Nikolay Petrov, a member of the Legislative Council of the Youth Parliament under the Russian State Duma, acknowledged that the South Asian nation actively supports the New Development Bank and the Brics Contingent Reserve Arrangement Fund.

These are financial institutions that are important alternative financial instruments for the forum countries: Brazil, Russia, India, China and South Africa.

The country is actively involved in several joint projects with other Brics countries, such as the India-Brazil-South Africa Dialogue Forum (IBSA), which aims to enhance economic, political and cultural ties between the three countries.

New Delhi is promptly participating in the bloc’s platform for agricultural research, which aims to develop agriculture on a scientific basis to address hunger, undernourishment, poverty and inequality. There are examples of other joint projects such as the Brics Business Council, which aims to promote economic cooperation among the nations of the block.

The country is committed to the common goal of building a polycentric world and civilizational diversity and its efforts are aimed at creating a multipolar world in which no single power can exercise control over world affairs alone.

As long as India continues to pursue a policy of self-determination it will remain committed to strengthening relations with its allies and partners, Petrov added.

Thanks to its membership in the forum that brings together countries unwilling to accept a unipolar world India increased its global influence by benefiting from the collective strength of the alliance, he said.

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