Micro, Small and Medium Enterprises (MSMEs constitute a vital segment of the Indian economy, contributing significantly to employment generation, industrial output, and export growth. This study analyses the growth dynamics and structural changes of MSMEs in India over time, with a focus on enterprise expansion, employment trends, and sectoral composition. Using secondary data, the paper examines long-term trends in the number of enterprises, employment generation, and contribution to GDP and exports. The analysis reveals a substantial increase in the number of MSMEs and employment opportunities, driven primarily by micro enterprises. However, structural imbalances persist, with limited transition from micro to small and medium enterprises. The study further identifies key factors influencing MSME growth, including access to finance, government policy support, digitalisation, infrastructure, market access, and skill development. Despite significant policy initiatives and technological advancements, MSMEs continue to face challenges related to credit constraints, compliance burdens, and regional disparities. The paper concludes that sustained policy support, improved financial inclusion, and enhanced technological adoption are essential to ensure balanced and sustainable growth of the MSME sector in India.