In the present era of globalization, there is enormous pressure on the business organizations, especially manufacturing ones, to rethink the supply chain in innovative manners. Effective and efficient material management plays a vital role for the successful functioning of any organization. This paper focuses on the selection and ranking of performance indicators and their elements pertaining to Just in Time (JIT) implementation in Indian manufacturing industries. A deterministic quantitative model based on Simple Additive Weighting (SAW) technique has been developed for evaluation and ranking of performance indicators. The proposed methodology has not hitherto been applied in literature for this selection problem. Six performance indicators— cost reduction, productivity, lead time reduction, product variety, quick response, and employee commitment are considered. Improper selection could affect a company’s competitiveness in terms of the productivity of its facilities and quality of its products.