BRICS
India and International Organisations
India is a potential superpower and has agrowing international influence all around the world. Being a newly industrialised country,India has a great history of collaboration with several countries. It has acted as prominent member of several international organisations and has been a founding member of some. India
is a member of formal groupings like UNO, NAM, SAARC, G20 and the Commonwealth.
The financial architecture of BRICS
The New Development Bank (NDB) is a multilateral development bank. Its primary
focus is lending for infrastructure projects.It aims to contribute to development plans established nationally through projects that are socially, environmentally and economically sustainable. It gives priority to projects aimed at
developing renewable energy sources. „ To establish a more equitable and fair
world Boost intra BRICS trade in their localcurrencies to increase trade cooperation and cope with the current international financial crisisThe Contingent Reserve Arrangement(CRA) is a framework for providing protection against global liquidity pressures, which includes currency issues.
BRICS payment system
At the 2015 BRICS Summit, ministers from the BRICS nations initiated consultations for a payment system that would be an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system.
The factors that bolster co-operation among members
First, the common need among developing countries to construct an economic order that reflects the current situation will drive the BRICS efforts. In this matter, the idea of NDB and CRA are defining changes and will have huge geo-economic and geopolitical impact.Second, the BRICS alternative idea in the
landscape of global governance will attract support from other countries.
Third, the expansion of BRICS interaction to other sector will make it more strong
partnership.
India’s relationship with OPEC
India is one of the biggest consumers of crude oil. OPEC obviously has vested interest in India’s economic growth. We import 86% of crude oil, 70% natural gas, 95% of cooking gas from OPEC countries. India has been identified as a great partner for OPEC mainly because of its high oil demand.India doesn’t have enough oil reserves.India can’t produce oil. Devoid of necessary oil reserves India strongly focuses on agriculture, and industrial production.
OPEC’s mission
„ „* To coordinate oil policies in its member countries
„ „* Help stabilise oil markets
„ „ *To secure fair and stable income to petroleum producers
„ „ *An efficient, economic and regular supply of oil to consuming nations
„ *„ A fair return on capital to those investingin the petroleum industry
How does OPEC help other countries?
The OPEC Fund for International Development (OPID) is an institution that helps finance projects with low interest loans. It also provides grants to social and humanitarian projects.OPEC has an Information Centre with over 20,000 volumes including books, reports, maps and conference proceedings related to
petroleum, energy and the oil market. The Information Centre is open to the public and is often used by researchers and students.
Conclusion
Apart from economic and trade cooperation, India also aspires to have
a warm relationship with its neighbours and extended neighbours in the field of
education, health, fighting terrorism, disaster management, employment for its citizens, curbing organised crimes, technology development and so on.
கிருஷ்ணகிரி மாவட்ட MLM
10TH STD - SS
12TH STD - HISTORY
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