India has great potential to increase the use of bio fertilizers. An endophytic symbiotic fungus Piriformospora indica promotes growth as well as important ingredients of the medicinal as well as economically important plants. It has been established as multipotent organism. In view of its immense importance , the aim of this Doctorate (D.Sc.) study was to investigate the effect of P. indica culture filtrate on the growth of medicinal plant Aristolochia elegans and economic plant Helianthus annus as a model to reckon with. It also envisaged studying conditions of bulk production of the fungus in fermenter to be formulated as bio fertilizer for economic use, Characterization of P. indica culture filtrate by HPTLC analysis, Quantitative analysis of microbial rhizospheric flora ,Scanning Electron Microscopy , Protein Profiling of P. indica and plant roots . Every day more and more functional attributes of this fungus are being brought to the notice. The high potential of multifaceted fungus has tremendous applications in future which will be helpful in improving quality of not only plants but also ultimately of food, nutrition, medicine and overall quality of human life.