The standard model of cosmology predicts that more than 95% matter in the universe consists of dark components namely dark matter and dark energy. In spite of several attempts to measure these components, there is not a single direct observational evidence for these components till date. Hence, different alternate models of cosmology have been put forward by different authors. However, most of these models have their own problems. Therefore, in this paper, a new cosmological model has been proposed. This model is based on the Machian gravity model, which will be discussed in detail in a later paper. The model can provide an exactly similar cosmology as that of the standard cosmological model without demanding any ad-hoc dark matter or dark energy components. The paper shows that when the field equations from Machian gravity (a 5 dimensional model) are projected to the 4-dimensional space-time, some new mathematical terms arise in the equations that behave exactly like dark matter and dark energy. These mathematical terms come completely from the geometry of the universe and therefore these do not have any connection with the real matter. As the General theory of Relativity does not follow Mach’s principle, the FLRW model that is based on GR, cannot provide the correct solution to the cosmological model and demands extra forms of matter and energy to give any predictions consistent with the observations.