This paper presents the probabilistic evaluation, design aspects and scientific suggestions to improve the reliability and performance of an industrial induction motor. The induction motors have experienced a long life and a high efficiency in service with appropriate design and quality control. However, reliability quantification and adequacy evaluation are still necessary and important for customer satisfaction, design improvement, marketing, vendor selection, production plan, service life determination, and scheduled maintenance. The industrial data related to manufacturing and failure of induction motors are analysed for reliability assessment and design suggestions. The reliability indices like Mean Time Between Failure (MTBF) and failure rate of induction motors are evaluated using industrial data-based exponential probabilistic distribution function, which is issued to plan the maintenance schedule of the industrial induction motors. The technological suggestions are finally presented in this paper to reduce the failure rate and enhance the MTBF for reliability improvement of induction motors.