Education is the manifestation of perfection already in man. Akin to industrial revolution, education has evolved from Education 1.0, which was primal, to the most modern present-day system of Education 5.0. Artificial Intelligence and allied emerging technologies played a vital role for more than 20 years during the stretch of Education 4.0. With the advent of prominent digital technologies such as Generative AI there is a quick transition from Education 4.0 to Education 5.0. The Generative AI represents a monumental technological leap in machine learning to supplement human creativity and innovation. It will profoundly reshape the learning eco-system and the way how content is created and used virtually across the educational domain. The quick production of text, codes, images, audio and videos has the potential to augment the educational process and greatly enlarge human capabilities by democratizing access to all on an unparalleled scale. By embracing the promising Generative AI tools with a balanced mindset, we can work to maximize its benefits while minimizing the associated risks/limitations. The possible initiatives to audit, check and refurbish algorithms, to implement through responsible regulations and facilitate a fair access to all the users, play a vital role in popularizing Generative AI models in wide-ranging educational tasks. In the long-run, Generative AI, if developed and deployed responsibly, can become a constructive set of tools that propels creativity, discovery, problem solving, facilitate personalization, and enhance human progress in the future.