The Brics Development Bank was mooted at a summit in New Delhi in March this year as an alternative to the International Monetary Fund.
In two years of tough negotiations to create the new BRICS development bank, the main stumbling block was not a lack of resources or commitment, but fellow partner China.
India expects to see the bank established as soon as possible.
...although issues like capital, membership and governance are still bogging the plan.
South Africa's Deputy International Relations and Cooperation Minister Marius Fransman said this would give a major boost to some of the development needs of these countries.
The BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
Meanwhile, the US refrained from making any comment on the move to set up the development bank aimed at reshaping the international financial system dominated by the West, saying that the details are yet to emerge.
Modi also urged the BRICS Business Council to create a roadmap to achieve the $500 billion intra-BRICS trade target by the next summit.
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Prime Minister Narendra Modi arrived in Fortaleza on Monday to attend a summit meeting of the BRICS nations that will address regional crises and security threats to restore a climate of peace while advancing global economic stability.
BRICS countries, including India, on Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries.
The existing SAARC Development Fund could be merged into the bank.
India is keen on the issue of equal share holding since it doesn't want a repeat of the distortions that have crept into Bretton Woods institutions like International Monetary Fund, World Bank and the Asian Development Bank in which rich countries like the US and Japan have a strangle hold.
Modi said South America has tremendous potential.
Prime Minister Narendra Modi arrived in Berlin for an overnight stopover on his way to Brazil for the Brazil, Russia, India, China and South Africa (BRICS) Summit meeting that will address regional crises and security threats to restore a climate of peace while advancing global economic stability.
After visiting two Central Asian countries, Prime Minister Narendra Modi arrived in Ufa on Wednesday on a three-day trip during which he will attend the BRICS and Shanghai Cooperation Organisation summits.
The new government needs to clearly insist on diplomatic reciprocal arrangements with China. While reciprocity is a function of power in bilateral relations, the Modi-led government's responses should be based on India'S inherent strengths, says China expert Srikanth Kondapalli.
The BRICS summit offers Modi an excellent platform to reach out to world leaders and conduct diplomacy on the very ticklish issue of reform of the world governance structure, and to exchange notes with his peers on international, regional and bilateral issues on the margins of the meeting, says Rup Narayan Das.
'Building on the potential for closer ties is the changing narrative in each country about the other. The Chinese narrative on India has become significantly more positive over the past few years,' says Walter Andersen and Zhong Zhenming.
As the context of Panchsheel has changed, it is all the more essential that India and China need to reinvent and redefine Panchsheel for a new world order taking into account globalisation, and mutual economic interdependence. The new Panchsheel, in order to be relevant, needs to shed its binary approach of west verses the east recognising the seamlessness of global frontiers, which globalisation has brought in, says Rup Narayan Das.
Outlining seven principles of engagement for closer cooperation between India and China, Prime Minister Manmohan Singh on Thursday said the two countries should show sensitivity to each other's interests and sovereignty and move quickly to resolve the boundary issue.
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
The India that needs strategic alliances, defence cooperation and engaging meaningfully with neighbouring countries is quietly moving ahead with confidence, says Tarun Vijay
With Beijing having had a profound rethink on India's admission as a full member of the Shanghai Cooperation Organisation, the tectonic plates of the geopolitics of a massive swathe of the planet stretching from the Asia-Pacific to West Asia are dramatically shifting. That grating noise in the Central Asian steppes will be heard far and wide -- as far as North America, says Ambassador M K Bhadrakumar.
Following is the full text of Prime Minister Manmohan Singh's speech at the Central Party School in Beijing on Thursday:
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