India is a country with a diverse demography, with multiple faiths, religions, castes, regions, and ethnicities and a complete package of plural societies. Minorities constitute approximately 20% of the total population, whereas Muslims constitute approximately 80% of the total minority population in India. The development of minorities in general and Muslim minorities in particular is equally important for contributing to the national economy. Education plays the most crucial role in the developmental race in the contemporary world; therefore, an examination of the educational development of Muslims and minorities is presented here. The paper also explores the financial dimensions of education in general and financing under the Ministry of Minority Affairs in particular. This paper further aims to explore the educational progress of Muslim minorities in light of the NEP-2020.