In June 1971, four young professionals – Adv. Hirba M. Naik Gaunekar, C.A. Ganesh M. Daivajna, C.A. Uttam N. Bene, C.A. Sheela N. Borkar – had met to share their concerns about the yawning gap between the need and availability of higher education opportunities for students of South Goa.

The mismatch was most pronounced in the area of Commerce education. Students who could afford it, travelled to cities like Mumbai, Pune, Belgaum or Panaji to get their degrees. Other less fortunate youngsters either made do with the Science/Arts degree or did not pursue a higher education. Thus, they decided to establish a Commerce College.

Encouraged and supported by Shri D. B. Wagh, Director of the Centre for Post-Graduate Instruction and Research of Bombay University in Goa, they set up Vidya Vikas Mandal, a charitable society, devoted to the cause of education.

Vidya Vikas Mandal has other institutions that cater to diverse needs, viz. R.M.S. Higher Secondary School offering Commerce and Vocational streams under the Goa Board of Secondary and Higher Secondary Education, Vidya Vikas Academy, a school with Higher Secondary Section in the Science stream under the Central Board of Secondary Education (CBSE), H.M.N. Gaunekar Institute of Management, Training and Research (IMTR) catering to training programmes in Management, Centre for Professional Education and Research (CPER) for Doctoral studies in Commerce and the Indira Gandhi National Open University (IGNOU) Study Centre.