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.
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.
'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.'
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 BRICS also called upon all nations to adopt a comprehensive approach in combating terrorism including countering radicalisation and blocking terror financing sources.
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.
The Goa declaration didn't refer to Pakistan-based terrorist groups or cross-border terrorism.
It asked all nations to work together to expedite the adoption of the Comprehensive Convention on International Terrorism in the UN General Assembly without any further delay.
NSA Doval is set to travel to Beijing this week to attend the BRICS NSAs meeting scheduled to be held from July 27-28
BRIC represents the recognition that new perspectives were emerging in the world, that these emerging economies had their own weight and views.
The announcement of Modi's visit comes a day after India and China ended their 73-day standoff in Dokalam by withdrawing their troops from the area.
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 Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
Goldman Sachs Investment Bank in a paper in 2003 argued with facts, figures and importantly optimism that the economic potential of BRIC nations is such that they may become among the four most dominant economies by the year 2050. The foreign ministers of BRIC nations will meet in Moscow in Spring 2008 to discuss issues of mutual interest in the international arena. The BRIC countries account for about 40% of the world population & each country has its own unique advantages.
A summit of the world's top five emerging economies - Brazil, Russia, India, China and South Africa -- begins on Saturday in Goa.
Finance Minister of the BRICS countries had also worked on the idea at various deliberations on the sidelines of the Fund-Bank and G-20 meetings, he said.
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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.
He said the Fourth Industrial Revolution will have more importance than the capital.
The leaders of the five emerging market economies are expected to sign a deal on Tuesday that creates the $100 billion bank and a reserves fund of the same size to challenge Western dominance over global finance.
Finance Ministers of Brazil, Russia, India, China and South Africa, including P Chidambaram, are likely to prepare a report for consideration of their leaders on Wednesday in which they are expected to say that launching a BRICS bank is 'feasible and workable'.
China criticised western attempts to "demonise" the BRICS.
A feature of this year's BRICS summit was economic cooperation.
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.
The bank, however, may not start functioning before 2014 and is likely to have substantially less initial paid-up capital than the amount of $240 billion that is doing the rounds currently.
Rediff.com's Nikhil Lakshman, who is travelling with Prime Minister Manmohan Singh to the BRICS Summit in the Chinese town of Sanya, reports that the next BRICS Summit will be held in India in 2012 even as the five BRICS nations pledged to jointly work towards peaceful transformation of the world order.
BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.
Evidently, something has gone awry in India's regional strategies. Yet, one feels tempted to call this India's "BRICS moment". The Durban summit will show how far India is prepared to go in a new direction. MK Bhadrakumar examines
Pakistani-American businessman Sajid Tarar said like India, Pakistan also needs strong leadership to handle political instability and economic issues.
BRICS countries may reach consensus at next month's G20 summit on creating a $100 billion currency reserve fund to help ease short-term liquidity pressure and safeguard financial stability of major emerging economies, a senior Chinese central bank official said.
'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.'
'To consider BRICS anything more than a temporary club with some common interests would be folly. The goal should be to induce others (Japan, ASEAN, South Africa) to align with us -- a non-threatening, democratic nation, rather than with malevolent China or waning America. For us to consider aligning with either China or the US would be absurd. India is just too big to be a sidekick,' says Rajeev Srinivasan.
The rise of BRIC countries represents a fundamental shift in global economy and the developing world needs a legitimate seat at the table so that shared challenges are better addressed, a powerful US Senator has said.
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.
Emerging nations have discussed delinking the quotas from the governance reforms to facilitate its passage.
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.
The fact that the Indian government has allowed the bank to be headquartered in Shanghai merely underlines the fact that this will be a largely Chinese enterprise.
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