- India and Pakistan will become members of the Shanghai Cooperation Organisation (SCO) next year
- The announcement on this will be at the six-nation summit which will be attended by Prime Minister Narendra Modi
- The current group members are Russia, China, Kazakhstan, Tajikistan and Uzbekistan
- PM Narendra Modi will arrive on the summit and this is the first time India will be represented at the prime ministerial level at the SCO summit
India, Uzbekistan ink pacts to boost cooperation
- Prime Minister Narendra Modi and Uzbekistan President Islam Karimov talk on bilateral and regional issues including the situation in Afghanistan as the two countries decided to cooperation between their foreign offices and in the field of culture and tourism
- Discussed on the move to enhance strategic, economic and energy ties apart from reviewing key regional issues including the situation in Afghanistan
- Also they decided to joint work against the terrorism and will strengthen the move in later years
- Mr. Modi said President Karimov talks supportive of strengthening ongoing cooperation in the areas of agriculture, information technology and energy
India overtakes US as world's third largest steel producer
- India has overtaken the US to become the world's third largest producer
- This is by working towards achieving 300 million tonnes (MT) target in the next 10 years, Union Steel Mines
- China and Japan are in the first and second place
- The per capita steel consumption is quite low, 60 kg as against the world average of 216 kg
BRICS nations agrees to create $100 billion forex pool
- The 5-nation BRICSgroup on Tuesday signed an to create a US $100 billion
- The move is to help each other in case of any problems with dollar liquidity
- India will invest $18 billion will be same as that of Russia's contribution.
- China would put in the maximum of US $41 billion, while South Africa would chip in US $5 billion
- The fund will be an insurance, that members nations could draw on if they experience problems with their balance of payments
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