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Molecular clouds are prime locations to study the process of star formation. These clouds contain filamentary structures and cores, which are crucial sites for the formation of young stars. The star-formation process has been investigated using various techniques, including polarimetry, for tracing magnetic fields. In this small review-cum-short report, we put together the efforts (mainly from the Indian community) to understand the roles of turbulence and magnetic fields in star formation. These are two components of the ISM competing against gravity, which is primarily responsible for the collapse of gas to form stars. We also include attempts made using simulations of molecular clouds to study this competition. Studies on feedback and magnetic fields are combined and listed to understand the importance of the interaction between two energies in setting the current observed star formation efficiency. We have listed available and upcoming facilities with the polarization capabilities needed to trace magnetic fields. We have also stated the importance of ongoing and desired collaborations between Indian communities and facilities abroad to shed more light on the roles of turbulence and magnetic fields in the process of star formation. [ABSTRACT FROM AUTHOR]