Hi Manoj,
As you appear to be very new to MDG, I would recommend that you go through the below mentioned blogs before making a deep dive into the technical configuration.
To answer the above question in brief - Yes, SAP MDG is a set of domain-specific applications for master data governance. Currently, MDG caters to Financial, Material, Supplier & Customer master data domains out of the box. In addition to this, a customer can extend MDG for governance of his own (Custom) object domains.
Please read the following blogs for more info -
1. Overall introduction to SAP MDG, along with the features shipped with EhP6 release of MDG -
2. What is new with release 7.0 of MDG -
I hope this is useful.
Best Regards,
Akshay
SAP Master Data Governance