Most progressive governments, across the world, have come out with some basic law that governs SME policy and practice. While such a basic law is a reference point, it needs to have dynamic elements that can help to capture the emerging realities of future as well. In India, though the MSME Development Act was passed in 2006, against the felt needs as articulated by the MSME associations, and other stakeholders. However, significant changes have since taken place in the overall MSME environment, thereby demanding a review of the legislation. The Act essentially provides for four key subjects that are of importance to sustainable development of MSMEs in the country: 1. Promotion; 2. Development; 3. Enhancing competitiveness; and 4. Other incidental matters. Beyond the above vision and objectives, rapid changes have taken place in the economy in several ways. Many of the routine functional areas of MSME development and practices have got decimated. The growth of e-commerce, and the escalated phenomenon of globalisation induced market distortions are issues that demand innovative solutions.