Thanks for the reply. In the interim, I’d tried comparing the differences between conda update pytorch torchvision cudatoolkit -c pytorch and conda update --all. It turned out that the former updates everything except Python and Matplotlib. So, I ran both commands in that order, but now when I try to import PyTorch I get an error about VS Runtime.
(pytorch) PS C:\Users\Navneeth> python
Python 3.8.5 (default, Sep  3 2020, 21:29:08) [MSC v.1916 64 bit (AMD64)] :: Anaconda, Inc. on win32
Type "help", "copyright", "credits" or "license" for more information.
>>> import torch
Microsoft Visual C++ Redistributable is not installed, this may lead to the DLL load failure.
                 It can be downloaded at https://aka.ms/vs/16/release/vc_redist.x64.exe
Traceback (most recent call last):
  File "<stdin>", line 1, in <module>
  File "C:\Users\Navneeth\Miniconda3\envs\pytorch\lib\site-packages\torch\__init__.py", line 127, in <module>
    raise err
OSError: [WinError 126] The specified module could not be found. Error loading "C:\Users\Navneeth\Miniconda3\envs\pytorch\lib\site-packages\torch\lib\asmjit.dll" or one of its dependencies.

This is weird since conda automatically installs the runtime whenever an environment is created.
This is the relevant bit from the output of conda list:
vc                        14.1                 h0510ff6_4
vs2015_runtime            14.16.27012          hf0eaf9b_3