6th BRICS Summit in Brazil PM has left Delhi to attend the Sixth BRICS summit to be held in Fortaleza and Brasilia (Brazil) on 15-16th July.He is accompanied by a high level delegation that includes Minister of State for finance Nirmala Sitharaman, National Security Advisor A.Doval,Foreign secretary Sujatha Singh and Finance secretary Arvind Mayaram, The topmost agenda to be discussed at the summit would be (along with other developmental issues) : Setting up the New Development Bank and Contingent Reserve arrangement. NOTE; BRICS- acronym for an association of 5 major emerging national economies (Brazil,Russia,,India, China and South Africa ). Grouping was originally known as �BRIC � before the inclusion of South Africa in 2010. New Development Bank : If they can agree to sign up to it at a summit in Fortaleza in Brazil, the five BRICS countries will create a new development bank, a new challenger to the World Bank and the ranks of other similar regionally focused agencies. Its main function would be to mobilise resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries. Another warship mishap : INS Khutar Missile corvette INS Khutar was damaged after it recently ran aground in the Andaman and Nicobar islands. The Navy has ordered a board of inquiry into the accident ,which is the 15th such incident after submarine INS Sindhurakshak sank in August 14 last year. FIFA 2014 champions : Germany Germany are the 2014 FIFA World Cup champions, lifting the Trophy for the fourth time in their history after overcoming Argentina 1-0 courtesy of an extra-time goal by Mario Gotze at the Maracana in Rio de Janeiro.