New Delhi, 08 May (H.S.):

As it assumes BRICS presidency in 2026, India is preparing to reinvigorate micro, small, and medium enterprises (MSMEs). India will also lead a new agenda for MSME cooperation under the BRICS Partnership on New Industrial Revolution (PartNIR).

During India's presidency, the Ministry of Micro, Small and Medium Enterprises has been tasked with convening three SME working group meetings and the inaugural BRICS MSME Forum. The first SME working group meeting occurred online on April 24, focusing on access to finance for MSMEs. BRICS member nations actively participated in this webinar, which served as a vital platform for exchanging experiences and best practices on MSME financing challenges and opportunities.

Discussions emphasized MSMEs as cornerstones of economic growth, job creation, innovation, and inclusive development, while highlighting persistent hurdles like untimely and inadequate credit availability.

The meeting stressed adopting a multi-pronged strategy to bridge credit gaps, encompassing enhanced financial inclusion, improved financial literacy, and strengthened MSME creditworthiness.

It was underscored that fortifying MSME finance requires BRICS nations to build institutional capacities, promote innovation-based financing mechanisms, and foster collaborative ecosystems. Policy experiences were shared among BRICS countries facing similar developmental challenges, reaffirming collective commitment to nurturing robust, inclusive, and globally competitive MSME sectors.

India has already forged agreements with nations like Japan, South Africa, and New Zealand to amplify MSME collaboration, trade, and investment. The MSME sector remains the backbone of India's manufacturing and industrial growth, with the government prioritizing its strengthening for inclusive development.

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Hindusthan Samachar / Jun Sarkar