News in Shorts: 04 December 2024

India’s Contribution to BRICS New Development Bank (NDB)

Context: India has contributed $2 billion to the BRICS New Development Bank (NDB) in seven installments between 2015-16 and 2021-22.

About India and NDB

India and the New Development Bank (NDB)

• Establishment of NDB: The New Development Bank (NDB) was established in 2014 by the BRICS nations ; Brazil, Russia, India, China, and South Africa.
• Objective: To mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies. 
• India’s Role in NDB:India’s contributions to NDB and BRICS’ initiatives underline its commitment to strengthening global financial systems and promoting inclusive economic growth.
  • India is a founding member of the NDB.
  • It actively participates in the decision-making processes of the bank.
  • India has benefited significantly from NDB financing for various infrastructure projects.

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NDB’s Impact on India

• Infrastructure Financing: NDB has provided substantial funding for projects like the Delhi-Meerut Regional Rapid Transit System, metro rail projects, and renewable energy initiatives.
  • India currently has 20 externally aided projects financed by NDB loans worth $4,867 million.
  • These projects focus on areas such as Transportation, Water conservation, Food management and Connectivity in rural areas
• Sustainable Development: The bank prioritizes sustainable development goals, aligning with India’s focus on clean energy and environmental protection.

US-India MH-60R Helicopter Deal

Context: Recently, the US approved a $1.17 billion deal to provide support equipment for India’s MH-60R Seahawk helicopters.

Key Highlights of the Deal

• Enhanced capabilities: The deal aims to upgrade India’s anti-submarine warfare capabilities and deter potential threats.
• Lockheed Martin as prime contractor: Lockheed Martin will be the primary contractor for the project.

About MH-60R Helicopter

• Manufactured by Lockheed Martin and used in the U.S. Navy’s primary maritime helicopter. It has been designed for all-weather operations with state-of-the-art avionics and sensors.
• Capabilities:
  • Anti-Submarine Warfare (ASW)
  • Anti-Surface Warfare (ASuW)
  • Search-and-rescue (SAR), surveillance, naval gunfire support, logistics, and vertical replenishment (VERTREP).
  • Operates from frigates, destroyers, cruisers, amphibious ships, and aircraft carriers.
• Unique Features: Equipped with airborne active sonar, multi-mode radar, FLIR turret, and an integrated self-defense system.
  • Can carry three or four flight crews and five passengers.
• India’s Acquisition: India ordered 24 MH-60R helicopters in 2020 for ₹14,000 crores for which the deliveries began in 2022 and will be completed by 2025.

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EXERCISE HARIMAU SHAKTI

Context: The 4th edition of India- Malaysia Joint Military Exercise HARIMAU SHAKTI commenced recently, at Bentong camp, Pahang district, Malaysia.

• Objective: To enhance joint military capability to conduct counter-insurgency operations in jungle terrain under Chapter VII of the United Nations Mandate.
  • Chapter VII of the United Nations Charter gives the Security Council the authority to take action to maintain or restore international peace and security.

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