PM’s 10 Point Agenda for BRICS Nations and RIDF Investment: Overview
PM’s 10 Point Agenda for BRICS Nations and RIDF Investment: Overview
Question : PM Narendra Modi has recently proposed a 10 point programme for BRICS nations. Present an overview of this and RIDF investment in infrastructure in BRICS countries.
- PM Narendra Modi has proposed a 10 point initiative for BRICS nations
- This includes India hosting the first BRICS trade fair and establishing research centres for railway and agriculture
- Known as Das Kadam: 10 Steps for the Future, this set of guidelines outlines new initiatives for the BRICS grouping formed by major emerging economies
- Modi also emphasised the 3 Cs- consensus, collaboration and cooperation for BRICS nations
- He has also emphasised that every country should obey global rules and norms and that BRICS was an “important pillar” in the world of challenges
- PM Modi’s Proposals at BRICS 2015
- BRICS Trade Fair to be held in India
- Establishment of BRICS Railway Research Centre
- Cooperation Among Supreme Audit Institutions
- BRICS Digital Initiative should be set up
- BRICS Agricultural Research Centre must be formed
- BRICS State/Local Government’s Forum must be set up
- PM Modi’s proposal also envisages cooperation amongst cities in the field of urbanisation
- BRICS Sports Council and Annual BRICS Sports Meet should also be set up
- He also held that the first major project of NDB will be in the field of Clean Energy
- The BRICS Family Festival was also proposed by the Indian PM
- The first of the trade fairs are to be held under India’s Chairmanship in 2016
- India will be the next chair of BRICS for 11 months
RIDF Investment in BRICS Countries
- Russian Direct Investment Fund has signed framework agreements for equity investments in infrastructure projects in BRICS nations
- Agreement was signed at Ufa BRICS summit
- Partners in the BRICS member states which signed the agreement include IDFC(India) BTG Pactual(Brazil), Silk Road Fund (China) and Development Bank of Southern Africa
- As per this joint mechanism, parties will work for identifying and financing infrastructure projects to improve trade, investment and economic cooperation between BRICS nations
- Initiative which was first announced at the Brazil 2014 BRICS Summit and supported by BRICS Business Council
Facts and Stats
- BRICS represents 26% of the land mass of the planet and is home to 46% of its population
- According to WTO statistics, the participation of BRICS in global exports more than doubled between 2001 and 2011, from 8% to 16%.
- During the same duration, total exports have grown more than 500%, while total global exports grew 195% in the same period.
- Between the years 2002 and 2012, intra-BRICS trade increased 922%, from USD 27 to 276 billion, while during 2010-2012, BRICS global trade rose 29%, from USD 4.7 to 6.1 trillion dollars.
