Work-based Learning (WBL) models being implemented across the globe highlight the importance of the role of industry in making the work-environment conducive to learning. This paper discusses various parameters that contribute to build a favorable ecosystem for successful implementation of WBL pedagogy. The findings are based on practices followed by critical observation of an integrated Work-based Learning model based on M.K.Gandhi's Nai Talim principle of 'Learning through Working' (M.K.Gandhi 1968) implemented in the state of Maharashtra, India. (MKCL 2001) In this system, the open universities in collaboration with industries offer work-based degree courses to suit the nature and needs of the businesses (Sawant 2017) and admit the youth especially from the economically weaker sections of the society at affordable fees. The businesses/industries offer paid internships to the students for performing at the workplace. The interns build the theory based on the work performed. The seniors in the industry assist the interns in synthesizing knowledge through daily reflection sessions by accessing eLearning study materials. The interns record their reflections through blogs and undertake evidence-based comprehensive assessment sessions on the eLearning platform on the work content and related course modules. The interns thus obtain two types of credits viz. work credits given by the industry appraisers and knowledge credits earned on the eLearning platform leading to the award of a degree at the end of three years. It is in this context and in view of the crucial role of the industries offering real life work-environments, the key aspects of the WBL ecosystem desirable at the workplace are discussed and analyzed.