BRICS, NDB - Current Affairs Questions and Answers

ANSWER: MP

Explanation:
India signed its first loan agreement with the New Development Bank (NDB) for $350 million to be used in the development and upgradation of district roads in Madhya Pradesh.

“he objective of the project is the upgradation of major district roads in the state of Madhya Pradesh to improve connectivity of the interior areas of the state with the national and state highway networks.

The project would include upgradation, rehabilitation or reconstruction of approximately 1,500 km of district roads to intermediate lane, all-weather standards, with road safety features and improved road asset maintenance and management.

The project is to be implemented over five years with the Government of Madhya Pradesh and the Madhya Pradesh Road Development Corporation acting as the implementing agencies.

The loan agreement was signed by Raj Kumar, Joint Secretary, Department of Economic Affairs and Xian Zhu, Vice President & Chief Operating Officer of the New Development Bank.

New Development Bank: Know More

• Headquarters: Shanghai, China
• President: K. V. Kamath
• Founder: BRICS
• Founded: 15 July 2014, Fortaleza, Ceará, Brazil
• Type of business: International Financial Institution
• First president: K. V. Kamath

ANSWER: 1, 2

Explanation:

• Comments on terrorism were made but no country was named as such directly. BRICS failed to reach a consensus on including Pakistan-sponsored terrorism in its Goa declaration.
• On Syria, the declaration called upon all parties involved to work for a comprehensive and peaceful resolution of the conflict taking into account the legitimate aspirations of the people of Syria, through inclusive national dialogue and a Syrian-led political process.
• They also resolved to continue the relentless pursuit against terrorist groups so designated by the UN Security Council including ISIL, Jabhat al-Nusra and other terrorist organisations designated by the UN Security Council.
• The declaration asks for a comprehensive reform of the UN, including its Security Council, with a view to making it more representative, effective and efficient, and to increase the representation of the developing countries so that it can adequately respond to global challenges.

ANSWER: 2, 3

Explanation:
Few key initiatives during India’s BRICS chairmanship -

• BRICS Film Festival
• BRICS Convention on Tourism
• BRICS Digital Conclave
• BRICS Wellness Forum
• BRICS Friendship Cities Conclave
• BRICS Smart Cities Workshop
• 3rd BRICS Urbanisation Forum
• BRICS Local Bodies Conference
• BRICS Handicraft Artisans’ Exchange Programme
• BRICS Young Scientist Conclave
• BRICS Innovative Idea Prize for Young Scientists
• BRICS Economic Research Award.

ANSWER: 1, 2

Explanation:
Few key initiatives during India’s BRICS chairmanship -

• BRICS Agriculture Research Platform
• BRICS Railway Research Network
• BRICS Sports Council
• BRICS Rating Agency
• BRICS Institute for Economic Research and Analysis
• MoU on Environmental Cooperation
• Regulations on BRICS Customs Cooperation Committee
• MoU on Cooperation between Diplomatic Academies of BRICS Countries
• MoU on Cooperation among BRICS Development Banks and the NDB
• BRICS Women Parliamentarians’ Forum
• BRICS Under-17 Football Tournament
• BRICS Trade Fair

ANSWER: 2, 3

Explanation:
Various events and their locations are -

• BRICS Convention of Tourism – Khajuraho
• Meeting of the BRICS Ministers of Science, Technology & Innovation - Jaipur
• Meeting of BRICS Environment Ministers - Goa
• BRICS Youth Summit, Guwahati
• BRICS Film Festival, New Delhi
• Meeting of the BRICS Ministers for Disaster Management, Udaipur
• BRICS Women Parliamentarians' Forum, Jaipur
• BRICS Wellness Forum, Bengaluru
• 3rd Meeting of the BRICS Urbanization Forum, Visakhapatnam
• Meeting of BRICS Agriculture Ministers, New Delhi
• Meeting of BRICS Education Ministers, New Delhi
• BRICS Trade Fair, New Delhi

ANSWER: 1, 3

Explanation:

• Brazil, Russia, India, China, and South Africa (BRICS) have backed the initiative of the Russian Direct Investment Fund (RDIF) and agreed to establish a joint mechanism for financing of infrastructure projects.
• The Russian Direct Investment Fund together with sovereign wealth funds from its peers among the BRICS developing nations aims to form a joint fund to invest in infrastructure projects.
• The relevant agreement was signed by RDIF, Indian group IDFC, Brazil's BTG Pactual, Chinese fund Silk Road, and Development Bank of Southern Africa during the BRICS summit in Ufa.
• The parties agreed to jointly look for and fund infrastructure projects that contribute to greater trade, economic and investment cooperation among BRICS states.
• The RDIF originally put forward its proposal to set up the infrastructure projects funding mechanism at the BRICS summit in Brazil in 2014.
• Established in June 2011, the RDIF is in charge of encouraging investment primarily in Russian companies jointly with leading foreign financial and strategic investors.
• RIDF now has become sovereign fund of Russia.

ANSWER: Only 2

Explanation:

• BRICS supports designing and implementation of comprehensive social security systems that are effective, equitable, and economically sustainable and address the needs of the society.
• BRICS therefore endorses the portability of social security benefits for migrant workers, encourage bi-lateral social security agreements amongst the BRICS member states and work towards developing a general framework for cooperation.
• BRICS is committed to take steps to establish a network of lead labour research and training institutions in BRICS member states for undertaking joint research and training activities, capacity building of various stakeholders and exchange of information in areas of expertise, with the cooperation of international organizations in particular the ILO.

ANSWER: 1, 3

Explanation:

• Informality in the labour market remains a big challenge for all BRICS member states.
• Informality is often linked to low income jobs, lack of social protection and insufficient access to basic services.
• Recognizing the multiple issues in our national labour markets context, BRICS is committed to tackling both the existing as well as emerging forms of informality.
• Consistent with the objectives of the ILO Recommendation No.204, BRICS aims at improving the livelihood of workers engaged in the informal economy and facilitating their transition to the formal economy, while at the same time enhancing the productivity and competitiveness of enterprises.
• BRICS encourages the adoption of measures to enhance employability of workers in the informal economy through expanding social security, skilling and re-skilling of the workforce and adopting amongst others of a regulatory environment, which promotes formalization through easier compliance and adequate safeguards for labour rights.

ANSWER: All of the above

Explanation:

• As key operational areas, the BRICS member states will focus on employment generation, formalization of labour markets and social protection.
• In promoting inclusion and greater equality in the labour market, a top priority for BRICS member states is the generation of adequate decent and productive job opportunities, fair wages and adequate social protection systems for all, including floors.
• This, will in turn help in tackling poverty and lead to sustainable growth.

ANSWER: 5^th

Explanation:

• The BRICS Business Council was established during the fifth BRICS Summit in Durban, South Africa, with the objective of promoting and strengthening business, trade and investment ties amongst the business communities of the five countries.
• The seven working groups in the areas of Infrastructure, Manufacturing, Financial Services, Energy & Green Economy, Skills Development, Agribusiness and Deregulation have been formed under the aegis of the BRICS Business Council.
• They engage in interactions with a view to better understand the market opportunities and build synergies based on their respective competitive strengths and to promote industrial development and job creation.