India called for enhanced cooperation among BRICS nations to strengthen Micro, Small, and Medium Enterprises (MSMEs), a key driver for economic growth and employment. Union Minister Jitan Ram Manjhi highlighted India's commitment to the sector and emphasized collaborative solutions for challenges like financing and technology adoption. The BRICS MSME Forum aims to build a robust framework for innovation and exports among the expanded group of 21 nations.
India is pushing for greater collaboration among BRICS nations to fortify the Micro, Small, and Medium Enterprises (MSME) sector, recognizing its crucial role in fostering economic growth and supporting vulnerable populations.
MSMEs: Engines of Growth
Union Minister Jitan Ram Manjhi stated on Friday that the current administration has implemented numerous measures to advance the MSME sector. He emphasized that the BRICS grouping, now encompassing 21 countries, offers a significant platform for collective action. MSMEs currently provide employment to approximately 40 crore people across India, with around 8.5 crore such units operating nationwide. Manjhi stressed that shared challenges in financing, technology, sustainability, and market access necessitate joint strategies. He highlighted the potential for BRICS nations to leverage their diverse strengths and complementary capabilities to create a framework that promotes innovation, exports, and job creation.
Uttar Pradesh's MSME Push
Uttar Pradesh MSME Minister Bhupendra Chaudhary reported that the state hosts approximately 96 lakh MSME units, generating employment for nearly 1.65 crore individuals. He described Uttar Pradesh as a rapidly growing economic hub where MSMEs are instrumental in employment and grassroots development. The state is focused on creating a supportive environment through infrastructure development, policy initiatives, skill enhancement programs, and digital empowerment. Global best practices, shared through forums like the BRICS MSME Forum, are expected to bolster these efforts. Initiatives such as the One District One Product (ODOP) scheme and the Youth Entrepreneur Development Campaign aim to connect local products and traditional crafts with international markets.
Collaborative Future
Bharat Khera, Secretary in the Ministry of MSME, underscored the importance of MSMEs as catalysts for resilient and inclusive economies, driving innovation, entrepreneurship, and regional development. He noted the substantial potential for collaboration within the expanding BRICS economies in areas like technology adoption, sustainable manufacturing, digital transformation, skilling, and market access. Rajneesh, Additional Secretary & Development Commissioner, Ministry of MSME, detailed the outcomes of recent BRICS SME Working Group Meetings, outlining key priorities for member countries.
Yogita Swaroop, Principal Economic Adviser at DPIIT, highlighted the necessity of policy coordination and supportive frameworks to accelerate enterprise growth. She asserted that innovative and agile enterprises are paramount for future economic expansion. Key strategies include improving the ease of doing business, enhancing access to finance, nurturing innovation ecosystems, and facilitating international market linkages to unlock the next phase of growth for BRICS economies. Delegates are also scheduled for industry visits, including to a footwear manufacturing unit, to gain insights into export-oriented sectors.