(The bill will) 'provide them (children) foundation for quality education. We will move together with state governments. We want to see India rise. The world is looking at India with hope', Sibal said.