India Pushes BRICS MSME Cooperation With Focus on Credit Access and Fintech-Led Finance

India has begun advancing a renewed agenda for MSME cooperation under its 2026 BRICS Chairship, with special focus on improving access to finance, strengthening institutional collaboration and building more competitive small-business ecosystems across BRICS economies. The initiative is being taken forward under the BRICS Partnership on the New Industrial Revolution, also known as PartNIR.

As part of India’s Chairship responsibilities, the Ministry of Micro, Small and Medium Enterprises has been mandated to convene three SME Working Group Meetings and the inaugural BRICS MSME Forum. The move places MSME development at the centre of India’s BRICS economic agenda, especially at a time when small businesses across emerging economies continue to face challenges in accessing timely and affordable credit.

The first SME Working Group Meeting was held virtually on April 24, 2026, with the theme “Access to Finance for MSMEs.” The discussions focused on two major areas: bridging the MSME credit gap through financial inclusion, financial literacy and credit readiness; and building fintech-driven ecosystems that can expand SME credit access and support seamless global trade payments.

The meeting saw active participation from BRICS member countries and served as a platform for exchanging policy experiences, best practices and practical approaches to MSME financing. The discussions underlined that MSMEs remain key drivers of economic growth, employment generation, innovation and inclusive development, but continue to face persistent challenges in securing adequate and timely credit.

The emphasis on finance is significant because credit access remains one of the biggest barriers for micro and small enterprises. Many MSMEs operate with limited collateral, weak formal credit histories and low financial literacy. This often prevents them from scaling up operations, investing in technology, entering export markets or participating fully in modern supply chains.

The BRICS discussions therefore called for a multi-pronged approach to close the credit gap. This includes expanding financial inclusion, improving financial literacy, strengthening the credit readiness of MSMEs and encouraging innovative financing mechanisms. Such measures can help small businesses become more bankable and better prepared to access formal finance.

Fintech was another major pillar of the meeting. Digital lending platforms, alternative credit assessment tools, data-based risk evaluation and digital payment systems can help MSMEs access finance more efficiently. For countries with large small-business sectors, fintech-led ecosystems can reduce paperwork, improve transparency and support faster credit delivery.

The meeting also highlighted the need for stronger collaboration among BRICS economies to build institutional capacity and create a more supportive ecosystem for MSME finance. Since many BRICS countries face similar development challenges, policy exchange can help identify workable models for credit guarantee systems, digital lending, trade payments and enterprise support.

For India, the initiative fits closely with its domestic MSME priorities. The country has been pushing financial inclusion, digital payments, credit guarantee expansion, formalisation and technology adoption among small businesses. By taking these themes to the BRICS platform, India is positioning MSME cooperation as a practical area of South-South economic collaboration.

The proposed BRICS MSME Forum will be an important next step. It can create a broader platform for governments, financial institutions, industry bodies, fintech companies and entrepreneurs to discuss financing models, market access, technology adoption and cross-border cooperation. If used effectively, it could help MSMEs across BRICS economies become more resilient, inclusive and globally competitive.

The larger message from India’s 2026 BRICS Chairship is clear: MSMEs are no longer being treated merely as small local businesses. They are being recognised as engines of employment, innovation, trade and inclusive economic growth. By focusing on credit access and fintech-led finance, India is trying to push BRICS cooperation toward practical outcomes that can directly support entrepreneurs and small enterprises.