Micro, small and medium enterprises are playing a pivotal role in the development of the Indian Economy. MSME is an important sector in the Indian economy because of its enormous contribution to the socio-economic progress of the country. This sector is considered the backbone of the country. Micro, small and medium enterprises contribute about 30% of the country’s gross domestic product (GDP) and 45% of the manufacturing output. MSMEs stand next to the agriculture sector in providing employment opportunities in the country. Approximately 110 million people are occupied in the MSME sector in India. MSMEs are an integral part of the supply chain and contribute about 45% of the overall exports made from India. MSMEs produce and manufacture a variety of products for both domestic as well as international markets. MSMEs are connected with the rural economy because more than half of the MSMEs operate in rural India. MSME sector is dominated by micro-enterprises. India has 6.33 crore MSMEs out of which 6.30 crore — 99.4 percent are micro-enterprises while 0.52 percent — 3.31 lakh are medium and 0.007 percent — 5,000 are medium enterprises. This paper attempts to study the present status, performance of MSMEs in India, and the support provided by the Government for the promotion and development of MSMEs in India.