This paper attempts a critical review of the performance and policy concerning the micro, small and medium enterprises (MSMEs) in globalizing India since the early 1990s whence economic reforms were formally introduced. With an explicit accent upon participating in the global market sphere, the government policies have reoriented focus towards enhancing exports, competitiveness and efforts to be part of global value chains or global production networks. However, an analysis of relevant performance variables clearly indicates an unimpressive fare, with classic constraints like dwindling access to credit and poor product quality persisting. Even the so-called cluster promotion initiatives have left much to be desired. These are additionally burdened by unreliable or inadequate policy-sensitive database on MSMEs. The eminent losers in the process have been most micro and small enterprises, especially those in rural areas or small towns. Moreover, as always, labour continues to receive a shoddy deal in the MSMEs across space and sub-sectors, irrespective of reforms and globalisation.