The present study was carried out to assess the degrading efficiency of the fungal consortium (Cellulolytic fungi - Paecilomyces variotti and Chaetomium globosum, lignolytic fungi – Pleurotus florida and Tramates versicolor and actinomycetes - Streptomyces lavendulae and Thermobifida fusca ) in converting the Municipal solid waste (MSW) and Water hyacinth (WH) mixture into an eco-friendly value added organic manure .The results revealed that the biomanure obtained by inoculation of fungal consortium into the municipal solid waste (MSW) and water hyacinth (WH) mixture was found to be efficient in enhancing the rate of decomposition with in 90 days of biodegradation as they showed drastic reduction in the biochemical parameters like organic carbon (21.09 per cent), cellulose (20.56 per cent), phenolic content(0.46 mg g^-1) and reducing sugars (0.67 mg g^-1). C:N ratio was narrowed down from 92:1 to 15:1, while nitrogen content increased to 1.39 per cent from 0.37 percent compared to uninoculated control (uninoculated MSW-WH compost). ?-glucosidase and urease enzyme activities were much pronounced upto 75 days from 0.05 to 1.69 Ul ^-1enzyme protein (?-glucosidase) and from 0.93 to 1.89 µ mol of ammonia formed mg ^-1enzyme protein (urease) in fungal consortium inoculated MSW-WH over the uninoculated MSW-WH compost.