The SMEs display their importance in terms of value addition, employment generation, regional balance and export earnings. Thus, SMEs have been of great importance under the government’s Industrial Policy. However, since the past few years, countries like China have gained on India’s global competitive cost and cheaper; better quality imports have made SMEs lose position in the global market. In retrospect, the Common Minimum Program of the government, the National Advisory Council has set-up the National Manufacturing Competitive Council (NMCC) as the nodal platform to energize, sustain growth and recommend approaches to improve the competitiveness of the manufacturing industry in India.