The National Education Policy (NEP) 2020 represents a paradigm shift in India’s educational landscape, promising equity, inclusivity, and quality for all. Falling into the paradigm of developmental economics, this paper critically examines the policy’s potential to address the needs of historically marginalized communities—including socio-economically disadvantaged groups (SEDGs), Scheduled Tribes, children with disabilities, and gender minorities—through a focused analysis of key provisions such as Early Childhood Care and Education (ECCE), Special Education Zones, the Gender-Inclusion Fund, and Open and Distance Learning (ODL). Drawing upon official policy documents, existing educational statistics, and the broader socio-political context, this study evaluates whether NEP 2020 offers not just symbolic inclusion but substantive structural change. The paper argues that while the NEP makes commendable strides in intent and policy design, its success depends critically on effective implementation, inter-sectoral coordination, and sustained financial commitment. By highlighting both the strengths and gaps within NEP 2020, this analysis aims to contribute to ongoing discourse on educational equity and inform future policy refinements to better serve India’s most vulnerable learners.