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Financial integration UPSC NOTE

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  Why in news Prime Minister Narendra Modi spoke at the 16th BRICS summit in Kazan , discussing key issues Modi highlighted the need for gre...

 Why in news

  • Prime Minister Narendra Modi spoke at the 16th BRICS summit in Kazan, discussing key issues

  • Modi highlighted the need for greater financial cooperation among BRICS countries, advocating for trade in local currencies.

  • The summit issued a common statement addressing global challenges, including conflicts and the need for a better international financial system.

What is financial integration

  • It’s the process of enhancing economic cooperation and coordination among countries, allowing for easier transactions and financial flow

  • It involves conducting trade in local currencies rather than relying solely on major currencies like the U.S. dollar.

  • It aims to facilitate smoother payments between countries, making trade more efficient and less dependent on external financial systems.

  • Countries work together to strengthen banking networks and develop mechanisms for easier financial transactions.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Financial integration UPSC NOTE
Financial integration UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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