BRICS Digital Health Summit: The Hosting Country

During the 11th BRICS Summit in Brazil in 2019, Indian Prime Minister Narendra Modi announced that India would host the BRICS Digital Health Summit. This summit aims to integrate healthcare informatics, diagnostics, and digital technology in innovative ways to promote a healthy lifestyle. India also suggested a Memorandum of Understanding (MoU) among BRICS nations regarding traditional medicine. Furthermore, the Prime Minister proposed holding the first meeting of BRICS water ministers in India to address issues related to sustainable water management and clean sanitation, particularly in urban areas. India also plans to hold a BRICS film technology symposium in 2020.

Understanding BRICS and Its Objectives

BRICS is an acronym that stands for Brazil, Russia, India, China, and South Africa. This informal grouping of emerging economies was established in 2009. South Africa joined the group a year later in 2010. The main aim of BRICS is to foster economic and political cooperation among its member nations.

Introduction to the New Development Bank

Also known as the BRICS Development Bank, the New Development Bank was established by the BRICS nations in 2014. The bank's headquarters is located in Shanghai, China, with its first regional office in Johannesburg, South Africa. The first president of the bank was K V Kamath.

The information provided above should be helpful for candidates preparing for the UPSC 2021.

Multiple Choice Question

Consider the following statements:

1. The 2008 financial crisis played a significant role in the formation of the BRICS group. This is because the dollar-dominated monetary market collapsed following the subprime mortgage crisis, raising questions about its reliability and sustainability.
2. The 2013 BRICS Summit in South Africa saw the introduction of the BRICS Contingent Reserve Arrangement (CRA) with a total capital of $100 billion. Additionally, the BRICS Think Tank was established. This is known as the eThekwini Declaration.
3. During the 2015 BRICS summit in Russia, ministers from BRICS nations began consultations for a payment system that would serve as an alternative to the SWIFT system. The proposed Cross-Border Inter-Bank Payments System (CIPS) aims to provide a secure, standardized, and reliable environment for financial institutions worldwide to send and receive information about financial transactions.
4. The BRICS Contingent Reserve Arrangement (CRA) is a framework designed to provide protection against global liquidity pressures. This includes currency issues where members’ national currencies are being adversely affected by global financial pressures. The CRA, established in 2015 by the BRICS countries, is seen as a competitor to the International Monetary Fund (IMF) and is viewed as an example of increasing South-South cooperation.

Choose the correct answer from the options given below:

A) All the above statements are true.

B) Only statements 1, 3, and 4 are true.

C) Only statements 2, 3, and 4 are true.

D) None of the above statements are true.

Answer: A