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A five phase induction motor is modeled in the MATLAB simulink and a New Five Phase Multilevel Inverter is presented for the 5-φ IM to generate a maximum output voltage levels. In this topology symmetric and asymmetric source are considered and the output levels are analysed. An asymmetric source gives higher output voltage with lesser inverter switches. Percentage Total Harmonic Distortion in the output voltage of five phase multilevel inverter fed 5-φ IM and the corresponding dynamic performance are investigated. The results of this topology are found better when compared to that of VSI fed induction motor. The Simulation results of multilevel inverter fed 5-φ IM shows the effectiveness of the proposed topology.