Correct Answer: Correct answer is: (A) Establishment of a new development bank.
Exam Relevance: UPSC, SSC, Banking, State PSC
Difficulty: Moderate
Concept notes: The BRICS nations (Brazil, Russia, India, China, and South Africa) have made several significant decisions at their summits, including the establishment of a new development bank.
Common Mistakes: Students may confuse the establishment of the development bank with other initiatives like military exercises or cultural exchanges, which are also important but not the primary focus of this question.
Explanations: The fifth BRICS summit, held in Durban, South Africa in 2013, saw the establishment of the New Development Bank (NDB), also known as the BRICS Development Bank. This bank was created to provide financial support for infrastructure and sustainable development projects in BRICS and other emerging economies. The establishment of the NDB was a major decision taken at this summit, aimed at reducing the dependency on traditional Western financial institutions.
Option Analysis: - Option A: Correct. The establishment of the New Development Bank was a significant decision taken at the fifth BRICS summit.
- Option B: Incorrect. Reformation of the United Nations was not a major decision taken at the fifth BRICS summit.
- Option C: Incorrect. While military exercises are conducted, they were not a major decision at the fifth BRICS summit.
- Option D: Incorrect. Cultural exchanges are important but were not a major decision at the fifth BRICS summit.
Mnemonic: NDB for New Development Bank
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