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India Leads BRICS Fintech Push for Small Business
8 May
Summary
- India champions BRICS initiative for better SME finance.
- Fintech solutions are key to expanding credit access.
- Collaboration aims for competitive, growing MSME sectors.
India is advancing a new agenda for Micro, Small, and Medium Enterprises (MSME) cooperation within BRICS, with a primary focus on improving financial access and strengthening fintech-driven credit ecosystems. As part of its 2026 chairship, India is set to convene crucial working group meetings and an inaugural MSME forum.
The first working group meeting, held virtually on April 24, centered on enhancing MSME access to finance. BRICS member countries exchanged best practices and discussed strategies to bridge the credit gap through financial inclusion, literacy, and fintech solutions. The discussions highlighted the vital role of MSMEs in driving economic growth and employment.
Participants emphasized a multi-pronged approach to bolster financial literacy and credit capacities for MSMEs. The need for deeper collaboration among BRICS countries to strengthen institutional capacities and promote innovative financing mechanisms was stressed. This initiative reaffirms a shared commitment to fostering resilient, inclusive, and globally competitive MSME sectors across BRICS economies.
