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Industrialization is an effective means for solving the problems of economic and social progress in developing countries of the world. Gunwar Myrdal has rightly described the relationship of industrialization to economical development when he observes “the manufacturing industry represents, in a sense, a higher stage of production in advanced countries. The development of manufacturing has been concomitant with these countries spectacular economic progress and rise in levels of living. Entrepreneurship is indispensible to accelerate the industrial growth. Small enterprises are an effective means for the development of entrepreneurship. This sector is an only solution to the problems of poverty, insecurity, unemployment, over population he modern world. This paper attempted at highlighting the significance small enterprises in economic development of India. This paper is based on both primary as well as secondary data.