India will chair BRICS in 2026, focusing on enhancing cooperation among micro, small, and medium enterprises (MSMEs) through the BRICS Partnership on the New Industrial Revolution (PartNIR). The Ministry of MSME, under India’s leadership, will host three SME working group meetings and the inaugural BRICS MSME Forum.
The first SME Working Group Meeting, held online on April 24, 2026, concentrated on “Access to Finance for MSMEs.” Discussions among BRICS Member Countries revolved around themes like bridging the MSME credit gap through financial inclusion, literacy, and credit readiness, as well as fintech-driven ecosystems for expanding SME credit and global trade payments seamlessly.
During the webinar, active participation from BRICS Member Countries facilitated the exchange of experiences and best practices concerning MSME financing challenges and opportunities. The importance of MSMEs as vital drivers of economic growth, employment, innovation, and inclusive development was underscored, along with the persistent challenges related to accessing credit in a timely and adequate manner.
Deliberations stressed the necessity of a comprehensive approach to bridging the credit gap through financial inclusion, improved financial literacy, and enhancing the credit capacities of MSMEs. Additionally, the meeting highlighted the significance of increased collaboration among BRICS economies to bolster institutional capacities, promote innovative financing mechanisms, and establish a supportive ecosystem for MSME finance.
Discussions also enabled valuable policy exchanges among BRICS Member Countries facing similar developmental challenges, reaffirming their shared commitment to nurturing resilient, inclusive, and globally competitive MSME sectors across BRICS economies. India has already forged agreements with countries like Japan, South Africa, and New Zealand to enhance cooperation in the MSME sector, aiming to boost trade and investment growth.
The MSME sector plays a pivotal role in India’s manufacturing and industrial growth, with the government actively supporting its development to foster inclusive growth.
