The Indian higher education system is poised for a major overhauling in the wake of the implementation of the National Education Policy (NEP) 2020. Reform of university governance is pivotal to the implementation of the NEP 2020 in the face of autonomy being granted to the students to choose their basket of courses from a wide range of options while the higher education institutions are expected to evolve as multi-disciplinary institutions. This chapter examines the various recommendations of the NEP and seeks to unravel how the University governance reform is being sought to be achieved both at the institutional level as well as the system level and what are the possible implications for the autonomy of the faculty as the higher education institutions are being geared up to respond to the NEP's mandate to offer skilled based courses to the students as they exercise autonomy in their choice making against the backdrop of a series of regulations proposed by the University Grants Commission. The institutions are also being nudged to give more emphasis on setting up of incubation centres and start-ups to produce knowledge and foster innovation useful for the economy and the society. The evolving domain of autonomy of the faculty and the institutions in the emerging context has to be understood keeping in mind the specific features of a university and specific challenges being faced by the higher education institutions in the emerging scenario.