Reduction in the overall power devices such as power semi-conductor switches, gate drivers with the associated circuits and DC voltage sources reduces the size, cost, complexity in addition with enhancing the overall performance of the inverter. This paper presents a new and generalized multilevel inverter topology with reduced number of power components. To identify the significance of proposed inverter, the generalized formulae for all the parameters are calculated and a comprehensive comparison of different performance parameters are presented in tabular as well as in graphical form. Multicarrier pulse width modulation strategy is adopted for generating the switching pulses. Simulation of the proposed MLI topology for the 9-level and 17-level inverter have been performed in MATLAB/Simulink and the corresponding experimental results are incorporated for one unit and two units, respectively, experiments are carried out at RL load. Nevertheless, level per switch Ratio (L/S) is introduced and compared with some of the new discussed MLI topologies. Moreover, the switching and the conduction losses of the inverter are also calculated and incorporated in this paper.