From Collateral to Cash Flow: Trade Finance for Indian MSMEs and the Outcomes of India's BRICS Presidency

Tanu M. Goyal (), Ketaki Gaikwad () and Ankit Bansal ()
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Tanu M. Goyal: Indian Council for Research on International Economic Relations (ICRIER)

Indian Council for Research on International Economic Relations (ICRIER) Policy Paper from Indian Council for Research on International Economic Relations (ICRIER), New Delhi, India

Abstract: The paper argues that the outcomes of India's 2026 BRICS Presidency provide a timely opportunity to address this gap. The Jaipur Consensus to Study the Establishment of an Invoice Discounting Mechanism proposes exploring a cross-border digital platform for financing confirmed export invoices, drawing on India's Trade Receivables Discounting System (TReDS) experience. Complementing this, the BRICS Guiding Principles for Credit Assessment Frameworks for Export-Oriented MSMEs promote greater reliance on cashflow and transaction-level information. Implementing these initiatives will require complementary global and domestic reforms to digital trade-finance infrastructure, receivables verification, information sharing, risk assessment and regulatory frameworks.

Keywords: International Trade; MSMEs; Trade Finance; BRICS; icrier (search for similar items in EconPapers)
Pages: 24 page
Date: 2026-09
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