The New Education Policy (NEP), 2020, adopted by Government of India, envisages significant and far-reaching reforms in higher education sector in India. In this article, I foreground certain peculiar features of the process of massification of higher education in India, including privatisation and fragmentation. I locate the political economy of higher education in India in tensions inherent in centre-state relations and the pressure to respond to popular aspirations on the one hand and maintain standards on the other. The NEP, 2020 does not appear to acknowledge these historical processes. Instead, they appear to rely on a corporate model of BoG-driven governance of higher education institutions to drive the envisaged changes.