The current focus of manufacturing is towards flexible automation and miniaturization. In the last decade, a new grouping of engineering and scientific skills and techniques known as Precision Engineering and presently known as Ultra Precision Technology has emerged as a result of application of metrology and manufacturing to micro and nano levels. Micro engineering and Nano Technology are the subsets of Precision engineering. Micro engineering refers to the technologies and practice of making three dimensional structures and devices with dimensions in the order of micrometers and Nano technology refers to the technology where the unit of measurement is a Nano metre, which is one thousandth of a micron (Also, 1nm=10 Angstrom units). These latest technologies lead to the growth of activities in various field like, aerospace industry, atomic energy, defense research and development, bio-medical engineering, information technology, communication engineering, and entertainment electronics, etc.