New Delhi, May 8 (IANS): As Chair of BRICS in 2026, India is leading a renewed and ambitious agenda for MSME (micro, small and medium enterprises) cooperation under the BRICS Partnership on the New Industrial Revolution (PartNIR), with the Ministry of MSME mandated to convene three SME Working Group Meetings and the inaugural BRICS MSME Forum during the Chairship. The first of these meetings was successfully held online on April 24, 2026, with a focused agenda on “Access to Finance for MSMEs,” bringing together active participation from all BRICS member countries. Deliberations centred on two key themes – bridging the MSME credit gap through financial inclusion, literacy, and credit readiness, and expanding SME credit and global trade payments through fintech-driven ecosystems. The meeting reaffirmed the critical role of MSMEs as drivers of economic growth, employment generation, innovation, and inclusive development, while also spotlighting the persistent challenge of timely and adequate access to credit that continues to hinder the sector’s full potential across member economies.
The discussions further stressed the need for a multi-pronged approach to bridge the credit gap, calling for stronger institutional capacities, innovative financing mechanisms, and a more supportive ecosystem for MSME finance across BRICS economies. The meeting served as a valuable platform for policy exchange among nations facing similar developmental challenges, reinforcing a shared commitment to building resilient, inclusive, and globally competitive MSME sectors. Beyond the BRICS framework, India has already signed cooperation agreements with Japan, South Africa, and New Zealand aimed at boosting trade and investment in the MSME sector. With the MSME sector recognised as the backbone of India’s manufacturing and industrial growth, the government continues to prioritise and push this sector as a key engine of inclusive national development.