As per Indian Ministry of Micro, Small & Medium Enterprises, Micro, Small and Medium Enterprises (MSME) contribute nearly 8 percent of the country’s GDP, 45 percent of the manufacturing output and 40 percent of the exports. They provide the largest share of employment after agriculture. (Published on the homepage of Ministry of Micro, Small & Medium as of May 17 2014). Particularly Small and Medium-sized enterprises (SME) are the nurseries for entrepreneurship and innovation. They are widely dispersed across the country and produce a diverse range of products and services to meet the needs of the local markets, the global market and the national and international value chains.