New Delhi, Aug 18 (PTI) The horizon of the New Development Bank (NDB), set up by BRICS members, should be expanded by utilising resources for strengthening social infrastructure such as service delivery in education and health sectors, Commerce and Industry Minister Piyush Goyal said on Wednesday.

The NDB, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa) with an initial authorised capital of USD 100 billion.

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"The horizon of NDB should be expanded and resources be utilized for strengthening social infrastructure especially for funding service delivery in education and health sector, besides promotion of infrastructure and industrial sector," Goyal said.

He was speaking at the fifth meeting of BRICS Industry Ministers.

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He also said in this swiftly changing world, adaptability to new and emerging technologies like Internet of Things, artificial intelligence, 3-D manufacturing and other processes and systems will determine the success of efforts to embrace Industry 4.0.

"However, there are challenges of data protection and cyber security too. Therefore, it is essential to manage transition to new technologies in line with national policies and legislation. This understanding is at the heart of the BRICS cooperation agenda," he added.

The minister further said adoption of new technologies by MSMEs would play a crucial role in achieving the target of inclusiveness.

He emphasised that the BRICS partnership would be successful if "we as a group, on the basis of consensus, complement strengths of each other, share our best practices and learn from our weaknesses."

The bloc agreed on the need to build human resources in line with the changing requirements accelerated by the new emerging technology to promote training and skills development of the related workforce and businesses through workshops, seminars, and exchange programs.

The BRICS ministers also reiterated their commitment to make efforts to foster an open, fair, and non-discriminatory trade environment, ensure greater participation in global value chains, promote digital inclusion, and encourage the progressive, safe, equitable, and sustainable use of disruptive technologies for advancing growth.

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