'There's no pro-China tilt in BRICS.' 'All these countries want to be close to China, but they are all good friends of India also.'
The BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
Prime Minister Narendra Modi said he looks forward to useful conversations with his fellow leaders from China, South Africa, Brazil and Russia on addressing pressing international and regional challenges that stand in the way of their goals.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
Modi said that there was an immediate need to strengthen the WTO, fighting protectionism, ensuring energy security and work together to fight terrorism.
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 is visiting the African country from August 22 to 24 at the invitation of South African President Cyril Ramaphosa. South Africa is hosting the first in-person summit of BRICS comprising Brazil, Russia, India, China, and South Africa, since 2019.
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 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.
Modi put forward new initiatives for the BRICS grouping
India expects to see the bank established as soon as possible.
'By crudely dragging the topic into the bazaar to flog it for momentary pleasure, we turned it into a dead carcass by the time Modi even got back from Xiamen,' says Ambassador M K Bhadrakumar.
BRIC economies are currently worth around $11-12 trillion.
The Brics Development Bank was mooted at a summit in New Delhi in March this year as an alternative to the International Monetary Fund.
India and China have not ruled out a Modi-Xi meeting during the summit.
India will have the presidency of the BRICS' $100 billion New Development Bank for six years with headquarters in China that will become operational in about two years, a major step for reshaping the international financial system dominated by the West.
Modi in his address to the BRICS Leaders Meeting in Hangzhou said "terrorists in South Asia or any where for that matter do not own banks or weapons factories". "Clearly someone funds and arms them and BRICS must intensify joint efforts not just to fight terror but to coordinate actions to isolate those who are supporters and sponsors of terror," he said, without naming Pakistan which is a close ally of China.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Srikanth Kondapalli on what to expect from the seventh BRICS summit meeting to be held in Russia in July.
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.
Prime Minister Narendra Modi on Sunday termed the BRICS as 'Building Responsive, Inclusive and Collective Solutions'.
Pakistani-American businessman Sajid Tarar said like India, Pakistan also needs strong leadership to handle political instability and economic issues.
Pakistan-based terror groups like the Lashkar-e-Tayiba and the Jaish-e-Mohammed were named on Monday in the Summit declaration of the BRICS countries.
PM stressed that 'response to terrorism must be nothing less than comprehensive'.
The Brics line-up has yielded to a shaky China-India story, with new question marks over China even as India remains a "B+" performer, says T N Ninan.
BRICS countries - Brazil, Russia, India, China and South Africa - should combine their "huge potential" to better coordinate on issues such as the world economy, the democratic and equitable world order and global governance reform, Singh told China's Xinhua news agency.
The report projected that the BRIC economies together could be larger than some of the richest countries today, in terms of US dollar by 2025 and they could account for half the size of G6 countries against 15 per cent at present.
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
In his conversation with Prime Minister Narendra Modi, President Xi Jinping stressed that improving China-India relations serves common interests and is conducive to peace and stability of the region and the world.
Nearly half of the MPs elected in the 2019 general elections in India were first-timers.
'Happily,' says Ambassador B S Prakash, 'BRICS displayed new-found energy and built something real, a bank. Between needless nihilism and as yet unjustified euphoria, there are many stations for the BRICS train and we can watch its progress with renewed interest.'
The BRICS also called upon all nations to adopt a comprehensive approach in combating terrorism including countering radicalisation and blocking terror financing sources.
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
The prime minister also said that country nurtures a mindset that loudly proclaims that terrorism is justified for political gains.
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The ministers also expressed concern over the slow pace of global economic recovery and stressed that 'the uncertainty regarding economic growth and policy responses in developed countries could lead to increased volatility in financial markets and further affect the international economy'.
The business council aims to give impetus to trade.
National Security Advisor Ajit Doval held a meeting with top Chinese diplomat Wang Yi during which he emphasised the need for continuing efforts to restore peace and tranquillity in the border areas to remove the 'impediments' to normalcy in bilateral relations.
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