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.
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.
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.
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.
...although issues like capital, membership and governance are still bogging the plan.
The business council aims to give impetus to trade.
The bank will have initial authorised capital of $100 billion
'After the Galwan clash, the rules of engagement changed with the army commanders allowed to use any means at their disposal as they deem fit for tactical operations.'
Every single one of the BRICS countries has an enormous infr deficit that simply can't be met by a single institution, says WB President.
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.
United States President Donald Trump has warned that countries aligning with the BRICS economic bloc will face additional 10 per cent tariffs on their goods, as he seeks to protect the dollar's global dominance.
Under the defence partnership, India and the UAE are eyeing defence industrial collaboration and cooperation in advanced technologies, cyberspace training, special operations, interoperability of their militaries and counter terrorism.
K V Kamath to take charge of BRICS Bank in July.
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.
Kv Kamath has big plans as BRICS Bank chief.
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.
Chief Economic Adviser V Anantha Nageswaran on Wednesday said that the country is not pursuing any proposal to replace the US dollar as international currency for global trade. "No, certainly not. I think India is not part of any such initiative," he said in response to a question if India is looking at an alternative currency to the US dollar for global trade.
The board meeting is likely to take place later in Shanghai.
A feature of this year's BRICS summit was economic cooperation.
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.
The opening ceremony was held in China's financial capital.
The BRICS bank is simply too expensive a proposition for a group of developing countries that includes many who are already overspending domestically.
Modi said South America has tremendous potential.
Self-styled godman Chaitanyananda Saraswati, accused of molesting 17 women students, has been remanded to judicial custody. Police have added a charge related to threatening a witness.
The decision was taken at the BRICS Summit in Durban which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation.
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
Pakistan has urged India to fully adhere to the Indus Water Treaty (IWT), expressing concerns about the level of detail in flood information shared through diplomatic channels.
Earlier, police froze Rs 8 crore linked to Saraswati and parked in multiple bank accounts and fixed deposits.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
Sheela Bhatt, who traveled with Prime Minister Manmohan Singh to the BRICS Summit in Durban, gauges the buzz ahead of the event that begins Tuesday.
The grouping of Brazil, Russia, India, China and South Africa had in March decided to establish a new development bank -- BRICS Bank -- to finance infrastructure projects and to create a $100 billion contingency fund to tackle any financial crisis in emerging economies.
The NDB will have an initial authorised capital of $100 billion.
Kamath also served on the board of Infosys.
India supports dialogue and diplomacy and not war, Prime Minister Narendra Modi said at the Brazil, Russia, India, China, South Africa (BRICS) Summit in Kazan, Russia on Wednesday, in an unambiguous message calling for resolution of the Russia-Ukraine conflict through peaceful negotiations.
The 16th Brics Summit beginning Tuesday in Kazan, Russia, is expected to see more focus on creating a sharper energy policy for Brics that ensures closer partnership among members in both energy security and energy transition, official sources said. The same is expected to be a part of the Kazan declaration, currently being negotiated, they added.
India would neither succumb to the Americans on issues of national security, such as its defence ties with Russia, nor cede ground on its domestic interests in the agriculture and dairy sectors.
China has expressed its support for Russia's initiative to revive the Russia-India-China (RIC) troika, emphasizing its importance for regional and global security and stability.
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'.
This could become tricky territory for India, given its basically adversarial relationship with China, its moves to block imports and investment from that country, and to deny market access for Chinese technologies, observes T N Ninan.
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