Education Policy is the basis for all developments required in the education field in any country. Considering the rapidly changing scenario of the Indian Education System, Government of India announced its new education policy based on the recommendations of an expert committee headed by Dr. Kasturirangan, Former chairman of the Indian Space Research Organization (ISRO). The committee suggested both incremental and drastic changes in the existing Indian education policy and provided guidelines for effective implementation in the country by 2030. This is also in line with the objectives of the fourth Sustainable Development Goals to provide quality education for all citizens through the fourth Educational Industry Revolution (EIR 4.0) in the country. This paper reviews all the prominent features of NEP 2020 in the context of the Indian Higher Education System. This paper highlights various policies proposed in the draft, with special emphasis on higher education. The analysis also discusses the possible effects of NEP 2020 on private and public HEIs in terms of facilities, administrative changes, and restrictions. This paper concludes with a discussion on the challenges and future prospects of the new education policy, which are identified with respect to various stakeholders.q