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PM Modi proposes annual BRICS trade fair, $100 billion contingency reserve arrangement

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Ufa (Russia): Prime Minister Narendra Modi on Thursday proposed that the BRICS nations host an annual trade fair, adding that India would be happy to host the first such event of the five-nation bloc.

“I will propose an annual BRICS trade fair. India will be happy to host the first BRICS trade fair,” Modi said in his remarks at the BRICS Business Council meeting at the seventh BRICS Summit.

Narendra-ModiModi said that economic cooperation among the five countries of Brazil, Russia, India, China and South Africa is very important and would give a boost to manufacturing.

Modi spoke in Hindi and stressed the five nations should create synergies seeing each other’s advantages.

He said cooperation would also give a boost to skill development.

He said the BRICS New Development Bank has become a reality and has an Indian as its head in M.V. Kamath.

He proposed cross-BRICS collaboration and said the $100 billion BRICS Contingency Reserve Arrangement would help calm the economies.

He said customs arrangement among the BRICS nations would be a major step in boosting trade.

The five BRICS countries represent almost three billion people, or approximately 40 percent of the world population and have a combined GDP of $16.039 trillion, or 20 percent of the gross world product.

Russia’s Bashkortostan is hosting the seventh BRICS summit and the 15th Shanghai Cooperation Organization (SCO) summit in capital Ufa where around 10,000 visitors are expected during the two back-to-back summits.

The BRICS summit is set to formalize the $100 billion BRICS New Development Bank and a currency reserve pool worth another $100 billion.

Russia assumed the BRICS rotating leadership in April 2015. (IANS)

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PM Modi Flags Off World’s First Diesel to Electric Converted Locomotive in Varanasi

Prime Minister Narendra Modi on Tuesday flagged off the world's first diesel to electric converted locomotive.

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According to LocalCircles, each person who voted in the survey is registered with the portal with their detailed information and in many cases they shared their residential address.
Narendra Modi.

Prime Minister Narendra Modi on Tuesday flagged off the world’s first diesel to electric converted locomotive in Varanasi.

Modi was received at the Lal Bahadur Shastri International Airport by Uttar Pradesh Governor Ram Naik, Chief Minister Yogi Adityanath, Deputy Chief Minister Keshav Prasad Maurya, state Bharatiya Janata Party (BJP) chief Mahendra Nath Pandey and other senior officials.

Modi, Varanasi
This is Modi’s 17th visit to the temple town after becoming its representative in 2014. VOA

After the flag-off from the Diesel Locomotive Works (DLW) campus, he also interacted with differently abled persons.

The Prime Minister is scheduled to spend around six hours in Varanasi, his parliamentary constituency, during which he will launch projects worth Rs 3,300 crore.

 

ALSO READ: Modi Inaugurates Patna Metro Rail Project Through Video Conferencing

He will also visit the Sant Ravidas temple.

This is Modi’s 17th visit to the temple town after becoming its representative in 2014. (IANS)