"Connecting communities, empowering nations: Unifying the Regional and Global Economy ."

India’s micro, small, and medium enterprises (MSME) sector is a key driver of the country’s economic and social development by fostering entrepreneurship and generating substantial employment opportunities at comparatively lower capital costs. However, inadequate access to finance is one of the most crucial barriers to the sector’s growth. Recent developments in digital public infrastructure in India could present new solutions to boost MSMEs’ access to credit. For instance, the Open Credit Enablement Network (OCEN), built upon the India Stack open application programming interface, could potentially decrease the overall MSME credit gap and create synergies between lenders and borrowers. Additionally, India could leverage its position in the G20 to encourage other developing nations to adopt frameworks like OCEN to boost their MSME sectors and accelerate economic development.

Source:

https://www.orfonline.org/research/indias-open-credit-enablement-network/