On February 24, 2021, India hosted the meeting of BRICS (Brazil, Russia, India, China, and South Africa) finance and central bank deputies. Notably it was the first meeting on the BRICS Financial Cooperation under India Chairship in 2021.
- It was co-chaired by Economic Affairs Secretary Tarun Bajaj and RBI Deputy Governor Michael Patra along with the participation of BRICS countries’ finance and central bank deputies.
- Notably, India assumed the chairship in the year of 15th anniversary of BRICS i.e. 2021.
Key Point:
–During the meeting, discussions were held on the issues Global Economic Outlook and Response to COVID-19, Social Infrastructure Financing and Use of Digital Technologies, New Development Bank (NDB) Activities, Fintech for SME and Financial Inclusion, BRICS Contingent Reserve Arrangement (CRA), among others.
— India’s approach is focused on strengthening collaboration through Continuity, Consolidation and Consensus
List of central banks of BRICS countries:
Brazil– Banco Central or Central Bank of Brazil
Russia– Central Bank of the Russian Federation or Bank of Russia
India– Reserve Bank of India (RBI)
China– People’s Bank of China
South Africa– South African Reserve Bank
Recent Related News:
i.On January 28, 2021, India & Japan held the 5th Joint Meeting of the India-Japan Act East Forum (AEF) at New Delhi. Harsh Vardhan Shringla, Foreign Secretary of India & Suzuki Satoshi, Ambassador of Japan to India were the co-chairs of the meeting.
ii.The 51st Edition of 2021 World Economic Forum (WEF) Annual Meeting called ‘The Davos Agenda 2021’ took place virtually from January 25-29, 2021 on the theme “Davos Agenda – A Crucial Year to Rebuild Trust”.
About BRICS:
Establishment– 2009
Theme for India’s Chairship: BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus
The 13th BRICS Summit is going to be held under India’s Chairship in 2021. It will be the third time that India will be hosting the BRICS Summit after 2012 and 2016.
