This policy-oriented paper assesses the interconnections between Indian ethos, multiculturalism, equality, diversity and fairness in the context of the higher education system in India. The authors assert that the Vedas and the Bhagavad Gita can be valuable sources in contemporary literature and practice aimed at the development of education policy that enhances our commitment to equity in education. It examines the roots of inequality in the Indian higher education system that are entrenched in its history, identifies social, including ethnic, and physical barriers faced by the disadvantaged sections of society, and suggests various measures to combat such discriminations based on sex and ability.