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India on Friday convened the first BRICS SME Working Group Meeting under its 2026 BRICS Chairship, focusing on improving access to finance for micro, small and medium enterprises (MSMEs) across BRICS economies.
According to the Ministry of Micro, Small & Medium Enterprises, as Chair of BRICS in 2026, India has initiated a renewed agenda for MSME cooperation under the BRICS Partnership on the New Industrial Revolution (PartNIR), with the Ministry of MSME set to convene three SME Working Group Meetings and the inaugural BRICS MSME Forum during its Chairship. The first SME Working Group Meeting was held virtually on April 24, 2026, with discussions centred on "Access to Finance for MSMEs". The discussions among BRICS member countries centred on themes including "Bridging the MSME Credit Gap through Financial Inclusion, Literacy and Credit Readiness" and "Fintech-Driven Ecosystems: Expanding SME Credit and Seamless Global Trade Payments". The discussions among BRICS member countries focused on themes including "Bridging the MSME Credit Gap through Financial Inclusion, Literacy and Credit Readiness" and "Fintech-Driven Ecosystems: Expanding SME Credit and Seamless Global Trade Payments".The webinar witnessed active participation from BRICS member countries and served as a platform for sharing experiences and best practices related to MSME financing challenges and opportunities. According to the ministry, the deliberations highlighted the "critical role of MSMEs as key drivers of economic growth, employment generation, innovation, and inclusive development," while also underlining persistent challenges related to timely and adequate access to credit.The discussions emphasised the need for "a multi-pronged approach to bridge the credit gap through financial inclusion and improved financial literacy and strengthening credit capacities of MSMEs." The meeting also stressed the importance of enhanced collaboration among BRICS economies to strengthen institutional capacities, promote innovative financing mechanisms and build a supportive ecosystem for MSME finance. The ministry further added, the discussions facilitated "valuable policy exchange among BRICS Member Countries facing similar developmental challenges and reaffirmed the shared commitment towards fostering resilient, inclusive, and globally competitive MSME sectors across BRICS economies." (ANI)
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