India’s Major Initiative in BRICS: New MSME Finance Agenda Shared with Russia, China, and Other Members

Source: नवभारत टाइम्स | Original Published At: 2026-05-09 14:48:21 UTC

Key Points

• India has launched a major initiative within BRICS to facilitate the global growth of small industries and meet their debt requirements.
• Under its 2026 presidency, India is advancing a new agenda for MSME cooperation focused on improving access to finance and strengthening the fintech-based credit ecosystem.
• The MSME Ministry has been tasked with organizing three SME working group meetings and the first BRICS MSME Forum during this presidency.
• The first virtual meeting of the SME working group took place on April 24, with participation from all BRICS member countries.
• Discussions focused on bridging the MSME credit gap through financial inclusion, literacy, and credit readiness, as well as creating a fintech-driven ecosystem for seamless global trade payments.
• Participants emphasized the role of MSMEs in economic growth, employment generation, and innovation, while highlighting ongoing challenges in accessing timely and adequate credit.
• The ministry stated that these discussions facilitated valuable policy exchange among BRICS members facing similar developmental challenges and reaffirmed commitment to promoting resilient MSME sectors.