The HRD ministry would deliberate on the report and thereafter present the suggestions of the committee to the Union Cabinet for its approval, the Union Minister of State for Human Resource Development said.
Speaking to PTI on the issue, Singh said the current education system followed a "colonial" mindset and the government was working on the new policy to upgrade the education system to suit the changing times.
Detailed discussions on the policy have been carried out and it is in the final stage of deliberations, he added.
He added that education would be made cheaper and easily accessible so that the nation can produce more engineers, scientist and doctors.
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The government was working to set up a world-class education system for all, the minister said.
The existing National Education Policy was framed in 1986 and revised in 1992. A new National Education Policy was part of the manifesto of the BJP, which now governs the country.
Headed by former Indian Space Research Organisation (ISRO) chief K Kasturirangan, the panel was set up by the human resource development (HRD) ministry in June last year.