Worldwide, the Micro Small and Medium Enterprises (MSMEs) have been accepted as the engine of economic growth and for promoting equitable development. The major advantage of the sector is its employment potential at low capital cost. This constitutes over 90% of total enterprises in most of the economies and is credited with generating the highest rates of employment growth and account for a major share of industrial production and exports. In India too, the MSMEs play a pivotal role in the overall growth of the industrial economy of the country. Rather, small and medium enterprises in India are known as the backbone of the economy.