This article provides a critical review of English medium instruction (EMI) policy/practices in the K-12 multilingual schools in South Asia, especially in Nepal, India, and Pakistan. Employing Bourdieu's (1993) lens of 'linguistic capital' and 'linguistic marketplace,' the article takes stock of (a) the development of EMI and its ideological and pedagogic motivations, (b) the models of EMI policy in relation to mother-tongue-based multilingual education (MTB-MLE) and their practices, and (c) social justice concerns that arise from such policies/practices. As the review of research and policy/practices reveals, EMI is ideologically perceived as a means of acquiring the linguistic capital, often believed to provide access to the global economy; and, therefore, a "liberating tool" for socioeconomically minoritized groups. Such ideology has, then, oriented the concerned bodies to position EMI within the framework of MTB-MLE in South Asian countries, creating the discourse of inequality and injustice for different social groups. The article continues the argument that the language policies, which are being developed/practiced in the lure of economic globalization, ignoring the local realities, become a source of marginalization along the lines of class, ethnicity, gender, and regions.