His public life started in 1952 when he became a Member of the Legislative Assembly of the State. From the very beginning his main interest was the establishment of educational institutions in the field of higher education. In 1953 he became the Founder Secretary of the Mar Athanasius College Association, which established the Mar Athanasius College in 1955, Mar Athanasius College of Engineering in 1961 and Athanasius College High School in 1966 and the Mar Baselios College at Adimali in the Idukki District in 2003. He is the main source of strength behind all these institutions and he continues to lead them as the Secretary of the Association and Manager of the Institutions.
Prof. Varghese joined the faculty of Economics at Mar Athanasius College in 1955, a college which was established largely by the untiring efforts of Prof. Varghese and his associates. He held the dual posts of Principal and Professor in Economics from 1963 to 1982 with a break of three years between 1969 and 1972. Prof. Varghese brought his research work, started in Oxford, to a fruitful culmination by publishing his two books in Economics, namely; A Criticism of Keynes' General Theory and Theory of Economic Potential and Growth. He continues as the Hon. Professor in the Mar Athanasius College while functioning as the Secretary (Chief Executive Officer) of Mar Athanasius College Association which runs the College.
He has been an ardent fighter for social causes. When there was a proposal to locate a Nuclear Power Plant in Central Kerala at Bhoothathankettu in Kothamangalam Taluk, where the density of population is very high, he took up the fight to beat the proposal. It was in pursuit of this endeavor that he formed a society called OPNR (Organisation for Protection from Nuclear Radiation). He won the battle when Smt. Indira Gandhi the then Prime Minister unequivocally declared that the establishment of a Nuclear Plant in Kerala is not under consideration. Prof. Varghese has also written an authoritative book on the subject titled A Critique of the Nuclear Programme.
When he realized that Kerala was sliding back in the field of technical education he formed OPTEK (Organisation for Promotion of Technical Education in Kerala) and organized seminars through out the length and breadth of Kerala bringing out the need for more Engineering and Medical Colleges in the private sector. It was this campaign which persuaded the government to take a helpful policy towards permitting private, self financing colleges in the State.
His unique contributions were not limited to the academic and social realms. The agricultural field is also one which has been greatly enriched by his master mind. He has formed OFFER (Organization of Farmers for Establishment of Rights) to fight for the just causes of farmers. His work The Law of Land Acquisition and Compensation -- A Criticism is intended to remedy the injustice now meted out to the small farmers in India whose properties are compulsorily acquired by the State.
Prof. M.P. Varghese has honoured with the 'Acharya Award' for his eminence as a scholar and an untiring organizer, ' Akshaya Award' for his outstanding services in the field of Higher Education, 'Sevana Retna' by Y's men International, 'Desa Retna' by Kothamangalam Municipality, 'Suvarna Rekha' by Suvarna Rekha registered cultural society and 'Vikas Award' for his yeoman services rendered in various realms of life, 'Prakruthi Mithra' puraskaram in recognition of his outstanding services for the protection of environment.
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