The National Education Policy 2020 (NEP 2020) is a comprehensive and ambitious plan to transform India's education system. However, its implementation has sparked debates among stakeholders, including students, teachers, and experts. This paper evaluates the promise and pitfalls of NEP 2020 based on the perspectives of these stakeholders. This study used an explanatory sequential mixed-methods approach to compare and elucidate the views of students, teachers, and experts from diverse backgrounds. The subject experts have a more positive outlook on the promises of the policy, lauding its expansive and comprehensive vision. While the multiple entry-exit options and the new credit systems are viewed to be more beneficial by the students, teachers believe that they require further capacity building and training to deliver the range of subjects and skills envisioned in the policy. All the respondents are confident that NEP 2020 will harbinger reforms to enhance the quality of education in India. We conclude with recommendations for policymakers, educators, and other stakeholders to ensure the successful implementation of NEP 2020 and the achievement of its goals.