In Today’s News:
- WPI at an 8-month high level.
- Hon’ble PM to attend BRICS virtual summit today.
1. WPI at an 8-month high level
The rate of inflation, based on monthly WPI, stood at 1.48% (provisional) for the month of October 2020 (over October 2019) as compared to 0.00 % during the corresponding month of the previous year. This is the highest level reported in the last 8 months.
Prelims GS – Economic Development
- WPI refers to the Wholesale Price Index.
- WPI is released by the Office of the Economic Adviser, Department for the Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
- Wholesale Price Index (WPI) measures the average change in the prices of commodities for bulk sale at the level of the early stage of transactions.
- WPI covers three major groups namely
- Primary Articles
- Fuel & Power and
- Manufactured Products.
- WPI basket does not cover services.
- The index basket of the present 2011-12 series has a total of 697 items including 117 items for Primary Articles, 16 items for Fuel & Power, and 564 items for Manufactured Products.
- The new series also presents a separate ‘WPI Food Index’ which along with CPI Food Price Index published by CSO would help monitor food inflation.
Click here to know about the FAQs on WPI.
2. Hon’ble PM to attend BRICS virtual summit today
Hon’ble Prime Minister Shri. Narendra Modi will attend the 12th BRICS Summit today hosted by Russia, under the theme Global Stability, Shared Security, and Innovative Growth. The meeting will be held in a virtual format.
Prelims GS – International Organizations
- BRICS refers to Brazil, Russia, India, China, and South Africa.
- It was the Russian side that initiated the creation of BRICS.
- On 20 September 2006, the first BRICS Ministerial Meeting was held at the proposal of Russian President Vladimir Putin on the margins of a UN General Assembly Session in New York. Foreign ministers of Russia, Brazil, and China and the Indian Defence Minister took part in the meeting. They expressed their interest in expanding multilateral cooperation.
- On 16 May 2008, Yekaterinburg hosted a Meeting of BRICS Foreign Ministers on the initiative of Russia. After the meeting, a Joint Communique was issued, reflecting common stances on topical global development issues.
- On the Russian initiative on 16 June 2009, Yekaterinburg hosted the first BRIC Summit.
- At the Fortaleza Summit (2014), in Brazil, important institutions were created: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). (Note: UPSC Prelims Question 2015)
- BRICS represents about 42% of the population, 27% of GDP, 30% of the territory, and 18% of the global trade.
- India will be taking over the Chairship of the BRICS, which would be the third BRICS Presidency for India since its inception after 2012 and 2016.
- India will host the 13th BRICS Summit next year.
Click here to know more about BRICS
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