De-dollarization among BRICS members ‘irreversible’, says President Putin

News Network
August 23, 2023

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Moscow, Aug 23: Russia's President Vladimir Putin says the shift away from the US dollar in internal trade among the members of the BRICS, an intercontinental geopolitical bloc, is an "irreversible process."

"A balanced, irreversible process of de-dollarization of our economic ties is gaining steam, with efforts undertaken to develop efficient mechanisms of mutual settlements, as well as monetary and financing control," he told BRICS Business Forum, which was being hosted by South Africa, via video-link on Tuesday.

"As a result, the share of the dollar in export and import transactions within BRICS is declining as it only equaled 28.7% last year," he added.

BRICS consists of Brazil, Russia, India, China, and South Africa. The group's leaders coordinate multilateral policies and meet annually at summits.

The BRICS countries account for 42 percent of the global population and about 27 percent of both the world's land area and the world’s economy.

The bloc has become increasingly important in addressing international issues since it was founded in 2006, and is often seen as a counterweight to Western political and economic hegemony.

The economies of the BRICS, Putin added, outperform those of the Group of Seven which includes the UK, Germany, Italy, Canada, the United States, France, and Japan, in terms of purchasing power parity. "The forecast for 2023 is 31.5% against 30%," he stressed.

Also addressing the event, Brazilian President Lula Da Silva lent support to the emergence of a common currency for trade among the BRICS members. 

He also expressed Brazil's willingness to see more countries join the bloc, which, in his opinion, would bring more relevance. 

The BRICS is expected to consider granting new memberships. 20 countries have applied, including Iran. 

Iran's President Ebrahim Raeisi will be attending the summit on Wednesday.

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News Network
January 4,2025

Mangaluru: Dakshina Kannada MP Captain Brijesh Chowta met Union Home Minister Amit Shah in New Delhi on Friday to discuss key issues affecting the security and development of the region. The meeting highlighted several urgent concerns, ranging from counter-terrorism measures to infrastructure upgrades.

During the meeting, Chowta strongly advocated for establishing a National Investigation Agency (NIA) Centre in Mangaluru. He pointed out the city’s vulnerability to threats such as Islamic radicalisation, sleeper cells, and the activities of groups like SDPI and PFI. Citing the unrest during the Citizenship Amendment Act (CAA) protests, Chowta emphasized the ability of radical groups to incite large-scale disruptions. He argued that Mangaluru’s strategic coastal location necessitates an NIA Centre to bolster counter-terrorism operations and ensure regional security.

Chowta also discussed the Indian Coast Guard Academy, sanctioned for Mangaluru in 2020. He highlighted its potential to enhance India’s maritime security through advanced training in coastal defence, disaster response, and surveillance. Situated near the Arabian Sea and Mangalore Port, the academy is strategically positioned to address challenges in regions like Lakshadweep and the Maldives, aligning with India’s geostrategic interests.

The MP proposed the establishment of a Sainik School in Mangaluru to nurture leadership, discipline, and patriotism among local youth. He emphasized that such an institution would not only provide quality education but also act as a feeder for the armed forces, enhancing the region’s defence readiness. Chowta suggested pairing the school with a military installation, further strengthening coastal defence capabilities and supporting national security goals.

Addressing infrastructure, Chowta underscored the need to improve the Mangaluru-Bengaluru railway and road networks. He argued that enhanced connectivity would unlock the region’s economic potential, streamline logistics for New Mangalore Port, and support key industries such as fisheries, agriculture, and manufacturing. Additionally, upgraded infrastructure would boost trade, tourism, and employment opportunities.

On economic development, Chowta urged the revival of cooperative banks under the Ministry of Cooperatives. He proposed increased funding and loan facilities for businesses and farmers to enhance financial inclusion and regional economic stability. Strengthening fisheries cooperatives, he noted, would provide local fishermen with better access to financial services, loans, and insurance, improving productivity and security.

The MP’s discussions reflected a comprehensive vision for balancing security, infrastructure, and economic growth in Dakshina Kannada, aligning with both regional and national priorities.

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News Network
January 9,2025

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Who will be the next captain of the Indian cricket team? After India's 1-3 loss in the Border-Gavaskar Trophy, this question has become the hottest topic in Indian cricket circles. Current skipper Rohit Sharma, despite stepping aside for the final Test, has confidently declared that he is not stepping down as captain. However, with India not playing another Test until June (in England), questions loom over whether the BCCI selectors will retain Rohit for the next World Test Championship cycle.

Amid the debate, former Indian cricketer Mohammad Kaif has cautioned against appointing star pacer Jasprit Bumrah as the full-time captain. Kaif emphasized that Bumrah’s primary focus should remain on taking wickets and maintaining his fitness. “BCCI should think twice before appointing Bumrah as a full-time captain. He needs to solely focus on taking wickets and staying fit. Added leadership responsibility and heat-of-the-moment decisions can lead to injuries and shorten an outstanding career. Don’t kill the golden goose,” Kaif posted on X (formerly Twitter).

However, legendary Indian batter Sunil Gavaskar has offered a contrasting perspective. Gavaskar recently expressed confidence in Bumrah’s ability to lead the Indian Test team in the near future. Speaking on Channel Seven, Gavaskar praised Bumrah’s calm demeanor and leadership qualities. “He will be the next man because he leads from the front. He has an aura of leadership but doesn’t pressurize players. Some captains put undue pressure on their teammates, but Bumrah allows others to perform their roles without micromanagement,” Gavaskar remarked.

Bumrah showcased his leadership skills during the Border-Gavaskar Trophy, where he captained India in two Tests, including the series-opening match in Perth, which India lost by 295 runs. Despite the series defeat, Bumrah’s individual performance stood out. He claimed 32 wickets in five matches at an impressive average of 13.06 and a strike rate of 28.37, earning him the Player of the Series award.

Gavaskar highlighted Bumrah’s brilliant handling of the fast-bowling unit, often seen guiding them from mid-off or mid-on. “With the fast bowlers, he’s been absolutely brilliant. He’s always at hand to provide advice without overwhelming them. I wouldn’t be surprised if he takes over the captaincy very soon,” Gavaskar added.

India’s bowling attack, however, suffered in crucial moments during the series. In the Sydney Test, Bumrah’s absence in the fourth innings due to a back spasm proved costly. India was defending a modest target of 162 but lacked the firepower to challenge Australia’s batting lineup. Gavaskar lamented Bumrah’s unavailability, noting the impact he could have had. “What a difference it would have made if Bumrah was available to bowl in that final innings. Even an early spell of four or five overs could have turned the match in India’s favor,” he observed.

As India gears up for its next phase in Test cricket, the debate over captaincy intensifies. While some caution against burdening Bumrah with added responsibility, others see his leadership as a natural progression for the team’s future.

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News Network
January 6,2025

Bengaluru: An eight-month old baby has been detected with the human metapneumovirus (HMPV) in a Bengaluru hospital on Monday, with reports going viral online. This is likely the first reported case of HMPV in the country after the recent spike in China.

The baby is reportedly undergoing treatment in a private hospital in northern Bengaluru.

The Karnataka state health department has maintained that there is no cause for concern.

"We don't know what strain of virus is spreading in China. Without knowing that, we cannot say that this reported case is concerning. We have been reviewing all influenza-like illnesses (ILIs) from December to check for any strain that is concerning. There is no such concerning spike across the state or country," said a well-placed source in the state health department.

The HMPV is a known virus (first discovered in 2001) that causes respiratory symptoms similar to that of a common cold, largely affecting children below the age of five. It is not a new virus.

Cases have been reported in the past, especially in the winter season, note experts and health department officials, making it not an immediate concern, unless an unusual spike is observed.

In December 2024, 714 suspected cases of HMPV were tested in 16 Virus Research and Diagnostic Laboratories (VRDLs) across the country, of which only nine were confirmed positive.

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