Inoculation of the carrier-based mixed bioinoculants af N-fixer (Azospirillum lipoferum strain Az204/Rhizobium strain BMBS P47) and phosphate-solubilizing bacterium (Bacillus megaterium var phosphaticum strain Pb 1) promoted growth and yield of pearl millet and blackgram under pot-culture conditions. The mixed inoculant of Az204 and Pb 1 enhanced germination, seedling vigor, plant height, and seed weight, and resulted in $6\%$ increase in grain yield of pearl millet. Likewise, the mixed inoculant of BMBS P47 and Pb1 increased growth, nodulation, and yield in blackgram. The rhizosphere soil enzyme activities, including nitrogenase, urease, and phosphatase, in both pearl millet and blackgram were significantly increased by the inoculation of the mixed inoculant, compared to that of the individual inoculants. The results clearly indicate the beneficial effect of co-culturing the N-fixer and P-solubilizer in inoculants production.