Breathing support is provided by regulating volume or pressure of lungs using ventilators. Due to COVID-19 pandemic, there was a sudden shortage of resuscitating devices such as ventilators. Additionally, ventilators being one of the primary critical care devices are also very costly. In order to address this situation, a number of low-cost designs have been proposed, however, many of these lack either an efficient control system or a hardware comparable to a standard ICU ventilator. In this regard, this article presents a comprehensive cost-effective solution that covers all aspects of the ventilator design (named as NED-Vent) such as hardware/pneumatic assembly, electronic design, user interface and control system. The proposed design works on compressed air-oxygen switching via proportional valves to produce basic volume and pressure modes as well as their derivatives such as assist ventilation, intermittent ventilation and spontaneous modes. The NED-Vent also features an interactive single-knob-single-touch user interface along with an automated mechanism for adjusting air-oxygen ratio in breathing gas mixture as an improvement on existing designs. The pressure regulated control is based on two mathematical models of human lungs with dynamic lung parameters estimated using machine learning approach. Additionally, the controller is tuned to optimized stability using Jury's Test and Ziegler-Nichols methods. The obtained results of breath profile are validated for the employed mathematical models (SLSC & SLMC) as well as the tuning methods in compliance with the tolerances provided by international standards.