India emphasizes role of MSMEs in national, global economy at BRICS

India on Monday participated in the 9th BRICS Industry Ministers’ Meeting where a joint declaration was adopted that reaffirmed the collective commitment to fostering an open, fair, and resilient global environment, strengthening the multilateral system, and enhancing economic and social resilience amid rapid global transformations.

In line with the joint declaration, India also emphasized the critical role of Micro, Small, and Medium Enterprises (MSMEs) in the national and global economy.

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India highlighted that with 5.93 crore registered MSMEs employing more than 25 crore individuals, the sector contributed 45.73% of the country’s total exports in 2023–24.

The meeting witnessed the presence of Industry Ministers and representatives from all BRICS member countries including Brazil, Russia, India, China, South Africa, as well as newly inducted members Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the United Arab Emirates.

The ministers underscored the need to deepen industrial cooperation and promote sustainable and inclusive growth across BRICS nations.

The joint declaration emphasized the pivotal role of innovation and digital technologies under Industry 4.0 as key drivers of sustainable development.

India, in its intervention, articulated its vision for a future-ready industry that is inclusive, innovative, and digitally empowered, aligning with the objectives of the Fourth Industrial Revolution, Ministry of Commerce & Industry said.

It was noted that India’s Digital India campaign has transformed the country into the world’s largest digitally connected democracy. The number of internet users in India increased significantly from 251.59 million in 2014 to 954.40 million as of March 2024.

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