India is a growing economy it has very young population, potential work force that will create global wealth and GDP growth above developed nations. For instance, India copes up have 7.6 per cent growth during the year 2015-16. When we compare to developed nations they struggle. India is one among fastest growing economies in the world. The service sector growth has shown the positive trend in its growth but the manufacturing sector in India is having reverse experience. Though manufacturing has grown must faster than GDP in other emerging market, it has not happened in India. Indian MSMEs take a significant position in the global and domestic economy. Mainly in emerging economies revenues and employment creation comes from MSMEs. Constituting 90% of total enterprises globally, it is not surprising that SME play a pivotal role shaping world economy and employment contributes 60 70%, GDP over 55% and generates the job creation after the agricultural sector. In global context, SMEs has 6% growth rate during the period 2015 to 2021.India’s main focus is being ‘from local to global’ for MSMEs. A larger chunk of Indian MSMEs is in rural areas, which are going to play a significant role in making Self-reliant India. The effect of the modification in the definition of MSMEs on their economic performance has not been examined yet and remains a subject for future research. The revised definition will definitely add to the volume of MSME units so also an affirmative rise in the output, employment, product diversification, investment and export. Empirically analysing the decisive elements of the MSMEs sector, it is evident that there is a high degree of significant positive correlation among the variables (MSME units, production, employment and investment).