In a rapidly changing world, where innovative solutions fuel the engine of economic growth, the University-Industry Linkage (UIL) get wider acceptance. Effective measures for improving the University-Industry Linkage (UIL) in the country are extremely essential for addressing scientific, economic, social as well as global issues. The importance of NEP-2020 needs to be assessed in the context of industrial development and the employment opportunities it creates. The new National Education Policy-2020 pays more attention to UIL and provides a great opportunity to transform the country. University-Industry Linkages are increasingly important for innovations and crucial for scaling up the economy. Academic research is more likely to have a positive impact and be beneficial if university researchers visit the industry and interact with industrial personnel for a better outcome that addresses the needs of the industry. This conceptual paper explores the significance of UIL in the backdrop of the National Education Policy-2020. It exposes various aspects in details for improving the overall ecosystem of collaborations between the two stakeholders. The study suggests that the government should create a common platform to facilitate the relationship between the university and academia to foster new relationships and forge new ties and alliances and explore funding provisions, including public-private partnerships, to address the shortcomings.