President Pranab Mukherjee on Monday formally inaugurated the Shiv Nadar University here, calling it "an institute of national significance".He also laid the foundation stone of the university's residential complex.Speaking on the occasion, Mukherjee said that education plays a very significant role in empowering the youth and in nation-building. "The most prestigious and reputed universities globally have been built on the fundamental pillars of excellence - meritocracy, flexibility to explore, freedom to challenge oneself and grow from failure, and most importantly, innovation and research," he said, noting that in a relatively short period, the Shiv Nadar University has emerged as one of India’s leading private universities. “I believe the Shiv Nadar University will emerge as a landmark institution, critical to nation-building in the 21st century and beyond and in time, will also take its rightful place among the pantheon of great universities of the world,” the president said. Uttar Pradesh Governor Ram Naik was the chief guest on the occasion while state Labour and Employment Minister Shahid Manzoor was present as a distinguished guest. Shiv Nadar University came into being in 2011 but was not formally inaugurated.