The Micro, Small and Medium Enterprises (MSMEs) sector constitutes an important segment of the Indian economy in terms of its contribution to the country’s industrial production, exports, employment and creation of an entrepreneurial base. MSMEs have the advantages of generating gainful employment with low investment, diversifying the industrial base, reducing regional disparities through dispersal of industries into rural, semi–urban and backward areas. The Micro, Small and Medium Enterprises are more labour intensive and capital saving when compared to the large firms. They are better suited to the factor proportion in the labour abandoned economy like India Micro, Small and Medium Enterprises play a strategic role in the economic progress of the country. These industries by and large, represent a stage in economic transition from traditional to modern technology. The transitional nature of this process is reflected in the diversity of these industries micro, small and medium enterprises use simple skills and machinery while many others use modern and sophisticated technology.