This paper presents a novel approach on motor current signature analysis (MCSA) forbroken Rotor Bar fault and High Contact Resistance fault using stator current signals as an input from the three phases of Induction motors. Discrete Wavelet Transform is preferred over the Fast Fourier Transform (FFT). Fast Fourier Transform (FFT) converts signals from time domain to frequency domain on the other hand Discrete Wavelet Transform (DWT) gives complete three-dimensional information of the signal, frequency, amplitude, and the time where the frequency components exist. In wavelet analysis, thesignal is converted into scaled and translated version of mother wavelet, which is very irregular so cannot be predicted. Hence, mother wavelets are more appropriate for predicting the local behavior of the signal including irregularities and spikes. In this research features are extracted using DWT and then features are trained in Deep NN sequential model for the purpose of classification of the faults. In this research, MATLAB software has been used for building the motor model in Simulink environment and PyCharm software is used to implement Deep NN for getting accuracy and classification results. This research helps in early detection of the faults that assists in prevention from unscheduled downtimes in industry, economy loss and production loss as well.