Context
Commerce and Industry Minister Piyush Goyal chaired the fifth meeting of BRICS Industry Ministers and called for expanding the horizon of the New Development Bank (NDB).
Key-highlights of the Meeting
- The BRICS ministers called for the need to adopt emerging new technologies, recognising it as an important tool for modernisation and transformation of industry, and promotion of economic growth.
- They also committed to play a constructive role towards the promotion of IPR, and expressed their intention to collaborate with NDB.
- The meeting concluded with the ministers committing to work together as a group, share best practices and move ahead in a positive and constructive manner to achieve the 2030 agenda for sustainable development.
- Theme: This year, India chose the theme of 'Intra BRICS Cooperation for Continuity, Consolidation and Consensus' for its chairship.
BRICS
- BRICS is the group composed by the five major emerging countries - Brazil, Russia, India, China and South Africa.
- These countries together represent about 42% of the population, 23% of GDP, 30% of the territory and 18% of the global trade.
- Founded in: 2006
- Subsidiary: New Development Bank
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Major points made by India’s minister
- India has been been working towards channelising technology and has leveraged existing platforms and digital technologies such as Aadhar and UPI payments, along with online systems like COWIN and digital vaccination certificates being widely successful
- Special emphasis is given to:
- Expansion of the horizon of NDB and for utilising its resources for strengthening social infrastructure, especially for funding service delivery in education and health sector, besides promotion of infrastructure and industrial sector.
New Development Bank (NDB)
- The New Development Bank (NDB) is a multilateral development bank (MDB) established by Brazil, Russia, India, China and South Africa (BRICS).
- Objective: To finance infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
- Founded in: 2014. It became fully operational in 2016.
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