This term ‘Lean Management’ was coined after a study conducted by the MIT research team as it found out that the TPS was based on the basic principle of taking maximum output by wasting the minimum resources. So, Lean Management basically means reducing waste from all the walks of work involved in the work place. Given the records of the Indian Manufacturing Industry, their resource utilization has always been among the lowest worldwide. This is the primary reason for the Indian Manufacturing Industry being left behind the competition in many sectors although the quality of products are at par with others in many cases.