Prof Sen blames India's notorious red tape for holding up funds. But Nalanda will be built up slowly, faculty by faculty rather than having everything at once, he said.

Even its strongest critics it the idea of a new Nalanda is a viable one. "A country like India must jump on it. It could show that India is present in Asia not only economically and militarily but also intellectually," said Prof Muni.

Others share that bigger vision that will sees Asia asserting itself on the world stage by projecting soft power.

"I'm hoping this project can bring China and India closer together, two great countries, representing two great civilisations of East Asia and South Asia," said Mr Yeo.

But even he its resurrecting Nalanda "will be a challenge and there is no guarantee that we will succeed. The conception is grand but the implementation will be arduous".