Economic Organisations

📘 NDA Economics · ECN08

Static GK for NDA: direct facts — HQ, founding year, primary function of each organisation. Know IMF vs World Bank difference and what NITI Aayog replaced.

📌 NDA Pattern: IMF function vs World Bank • HQ locations • AIIB and NDB • ADB • India’s membership and role • NITI Aayog

1. Key International Organisations

IMF (International Monetary Fund): Bretton Woods 1944; HQ Washington D.C. Function: short-term BoP support; monetary system stability. SDRs = reserve asset. MD: Kristalina Georgieva (Bulgaria).
World Bank (IBRD + IDA): Bretton Woods 1944; HQ Washington D.C. Function: long-term development loans (infrastructure, education, poverty). President: Ajay Banga (Indian-origin, USA).
ADB (Asian Development Bank): 1966; HQ Manila, Philippines. Asia-Pacific development. 68 members. Japan + USA = largest shareholders.
AIIB (Asian Infrastructure Investment Bank): 2016; HQ Beijing. China-led. India = 2nd largest shareholder. 109 members.
NDB (New Development Bank): 2014; HQ Shanghai. BRICS bank. Sustainable infrastructure in emerging markets. 1st President: KV Kamath (India).
WTO: 1995; HQ Geneva. 164 members. Trade regulation. DG: Ngozi Okonjo-Iweala.

2. Indian Planning Bodies

NITI Aayog: Replaced Planning Commission on 1 Jan 2015. Chairperson = PM. Think-tank (advisory body). Does NOT allocate funds. Promotes cooperative federalism. CEO: BVR Subrahmanyam.
Finance Commission: Constitutional body (Article 280). Recommends devolution of taxes between Centre and States. 16th Finance Commission being constituted.

📝 NDA PYQEconomic Organisations — NDA Pattern

Q1. The IMF was established in which year and where is its headquarters? (NDA I 2023)

Answer: (b) 1944 (Bretton Woods Conference); Washington D.C.
IMF + World Bank were both created at the Bretton Woods conference in July 1944. Both HQ in Washington D.C. IMF = short-term monetary stability + BoP support. World Bank = long-term development. ADB = 1966, Manila. WTO = 1995, Geneva.

Q2. The New Development Bank (NDB) was established by which group of nations? (NDA II 2022)

(a) G7 nations (b) G20 nations (c) BRICS nations (d) ASEAN nations

Answer: (c) BRICS nations (Brazil, Russia, India, China, South Africa)
NDB established in 2014 by BRICS at Fortaleza summit. HQ Shanghai. Capital: USD 100 billion. 1st President: KV Kamath (India). Aims to finance infrastructure in emerging markets and developing economies as an alternative to Western-led institutions. India has received NDB loans for metro rail and renewable energy.

📝 Rapid Revision — ECN08

🌐 Organisation HQs

IMF & World Bank: Washington D.C. (both Bretton Woods 1944)
ADB: Manila, Philippines (1966)
AIIB: Beijing, China (2016); India = 2nd shareholder
NDB: Shanghai, China (2014); BRICS bank
WTO: Geneva, Switzerland (1995)

🚫 NDA Traps

IMF = short-term BoP; World Bank = long-term development
NDB HQ = Shanghai (NOT Beijing; AIIB is Beijing)
NITI Aayog = advisory; Finance Commission = funds
ADB = Manila (NOT Tokyo)
World Bank President = Ajay Banga (Indian-origin)

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