Recently, a new experiment was proposed to search for the neutron Electric Dipole Moment (EDM) with an unprecedented sensitivity. The proposed search will have a two orders of magnitude improvement over the current neutron EDM limit. A search for a non-zero value of the neutron EDM is a direct search of the time reversal symmetry (T) violation . Therefore, it provides a unique insight of CP violation because of CPT invariance. The Standard Model (SM) prediction for the neutron EDM is below the current experimental limit by six orders of magnitude. However, many proposed models of electroweak interaction which are extensions beyond the SM predict much larger values of neutron EDM. The new experiment has the potential to reduce the acceptable range of prediction by two orders of magnitude. Furthermore, if new sources of CP violation are present in nature beyond the Cabibbo, Kobayashi and Maskawa (CKM) mechanism in the Standard Model and are relevant to hadronic systems, the new experiment offers a unique opportunity to search for such new physics. The current understanding of the baryogenesis suggests that additional sources of CP violation might exist in nature beyond the Standard Model and beyond what have been observed so far. To explain the baryon number asymmetry in the universe through the grand unified theory of electroweak baryogenesis, substantial New Physics in the CP violation sector is required.