Prime Minister Narendra Modi and Russian President Vladimir Putin met on the sidelines of the BRICS Summit in New Delhi, reaffirming their commitment to a multipolar world and strengthening bilateral cooperation across defense, energy, trade, space, and people-to-people ties. The leaders reviewed the full spectrum of bilateral partnership and emphasized greater coordination among BRICS nations to ensure global stability, inclusive growth, and support for India's strategic autonomy and diversified partnerships.
Prime Minister Modi and President Putin met on the sidelines of the BRICS Summit in New Delhi to review bilateral cooperation.
Both leaders reaffirmed their commitment to a multipolar world where no single power dominates global affairs.
Discussions covered critical sectors including defense, energy, trade, technology, space, and people-to-people exchanges.
Exam Points
The meeting took place on the sidelines of the BRICS Summit on 12th September 2026.
Discussions emphasized energy security, specifically in oil and gas.
The partnership highlights India's strategic autonomy and diversified partnerships.
The New Development Bank (NDB), launched by BRICS in 2015 with an initial capital of $100 billion, was meant to be a counterweight to Western-dominated financial institutions like the IMF and World Bank by funding infrastructure and sustainable development. However, a decade later, its progress remains limited due to smaller lending capacity, resource constraints, governance issues, and a lack of credibility. As India hosts the 18th BRICS summit in New Delhi, member countries are reviewing the bank's progress and discussing ways to enhance capital base, speed up project execution, and expand membership to better serve the Global South.
The New Development Bank (NDB) was established by BRICS in 2015 with an initial capital of $100 billion.
The bank aimed to serve as a counterweight to Western financial institutions by funding sustainable development and infrastructure.
Challenges include smaller lending capacity compared to the World Bank and IMF, resource constraints, and slower governance.
Exam Points
NDB was established in 2015 with headquarters in Shanghai, China.
Initial capital was set at $100 billion with equal contributions.
The 18th BRICS summit is scheduled for September 11-12, 2026, in New Delhi, India.
The Reserve Bank of India's Monetary Policy Committee (MPC) maintained the repo rate unchanged at 5.50%, marking the second consecutive time it held the rate amid easing inflation and stable growth. The MPC retained its 'neutral' stance, indicating that the policy rate is neither expansionary nor restrictive at this stage. Inflation is projected to remain within the target range supported by good kharif output and softening commodity prices, while growth remains resilient backed by domestic demand and improving rural consumption despite global uncertainties.
The RBI's Monetary Policy Committee kept the repo rate unchanged at 5.50% for the second consecutive time.
The policy stance was retained as 'neutral', signaling a balanced approach between price stability and economic growth.
CPI inflation is projected to remain within the target range of 4% plus or minus 2%.
Exam Points
The current repo rate is maintained at 5.50%.
Inflation target range is maintained at 4% plus or minus 2%.
Decision taken by the six-member Monetary Policy Committee (MPC).
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