We live in a world that is rapidly progressing in each and every dimension of material life due to the advancements in the field of Information and Communication technology (ICT). As we know ICT is a combination of Information technology and Communications technology. The information aspect has advanced leaps and bounds with the advent of Internet and its varied uses. Same is the case with Communications technology with traditional forms of long distance communication being rapidly displaced by 2G, 3G or even 4G. The world has in fact transformed itself into a global village thanks to developments in ICT. Distances between people, societies and nations have narrowed. Have the human minds also become narrower? Are human values, which are considered the backbone of social well being and peaceful co-existence of the citizens of the globe, deteriorating in some way or other? The paper is an attempt to reflect upon these aspects. The investigators have listed that there are indeed some threats to the value system that have occurred as a result of the advancements in ICT. Suggestions to integrate value enhancement along with ICT development are also incorporated in the paper.