Exactly 50 years ago, the setting up of Gajendragadkar Committee in 1969 by the University Grants Commission, New Delhi (which reported in 1971) on the ‘Governance of Universities in India’ can be seen as the first attempt that brought into focus the subject ‘governance’ in higher education in academic discussion. Issues related with the constitution, structure and organisation of universities, functions of statutory bodies, management of university affairs, autonomy and academic freedom, general administration, participation of students and related matters came under scrutiny. This chapter revisits the recommendations of the said committee on governance of universities in India and reports to what extent those were put into practice and are they still relevant. However, the system continued to rely heavily on government rules and practices. Although universities are unique organisations as compared to other government departments and units, similar administrative norms were adopted to run universities as well. The chapter brings into focus how the rules, procedures and techniques once adopted tended to continue indefinitely in their original form even when changed conditions and circumstances made them obsolete and incompatible with the real needs and interests of the academic institution. Further, with the beginning of the era of private universities and self-financed colleges in India since late twentieth or early twenty-first century, the last few decades have seen the second phase of the state of governance of the higher education in the country. Now along with World Bank’s prescriptions, new definitions and meanings are being attached to ‘governance’ as distinct from what was aimed at and meant by administration and management and the coming in of the new principles of ‘corporate governance’ and its possible application in the academics, this chapter analyses these in detail. Along with discussing the NITI Ayog’s version of focused ‘autonomous governance’ and the National Education Policy 2019 mention of ‘effective governance’ and ‘local governance’ in the pursuit of innovation and excellence, the chapter explores how resolute efforts are needed in the present scenario to evolve policies, techniques and practices and a machinery for a forward looking and dynamic academic institution of higher learning. Recent experiences of countries like UK, about improving university governance in the light of the Browning Committee Report and its White Paper on British higher education enlisting students’ participation in governance process and the most recent HEPI Report 2019 on university governance in a new age of regulation are also examined with a view to draw lessons for the Indian system of higher education. This chapter is divided into five sections. Section One discusses the notion of governance and elucidates clearly the distinct connotations of administration, management and governance of higher education and sets the tone of the chapter Section Two is the depiction of the understanding and practice of governance of higher education in the pre-economic reform period. Section Three provides glimpses of the British legacy of higher education in India and also examines the system of governance of higher education in England with a view to draw lessons for India. Section Four is devoted to an analysis of the post reform system of governance of higher education including the contribution of international organisations like the World Bank and finally Section Five offers suggestions and provides a road map to evolving a system of good governance of higher education. Section Six is capturing briefly the vision of the National Policy of Education-2020 towards strengthening the regulation and governance of higher education in India.