Almost 80% of the industrial loads are induction motors. This paper scrutinizes the meticulous analysis of three phase induction motor drive fed by Cascade H-Bridge multilevel inverter (CHBMLI. As a first step the performance of the induction motor drive with the normal voltage source inverter has been examined. Then the drive system has been studied with various levels of cascade H-Bridge inverter. A level shifted multi carrier PWM technique has been used for the CHBMLI. An exhaustive survey is made in order to study the various performance indices such as load torque, motor speed and efficiency. The entire system has been built in Matlab / Simulink and the simulation results are provided. To show the improvisation in the drive performance five- level and nine-level fed induction motor drive results are presented in this paper. The results reveal that the CHBMLI is more appropriate for induction motor drive. © 2013 IEEE.