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Micro, Small and medium Enterprises (MSME) sector is the backbone of any economy. In India it represents 94% of all industrial firms and accounts for 60% of employment. The contribution of MSMEs to the economy in terms of employment generation, manufacturing and export has been splendid over the years. It is said that Indian economy goes with MSMEs. The overall economic growth of any country depends on growth and development of MSME sector. It also play a pivotal role in the economy of developed countries and also a driving force for economic development of many counties .Both developed and developing countries comprehended that MSMEs become one of the key instruments to achieve sustainable economic growth. In USA, SMEs make up 99.9% of all business and employ 47.1% of the private work force. In UK 99% off privately owned business are classified as SMEs accounting for 60% of private sector jobs. In Canada small business comprises 98% of business with employment to 10.3 million people. In Italy SMEs constitute 95% of total industries which account for 80% of total employment. In Germany, SMEs account for 99.3 % of all German firms. Their innovation, flexibility, relativity, efficiency and locality all play a part in making them successful.