Hi Raghvendra,
SAP NetWeaver MDM :
MDM provides a trusted, consistent view of key information assets across the enterprise – ranging from "customers", "products", and "suppliers" to "locations" and more. In large corporations, MDM is becoming a business transformation strategy as the cornerstone of every critical business process and business decision.
SAP Master Data Governance(MDG):
SAP Master Data Governance (SAP MDG) is arguably the first-to-market integrated and active data governance application
-- via its governance capabilities for creation, maintenance and replication of master data "upfront" (upstream) of line-of-business applications. Specifically, SAP MDG provides out-of-the-box, domain-specific master data governance to centrally create, change and distribute master data across your entire landscape -- with a focus on the SAP Business Suite. In other words, SAP MDG is an MDM application purpose-built and natively integrated with key SAP solutions, while SAP NetWeaver MDM is an infrastructure variation that requires additional customization to enable such central governance.
PFB a general compariosn betweeen SAP MDM and SAP MDG
| Feature | SAP NW MDM | SAP MDG |
| ABAP Code base | Not Supported | Supported |
| Delivered Business Content(data model etc) | Supported | Supported |
| Workflows | Supported | Supported |
| Validation | Supported | Supported |
| Business Rules Engine | Via a supporting app | Supported |
| Reuse SAP Business logic | Not Supported | Supported |
| Handle unstructured content(PDF,Images etc) | Supported | Via a supporting app |
| SAP UI(WD,GUI) | Via a supporting app | Supported |
| Integration with SAP | Via a supporting app | Supported |
| Hierarchy and Taxonomy | Supported | Supported |
| Bid Data and Cloud Support | Not Supported | Via a supporting app |
| Last major Release in a year | Not Supported | Supported |
| Scenarios | ||
| Consolidation | Supported | Not Supported |
| Harmonization | Supported | Via a supporting app |
| Central Master Data Management | Supported | Supported |
| GDS | Supported | Not Supported |
| SRM Catalog | Supported | Not Supported |
| PIM | Supported | Via a supporting app |
| CDI(B2B) | Supported | Via a supporting app |
| CDI(B2C) | Not Supported | Via a supporting app |
For more information, please visi the below mentioned link:
http://www.sapexecutivenetwork.com/phocadownload/sap_mdg_field_report.pdf
For SCN discussion on the same topic, PFB the links:
http://scn.sap.com/thread/1797486
https://scn.sap.com/thread/1890010
Let me know if you have any more questions.
Thanks and regards,
Satyam Rastogi