The newly adopted performance-based evaluation and funding model is one of the recent quality initiatives taken by the University Grants Commission in India, which aims to improve quality in management and administration of federally funded universities in India. The article critically analyses the 2020 released ranking based on this model and raises some critical observations about the methodology and results of the ranking, discussing the key features of the ranking framework. The findings suggest that universities ranked higher in the National Institutional Ranking Framework and National Assessment and Accreditation Council ratings have performed not at par with their ranks in this target-based methodology. Only one university of 40 could find a place in the 'outstanding' category and one university was categorised as 'poor'. The article goes on to discuss the current state and future directions of central universities in India aspiring to join the 'world-class' league.