i am about to start my phd in mems/nanotech field. i really like the research. my problem is i want to work in the industry and definitely not in academia. Which has put me in a dilema. Whether a phd is really necessary or can i do research in an industrial setup???

I have no idea about the nanotech field. I am applying for a PhD in finance and I do know that a PhD in finance is not designed for industry research. The PhD prepartion is very rigorous and is only needed for academic publications in journals, it is not used to do industry research. My recommendation is to ask professors in your field what they suggest and if/how it is possible to do industry research without a doctoral degree.