In any developing nation, Small and Medium Enterprises (SMEs) play a large role in enhancing the economy. A bulk of the manufacturing base is made up of SMEs and they contribute significantly to exports too. India too is no exception and the Micro, Small and Medium Enterprises (MSME) sector remains the largest employment generator as well as a significant contributor to industrial activity. 45% of the manufactured output in the country is produced by MSMEs and these firms are also responsible for 40% of the exports. The sector provides employment to 70 million people in the country and contributes 8% to the national GDP.