×

UPSC Courses

DNA banner

DAILY NEWS ANALYSIS

  • 06 April, 2021

  • 5 Min Read

First Meeting of BRICS Finance Ministers and Central Bank Governors

As 2021 BRICS Chair, India’s approach is focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation and Consensus.

BRICS Finance Ministers and Central Bank Governors discussed financial cooperation agenda set by India for 2021 - Global Economic Outlook and Response to COVID-19 pandemic, New Development Bank (NDB) Activities, Social Infrastructure Financing and Use of Digital Technologies, Cooperation on Customs related issues, IMF reforms, Fintech for SMEs and Financial Inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund.

BRICS New Development Bank

  • Because of over domination of USA and EU in IMF, BRICS in Fortaleza summit came up with New Development Bank as a alternative to IMF and WB. Made by Fortaleza declaration in 2014.
  • 1st time talked in Delhi (4th Summit) but established in Fortaleza.
  • President – K V Kamath. Headquarter in Shanghai.
  • The purpose of the Bank is to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries to complement the existing efforts of multilateral and regional financial institutions.
  • NDB's Key area of Operation are clean Energy, Transport infra, irrigation, sustainable urban development and economic cooperation.
  • The NDB functions on a consultative mechanism among the BRICS members with all the member countries possessing equal rights.
  • Contingent Reserve Arrangement (CRA) signed in 2014 Fortaleza Declaration at 6th BRICS summit.
    1. The BRICS CRA aims to provide short-term liquidity support to the members through currency swaps to help mitigating BoP crisis situation and further strengthen financial stability.
    2. It has a corpus of US $ 100 billion. It will also contribute to strengthening global financial safety net and complement existing international arrangements (IMF).

Source: PIB


National Investment and Manufacturing Zones (NIMZ)

About National Investment and Manufacturing Zones (NIMZ) The Government of India (GoI) has announced a National Manufacturing Policy, 2011, with the objective of enhancing the share of manufacturing in GDP to 25% within a decade and creating 100 million jobs. NIMZs are one of the important instruments to achieve it. As per the Policy, &ldqu

International Financial Services Center (IFSC)

What is an International Financial Services Center (IFSC)? An IFSC caters to customers outside the jurisdiction of the domestic economy.  Such centres deal with flows of finance, financial products and services across borders.  London, New York and Singapore can be counted as global financial centres.  The&n

4G Vs. 5G

4G Vs. 5G Context: This topic is important for UPSE GS Paper 3 And Prelims. Background- "G" stands for "GENERATION". While connected to the internet, the speed of the connection depends upon the signal strength that is shown in abbreviations like 2G, 3G, 4G, 5G, etc. on any mobile device. Each generation of wir

 India-U.S. Relations Overview

 India-U.S. Relations Overview Context: This topic is important for UPSE GS Paper2.  India-U.S. bilateral relations have developed into a "global strategic partnership", based on shared democratic values and increasing convergence of interests on bilateral, regional and global issues. The cooperation is based on th

G-20 analysis

G-20 analysis Context: This topic is important for UPSE GS Paper 2. The G20 summit in Rome, agreed to end international public finance for new coal power generation abroad by 2021-end and mobilise funds to support low emission power development to achieve ‘climate goals’ .Let’s understand G20 in detail. About the G20

Students Achievement

Search By Date

Newsletter Subscription
SMS Alerts