Concerned over disturbing trends in global economy, India and African nations on Wednesday called for increasing economic cooperation to combat the menace of rising food and energy prices.
India has been maintaining that the world bodies like the UN, IMF and the World Bank do not reflect the contemporary realities of the world and urgently needed reforms.
The new line of credit follows the $5.4 billion concessional credit announced in 2008 at the time of the first such summit held in New Delhi.
The leaders of the Brazil-Russia-India-China-South Africa grouping on Thursday collectively voiced their opposition to the use of force in Libya and pitched for a central role for the United Nations and regional organisations in resolving the matter.Reflecting on the situation in the Middle East and north African countries at the BRICS Summit, Prime Minister Manmohan Singh observed that there was a "shift of power towards ordinary citizens".
In a first-of-its-kind step, Brazil, Russia, India, China and South Africa (BRICS) will be signing an agreement on Thursday under which they would be able to give credit and grants to each other in their own currency instead of dollars.
India has assured Pakistan that it would not hesitate from sharing the findings of Samjhauta Express blast case but expressed inability to do so till the probe is not completed as Indian laws do not permit it. This message was conveyed by Foreign Secretary Nirupama Rao during her meeting with her Pakistani counterpart Salman Bashir.
Pakistan expressed its desire to have "cordial and cooperative" ties with India, a day after the two sides agreed to have "constructive" engagement aimed at restoring the stalled dialogue process.
Ahead of the visit by Premier Wen Jiabao, senior Chinese Communist Party leader Zhou You Kang will be in India from Sunday on a two-day trip during which the bilateral relations will be discussed.
India dismissed any apprehensions in Beijing about India forging closer ties with Japan, Malaysia and Vietnam to encircle China, saying these were stand-alone bilateral relations not predicated on any other country.
The average age of an Indian by 2020 would be 29 years as compared to 29 years in case of China and 48 for Japan.
Seeking to give new impetus to the bilateral relations, India and Malaysia today formally announced firming up of Comprehensive Economic Cooperation Agreement (CECA) to boost trade and decided on a range of other engagements in various sectors, including defence.
Singh hailed Malaysian companies particularly in the infrastructure sector for their good reputation and asked them 'to take a long term and strategic view' of the Indian economy and market.
He, however, admitted that there are challenges to recording such a high economic growth.
Observing that infrastructure deficit was posing a major constraint to India's growth, Prime Minister Manmohan Singh on Monday said an outlay of over $1 trillion was envisaged for infrastructure projects during the next 5-year plan beginning 2012 and invited Japanese firms to play a greater role in this endeavour.
Prime Minister Manmohan Singh arrived in Tokyo on the first leg of his three-nation visit, during which he would hold talks with his Japanese counterpart Naoto Kan on a range of issues, including civil nuclear energy cooperation.
The AFSPA was being "unnecessarily demonised" although it had "nothing to do with the present unrest (in Kashmir)", General Singh said while firmly sticking to his opposition to any withdrawal or even dilution of the Act which gives the Army vast powers to deal with insurgents.
Responding to External Affairs Minister S M Krishna's invitation to visit India, Pakistan Foreign Minister Shah Mahmood Qureshi has made it clear that he would accept it if the talks are to be "result-oriented", covering all issues of importance, including Kashmir. He stressed the need for "positive and constructive approach" after his July 15 talks with Krishna ended on a bitter note, particularly on Kashmir and terrorism emanating from Pakistan.
Pakistan has said it is ready to take action against Jamaat-ud Dawa chief Hafiz Saeed but added that India should give 'concrete evidence' that stands 'legal scrutiny' and holds him responsible for the Mumbai terror attacks. Pakistan Foreign Minister Shah Mahmood Qureshi insisted that his country was committed to bringing the perpetrators of 26/11 to justice but could not give any specific time-frame for conclusion of the trial in the case as the judiciary acted independently
India maintains that it wants to be part of the project but cannot go ahead till its concerns with regard to security and issues related to pricing of gas are addressed.
The Pakistan government has trashed former president Pervez Musharraf's four-point formula to resolve Kashmir issue, saying it was "his thinking" which did not have the endorsement of Pakistan Parliament or Cabinet and suggested a fresh approach to address the vexed problem.
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