This paper examines the growth trajectory of Small and Medium Enterprises (SMEs) across Asian countries, with an emphasis on India. SMEs constitute the backbone of economic development in Asia, contributing significantly to employment generation, poverty alleviation, and export growth, yet they face persistent structural challenges like limited access to finance and inadequate infrastructure. This paper also delves into various Government interventions and policies supporting MSMEs. It also draws a comparison of India with other Asian countries such as Indonesia, Malaysia, the Philippines, and Thailand.