This study is a descriptive and exploratory assessment of Information Literacy skills of faculty and students within the higher education environment. Faculty and students (Research Scholars and Post Graduate) of University of Rajasthan, Jaipur and Banasthali Vidyapith, Rajasthan were surveyed using a researcher designed questionnaire. The purpose of the assessment was to determine the level of awareness of information literacy skills for teaching & learning. Information Literacy, particularly within an electronic environment is a technology innovation and the process of higher education practice. The study contributed to the knowledge base of higher education practice and the teachers’ and students’ continuing education in the following ways : pertaining to cognitive abilities related to information ; recognition of the value of information; increased awareness of the need for research based information ; promotion of seamless synthesis of research and practice ; and contribution to the process of both information seeking and information gathering, which are vital for the lifelong learning of the teacher and student both.