BRICS SME Working Group Discusses MSME Finance Under India's Chairship

2026-05-09 04:04:03

(MENAFN- KNN India) New Delhi, May 8 (KNN) India has begun advancing a renewed cooperation agenda for micro, small and medium enterprises (MSMEs) under its 2026 BRICS Chairship, with a focus on improving access to finance and strengthening institutional collaboration among member countries.

As part of its responsibilities under the BRICS Partnership on the New Industrial Revolution (PartNIR), the Ministry of Micro, Small and Medium Enterprises is scheduled to convene three SME Working Group meetings and the inaugural BRICS MSME Forum during its chairship year.

The first SME Working Group meeting was held virtually on April 24, 2026, focusing on“Access to Finance for MSMEs.” Discussions among BRICS member countries centred on bridging the MSME credit gap through financial inclusion, financial literacy, and credit readiness, along with the role of fintech-driven ecosystems in expanding SME credit access and facilitating seamless global trade payments.

Officials said the meeting provided a platform for member countries to exchange experiences and best practices related to MSME financing challenges and policy responses.

Participants highlighted the role of MSMEs in employment generation, economic growth, innovation, and inclusive development, while also acknowledging persistent challenges in securing timely and adequate credit.

The deliberations stressed the need for a multi-pronged strategy to improve financial inclusion, strengthen credit capabilities of MSMEs, and promote greater financial literacy among small businesses.

The meeting also underlined the importance of deeper cooperation among BRICS economies to strengthen institutional capacities, encourage innovative financing mechanisms, and build a more supportive ecosystem for MSME financing.

According to officials, the discussions reinforced the shared commitment of BRICS countries towards developing resilient, inclusive, and globally competitive MSME sectors.

(KNN Bureau)

MENAFN09052026000155011030ID1111089568

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.