Lean Manufacturing is being adopted by many Indian industries based on its capability of improving manufacturing performance. Lean Manufacturing supports the concept of delivering the low cost and good quality product to customer by focusing on elimination of waste. Lean Manufacturing employs various elements which aspire to involve the employees to create a customer centric organization. This paper is an attempt to examine the significance of various lean manufacturing elements in Indian industries. Interpretive Structural Modeling (ISM) approach is used to examine their inter-relationship and ranking based on their driving power and dependence powers through development of diagraph and structural model in the Indian industry context.