High energy and high yield neutron source is a prime requirement for technological studies related to fusion reactor development. It provides the high energy neutron environment for small-scale fusion reactor components research and testing such as tritium breeding, shielding, plasma-facing materials, reaction cross-section data study for fusion materials, etc. Along with ITER participation, the Institute of Plasma Research, India is developing an accelerator-based 14 MeV neutron source with a yield of 1012 n/s. The design of the source is based on the deuterium-tritium fusion reaction. The deuterium beam is accelerated and delivered to the tritium target to generate the 14 MeV neutrons. The deuterium beam energy and tritium availability in tritium target are the base parameters of the accelerator-based neutron source design. The paper gives the physics design of the neutron generator facility of IPR. It covers the requirements, design basis, and physics parameters of the neutron generator. As per the analytical results generator can produce more than 1x1012 n/s with a 110 keV D+ ion beam of 10 mA and a minimum 5 Ci tritium target. However, the detailed simulation with more realistic condition of deuteron ion interaction with tritium titanium target shows that the desired results cannot be achieved with 110 keV. The safe limit of the ion energy should be 300 keV as per simulation. At the 300 keV ion energy and 20 mA current, it reaches to the 1.6x1012 n/s. Moreover, to enhance the duration of steady state emission rate, the design parameters considered for the generator are 300 keV D+ ion beam with current of 20 mA and tritium target more than 20 Ci. The scope of the neutron source is not limited to the fusion reactor research studies, it is extended to the other area such as medical radioisotopes research, semiconductor devices irradiations, and many more.