Gandhism is an eternal living thought to handle all aspects of human life like social, economic and political issues of the contemporary society. It is becoming more and more relevant by the virtue of the usage of moral principles in every walk of life. It is a fact that the present generation has hardly very less scope to know about Gandhi and his principles. There has been a plethora of literature about Gandhi, but the new generation has hardly touched it. To safe guard the existing and future generations, revitalization of Gandhian principles are necessary. As per the dialectical method, each and every moment, situations have been changing. So the principles or philosophies have to be updated and modified according to the changing demands of the contemporary society. They have to be re-interpreted in terms of new challenges and crisis. The real task before us is to uphold and restore the human values to the future generation. In the context of reconstruction, Gandhism is very much necessary. The modern world is encountering the major challenges of economic disparities, inflation, over population, unemployment, terrorism, pollution, mal-nutrition, hunger and illiteracy. In addition to this the present generation is very much influenced and addicted towards intoxication, misuse of technology and easy ways of earning. There is a clear cut witness of conspicuous moral and cultural degradation and also barbarious outlook of the present humanity. Gandhi strongly criticized the emerging trends of consumer culture in all spheres of life. He emphasized austerity and conscious moral development as the essential principles for the future generation. He aspired for new social order which is based on truth, non-violence, non-exploitation, disarmament and sustainable peace. In addition to this, there is a need to interpret Gandhi in terms of ecological changes, imperatives of globalization, privatization and liberalization in economy, growing terrorism, consumerism and gender discrimination.