The National Education Policy (NEP)-2020 will bring flexibility to the curriculum through a multidisciplinary and interdisciplinary approach, a new assessment process, resource empowerment, multiple exit options, and encouraging internationalization. Adopting an open curriculum with transdisciplinary course patterns, including flexibility in electives, has led to progress in skill development, holistic development, community engagement, technological integration, environmental education, and value-based education. Ranking and accreditation will have a significant impact on the quality of education and research. It is necessary to frame an education policy that will give better results in creativity, development of critical thinking, decision-making skills, and problem-solving abilities. The new reforms aim to enhance the quality and effectiveness of future-ready higher education institutions in India. In this paper, an attempt has been made to present various reforms in the Indian higher education system, its regulatory structure, and teaching pedagogy.