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

Join Our Telegram

Saffron cultivation in India

Rajasthan First State to Implement Biofuel Policy

02 Jul, 19
SHARE

Rajasthan First State to Implement Biofuel Policy: (GS-II(Policies) & GS-III(Environment)) Theme: Biofuel Policy Rajasthan has become the first State in the country to implement the national policy on biofuels unveiled by the Centre in May 2018. The desert State will lay emphasis on increasing production of oils

SEHAT Scheme for Teleconsultation

01 Feb, 22
SHARE

Services e-Health Assistance and Teleconsultation (SeHAT) is the tri-services teleconsultation service of the Ministry of Defense designed for all entitled personnel and their families. As part of the Government’s commitment to Digital India and e-Governance, Minister of Defense launched SeHAT on 27 May 2021. It has been a great exam

PM Poshan Scheme to replace Mid Day Meal Scheme

02 Feb, 22
SHARE

PM Poshan (Erstwhile Mid Day Meal) Scheme Cabinet has approved the Prime Minister POSHAN scheme or PM-POSHAN for providing one hot cooked meal in Government and Government-aided schools. The scheme will replace the existing national programme for mid-day meal in schools or Mid-day Meal Scheme (launched in 1995). It has been launched for a

National Initiative for Design Innovation (NIDI)

05 Feb, 22
SHARE

National Initiative for Design Innovation (NIDI) Government launched the scheme of “National Initiative for Design Innovation (NIDI)” in March, 2014. Scheme envisaged establishment of 20 Design Innovation Centres (DIC), One Open Design School (ODS) and One National Design Innovation Network (NDIN) across the country for promoti

Saffron cultivation in India

03 Feb, 22
SHARE

Saffron is a plant whose dried stigmas (thread-like parts of the flower) are used to make saffron spice. Saffron cultivation is believed to have been introduced in Kashmir by Central Asian immigrants around the 1st Century BCE. Pampore region, in India, commonly known as Saffron bowl of Kashmir, is the main contributor to saffron p