India's large population, rapidly growing economy, and the consequent rising plastic waste, has necessitated the need for an efficient and effective plastic waste management (PWM) system for ensuring an environmentally cleaner and sustainable future. Consequently, PWM policy in India has recently undergone a substantial shift from being an informally organized, largely uncoordinated set of programs towards becoming a formal and integrated system based on the extended producer responsibility (EPR) approach. This paper explicates the evolution, development, implementation, and implications of the Indian EPR framework for PWM by developing an integrative mixed-method case study. Using a theory-based stakeholder evaluation model, the study critically analyzes the drivers and constraining factors from a multi-stakeholder perspective and provides prescriptive suggestions on EPR policy formulation and implementation. It highlights three themes i.e., (a) robust regulatory architecture; (b) operational mechanism; and (c) ecosystem catalysts, whose nature, dynamics, and practicality shall determine the future of the Indian EPR framework and those of comparable emerging economies.