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Indian Education system has witnessed a revolutionary change due to the implementation of NEP 2020 in Indian classroom, which not only has utilized the boon of the technological advancement, but also ensures the retrieval of the age old ancient Indian Knowledge System by incorporating the traditional with the contemporary. This blended formation of educational approach, according to the Indian Government, is much more effective to address the global issues as well as to generate awareness among the next generation about those ancient enriched knowledge resources and cultural legacy deeply rooted in India through the various events, seminars and research activities related to Indian Knowledge System. This paper seeks to study in detail that transformative change in education system due to the integration of ancient Indian Knowledge System in framework of contemporary knowledge, with especial emphasis on NEP 2020. The government initiatives, policies, events and activities to promote the Indian Knowledge Systems (IKS), especially the vision and mission of Ministry of Education, Government of India are main focus of the study for better understanding of the scope and concept of Indian Knowledge System. This study analyses all the relevant document for the perspective analysis of NEP 2020 and shows how these policies and schemes, activities undertaken by Indian Government plays a significant role in shaping the future of India and contribute in nation-building.