Disclaimer :-Please note down the important points and institutions such as BRICS Rating Agency,BRICS Infrastructure Project Development Facility,BRICS Standardisation Research Platform etc that can be helpful to accentuate your answer in exam.
Last year at Ufa, Russia, while addressing the BRICS Summit, Prime Minister Narendra Modi had outlined a 10-point agenda for the future of the bloc. These initiatives were aimed at fortifying the evolving relationship amongst the member states and offering new institutional platforms for scientists, researchers, sportspersons, artists, technocrats and businesses to come together and work collaboratively. As we look back, we are gladdened by the results.
First, the Business Council is discussing the subject of BRICS Rating Agency. The members feel the BRICS business community should have a home-grown institution that matches in quality and credit appraisal with the best in the world while aligning its rating methodology to account for the emerging market business realities and hence providing a more thorough and complete credit rating analysis of companies.
This will facilitate cross–border investors to take a more informed decision and is most important for infrastructure financing. Institutions such as NDB, ADB, World Bank and AIIB should also be engaged for a discussion on this subject.
The second area is from the perspective of infra-financing and relates to setting up of a BRICS Infrastructure Project Development Facility. Such an organisation can provide assistance on the entire gamut of project development expertise including project identification, pre-feasibility, post-feasibility, preparation of DPR and environment and social impact assessment. Through such a platform, projects can be converted from conceptualisation stage to the bankability stage. In countries where such an institution exists, NDB can help enhance such structures and where there are none, NDB can help set up an independent unit.
The third area relates to a BRICS-wide analytical and research institution that can support the market intelligence requirements of small, medium and large companies from our respective countries. Given our stage of development, there is a need for a solid research base with extensive data on emerging economies that can serve as an important reference point for businesses from our countries.
The fourth: while more information and insights will create more business opportunities, we can give further impetus to this by promoting trade in local currencies. Our governments and development banks must discuss and advice how we can expand the scope and scale of pricing in local currency for intra-BRICS deals and transactions and what is the necessary infrastructure that needs to be developed to support such payments.
Boosting trade, farming
Fifth, BRICS Business Council is also discussing a BRICS Standardisation Research Platform, which could serve as a base to exchange information and best practices on institutional and policy mechanisms on various regulations and standards across BRICS countries. Such a platform will help in better harmonisation of trade policies across BRICS countries and also enable removal of trade barriers.
Sixth, there is a need to enhance BRICS co-operation in agri-business, as agricultural development is a key priority of our economies. There is a huge scope of co-operation by way of sharing best practices related to agriculture production, productivity, environment protection and food security and contributing towards research activities in these areas. BRICS nations can work together to manage and disseminate knowledge on sustainable approaches to agricultural mechanisation.
This could include live demonstration of innovative farm machinery/ equipments with institutional mechanism with the agriculture universities.
Seventh, BRICS countries can enhance co-operation in energy and green economy. There is a need to develop a common understanding of a green economy and drive towards a common view in promoting tis area. Also, the countries should accelerate the development as well as transfer of energy efficient and eco-friendly technologies and equipment.
Darknet, also known as dark web or darknet market, refers to the part of the internet that is not indexed or accessible through traditional search engines. It is a network of private and encrypted websites that cannot be accessed through regular web browsers and requires special software and configuration to access.
The darknet is often associated with illegal activities such as drug trafficking, weapon sales, and hacking services, although not all sites on the darknet are illegal.
Examples of darknet markets include Silk Road, AlphaBay, and Dream Market, which were all shut down by law enforcement agencies in recent years.
These marketplaces operate similarly to e-commerce websites, with vendors selling various illegal goods and services, such as drugs, counterfeit documents, and hacking tools, and buyers paying with cryptocurrency for their purchases.
Anonymity: Darknet allows users to communicate and transact with each other anonymously. Users can maintain their privacy and avoid being tracked by law enforcement agencies or other entities.
Access to Information: The darknet provides access to information and resources that may be otherwise unavailable or censored on the regular internet. This can include political or sensitive information that is not allowed to be disseminated through other channels.
Freedom of Speech: The darknet can be a platform for free speech, as users are able to express their opinions and ideas without fear of censorship or retribution.
Secure Communication: Darknet sites are encrypted, which means that communication between users is secure and cannot be intercepted by third parties.
Illegal Activities: Many darknet sites are associated with illegal activities, such as drug trafficking, weapon sales, and hacking services. Such activities can attract criminals and expose users to serious legal risks.
Scams: The darknet is a hotbed for scams, with many fake vendors and websites that aim to steal users’ personal information and cryptocurrency. The lack of regulation and oversight on the darknet means that users must be cautious when conducting transactions.
Security Risks: The use of the darknet can expose users to malware and other security risks, as many sites are not properly secured or monitored. Users may also be vulnerable to hacking or phishing attacks.
Stigma: The association of the darknet with illegal activities has created a stigma that may deter some users from using it for legitimate purposes.
AI, or artificial intelligence, refers to the development of computer systems that can perform tasks that would normally require human intelligence, such as recognizing speech, making decisions, and understanding natural language.
Virtual assistants: Siri, Alexa, and Google Assistant are examples of virtual assistants that use natural language processing to understand and respond to users’ queries.
Recommendation systems: Companies like Netflix and Amazon use AI to recommend movies and products to their users based on their browsing and purchase history.
Efficiency: AI systems can work continuously without getting tired or making errors, which can save time and resources.
Personalization: AI can help provide personalized recommendations and experiences for users.
Automation: AI can automate repetitive and tedious tasks, freeing up time for humans to focus on more complex tasks.
Job loss: AI has the potential to automate jobs previously performed by humans, leading to job loss and economic disruption.
Bias: AI systems can be biased due to the data they are trained on, leading to unfair or discriminatory outcomes.
Safety and privacy concerns: AI systems can pose safety risks if they malfunction or are used maliciously, and can also raise privacy concerns if they collect and use personal data without consent.