diff --git a/clang/lib/Driver/CMakeLists.txt b/clang/lib/Driver/CMakeLists.txt
index ee4e6baf082fe..c71fd7e6aebc6 100644
--- a/clang/lib/Driver/CMakeLists.txt
+++ b/clang/lib/Driver/CMakeLists.txt
@@ -19,7 +19,7 @@ endif()
 
 # This must be in sync with llvm/sycl/CMakeLists.txt.
 SET_SOURCE_FILES_PROPERTIES( ToolChains/MSVC.cpp ToolChains/Clang.cpp
-  PROPERTIES COMPILE_DEFINITIONS SYCL_MAJOR_VERSION="6" )
+  PROPERTIES COMPILE_DEFINITIONS SYCL_MAJOR_VERSION="7" )
 
 add_clang_library(clangDriver
   Action.cpp
diff --git a/sycl/CMakeLists.txt b/sycl/CMakeLists.txt
index b9cf1ad67b985..b54a1b44343d6 100644
--- a/sycl/CMakeLists.txt
+++ b/sycl/CMakeLists.txt
@@ -32,8 +32,8 @@ include(SYCLUtils)
 #
 # See doc/developer/ABIPolicyGuide.md for the meaning when in the middle of
 # development cycle.
-set(SYCL_MAJOR_VERSION 6)
-set(SYCL_MINOR_VERSION 2)
+set(SYCL_MAJOR_VERSION 7)
+set(SYCL_MINOR_VERSION 0)
 set(SYCL_PATCH_VERSION 0)
 
 set(SYCL_DEV_ABI_VERSION 0)
diff --git a/sycl/doc/developer/ABIPolicyGuide.md b/sycl/doc/developer/ABIPolicyGuide.md
index 7eefc8bf21163..0a695664acf6c 100644
--- a/sycl/doc/developer/ABIPolicyGuide.md
+++ b/sycl/doc/developer/ABIPolicyGuide.md
@@ -35,13 +35,10 @@ Adding a new exported symbol is considered to be non-breaking change.
 The release version of the DPC++ runtime library follows
 [Semantic Versioning](https://semver.org/) scheme: `MAJOR.MINOR.PATCH`. `MAJOR`
 version indicates breaking change. Version `X` is backwards incompatible with
-version `X-1`. `MINOR` indicates a non-breaking change. The development version
-of the library has a postfix `-V` that indicates breaking changes between
-releases. Every time a pull request introduces a breaking change, it must also
-uplift `V`. It is pull request author responsibility to accordingly update
-`V` part of library version. If `V > 0` on release date, then `MAJOR_VERSION`
-is uplifted and `V` is set to zero. `MAJOR`, `MINOR`, and `PATCH` versions are
-not updated between releases.
+version `X-1`. `MINOR` indicates a non-breaking change. We bump the versions
+immediately after the previous release had been branched off. As such, if next
+release is allowed/expected to be ABI-breaking we bump `MAJOR` and drop `MINOR`
+to zero otherwise increment `MINOR` in the beginning of the development cycles.
 
 ## `__SYCL_EXPORT` Macro
 
diff --git a/sycl/test-e2e/lit.cfg.py b/sycl/test-e2e/lit.cfg.py
index b05e8911b1262..419bd1d505c4a 100644
--- a/sycl/test-e2e/lit.cfg.py
+++ b/sycl/test-e2e/lit.cfg.py
@@ -197,7 +197,7 @@
 config.substitutions.append( ('%opencl_include_dir',  config.opencl_include_dir) )
 
 if cl_options:
-    config.substitutions.append( ('%sycl_options',  ' ' + config.sycl_libs_dir + '/../lib/sycl6.lib /I' +
+    config.substitutions.append( ('%sycl_options',  ' ' + config.sycl_libs_dir + '/../lib/sycl7.lib /I' +
                                 config.sycl_include + ' /I' + os.path.join(config.sycl_include, 'sycl')) )
     config.substitutions.append( ('%include_option',  '/FI' ) )
     config.substitutions.append( ('%debug_option',  '/DEBUG' ) )
@@ -206,7 +206,7 @@
     config.substitutions.append( ('%shared_lib', '/LD') )
 else:
     config.substitutions.append( ('%sycl_options',
-                                  (' -lsycl6' if platform.system() == "Windows" else " -lsycl") + ' -I' +
+                                  (' -lsycl7' if platform.system() == "Windows" else " -lsycl") + ' -I' +
                                   config.sycl_include + ' -I' + os.path.join(config.sycl_include, 'sycl') +
                                   ' -L' + config.sycl_libs_dir) )
     config.substitutions.append( ('%include_option',  '-include' ) )
diff --git a/sycl/test/abi/sycl_symbols_windows.dump b/sycl/test/abi/sycl_symbols_windows.dump
index 5f56778c2c322..c9b772830fef9 100644
--- a/sycl/test/abi/sycl_symbols_windows.dump
+++ b/sycl/test/abi/sycl_symbols_windows.dump
@@ -3,7 +3,7 @@
 # DO NOT EDIT IT MANUALLY. Refer to sycl/doc/developer/ABIPolicyGuide.md for more info.
 ################################################################################
 
-# RUN: env LLVM_BIN_PATH=%llvm_build_bin_dir %python %sycl_tools_src_dir/abi_check.py --mode check_symbols --reference %s %llvm_build_bin_dir/sycl6.dll
+# RUN: env LLVM_BIN_PATH=%llvm_build_bin_dir %python %sycl_tools_src_dir/abi_check.py --mode check_symbols --reference %s %llvm_build_bin_dir/sycl7.dll
 # REQUIRES: windows
 # UNSUPPORTED: libcxx
 
diff --git a/sycl/test/lit.cfg.py b/sycl/test/lit.cfg.py
index 3ca752c46b182..e2068ff033293 100644
--- a/sycl/test/lit.cfg.py
+++ b/sycl/test/lit.cfg.py
@@ -102,7 +102,7 @@
         sycl_host_only_options += ' -isystem %s' % include_dir
 config.substitutions.append( ('%fsycl-host-only', sycl_host_only_options) )
 
-config.substitutions.append( ('%sycl_lib', ' -lsycl6' if platform.system() == "Windows" else '-lsycl') )
+config.substitutions.append( ('%sycl_lib', ' -lsycl7' if platform.system() == "Windows" else '-lsycl') )
 
 llvm_config.add_tool_substitutions(['llvm-spirv'], [config.sycl_tools_dir])