The National Education Policy (NEP) 2020 represents one of the most significant reforms in India’s higher education landscape since independence. Designed to restructure and modernize the sector, the policy aims to achieve a more inclusive, multidisciplinary, skill-oriented, and innovation-driven ecosystem aligned with India’s vision for India 2.0. This paper offers a comprehensive secondary-data-based analysis of the key provisions of NEP 2020, examining structural reforms, governance changes, curriculum transformation, research orientation, digitalization, and regulatory restructuring. Drawing from published studies, policy papers, expert reviews, and government documents, the study evaluates both the transformative potential and the institutional challenges that may impede effective implementation. Critical issues such as faculty readiness, funding gaps, infrastructure disparities, accreditation reforms, digital divides, and the feasibility of achieving a 50% Gross Enrolment Ratio by 2035 are assessed in depth. The analysis highlights that while NEP 2020 is visionary in its intent, its success hinges on coordinated execution, strong institutional capacities, sustained financial commitment, and inclusive policy design. The paper concludes that NEP 2020 can significantly strengthen India’s global academic position and contribute to nation-building, provided implementation challenges are strategically addressed within realistic timelines.