Abstract: The developments in technology during the recent past, especially in ICTs (information and communication technologies), are tremendous, and the magnitude of changes that have been effecting the scholarly communication is amazing. In reality, scholarly communication system has largely been monopolized by publishers. Publishers obtain copyright from the author while accepting their scripts for publication, and paradoxically, the author or his/her university/institute will not have access to the article unless they have a subscription to the journal. On the other side, the spiralling costs of scholarly journals and the shrinking library budgets are of grave concern to the academic and research fraternity regardless of geographic conditions. The deprived authors/institutions are now trying out OA (Open Access) alternatives for scientific publication and communication with a view to escape the clutches of the publishers. The OA, as it is literally explanatory, intends seamless and free online access to all scholarly works emanating from the scientific fraternity worldwide. OA initiatives are indeed poised to revolutionize the scholarly communication process wherein the copyright of the article will partly rest (non-exclusive) with the authors, which is a departure from the conventional publishing process. This paper highlights the importance and the broad spectrum of benefits the OA movement offers to the academic and research community, especially, by way of policy formulations that would lead to mandating open access to all publications resulting from publicly funded research. It also suggests various models for practising and promoting OA, which could be emulated by these organizations in meeting the growing challenges that they face now in terms of budgetary constraints. It will also help in their earnest efforts towards providing assured access to a (near) comprehensive body of information and knowledge to their own communities.