In the context of renewed academic interest and enthusiasm about ‘good governance’ in the present time, this article sheds light on two world-renowned schools of thought on governance in the ancient India – pioneered by Kautilya and Asoka. Based on historical narratives and secondary sources, the paper argues that these two legendary samples of administrative excellence of ancient India bore nearly all the hallmarks of ‘good governance’ as defined today – including such characteristics as rule of law, administrative accountability, transparency in the recruitment and services of the public officials, coordination and harmonization of various nation-building departments and services, reform of public sector based on citizen’s demand etc.. The article analyses the key aspects and dimensions of the administrative thinking and practice propagated by Kautilya and Asoka, and examines their current relevance and topicality. The discussion ends with an exhortation for further research on this interesting, albeit strikingly less-explored, area of study.