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.
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.
'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.'
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.
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.
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.
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.
'Things may get much worse before they get better,' predicts Ajay Chhibber.
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
Consensus remained elusive on a common BRICS currency as business leaders from the five-bloc nations debated the pivotal issue at a business forum on the periphery of a summit of the five-member bloc being hosted here by South Africa. In their two addresses at the Summit so far, the leaders of Brazil, Russia, India, China and South Africa have made no or scant references to the issue either. "The BRICS Business Forum discussed the international payments system in detail. "Participants also debated the question of whether a BRICS currency is possible or desirable, with strong views expressed both for and against and little consensus reached," Sim Tshabalala, chief executive of Standard Bank Group, told several hundred captains of industry from the partner countries and over 40 other nations across the globe at the Summit.
Earlier, police froze Rs 8 crore linked to Saraswati and parked in multiple bank accounts and fixed deposits.
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 agenda is to give a concrete shape to a Development Bank and pitch for reforms of the UN Security Council.
India expects to see the bank established as soon as possible.
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.
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 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.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
The Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
Trump's new rules for how countries should treat him have led to the current breakdown in India-US relations, explains Ambassador T P Sreenivasan.
'It is unrealistic to expect that security dilemmas and strategic distrust to disappear or even diminish any time soon,' says Rup Narayan Das.
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.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
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 nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
The RBI added roughly 3 tonnes in 2025, taking its gold reserves to 879 tonnes as of January 31, 2025.
'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 BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
With its political colour dominated by less than democratic trends, BRICS currently leaves some of us wondering -- where in this grouping is there an assurance that human freedom will be respected unconditionally? It would be nice to see the new members of BRICS drawn from the ranks of countries wedded to preserving and guarding human freedom, observes Shyam G Menon.
The meeting will be attended by Russian President Vladimir Putin, Chinese President Xi Jinping, South African President Cyril Ramaphosa and Brazil's Jair Bolsonaro, according to the MEA.
Government-owned banks lead the market by size in the BRIC countries -- accounting for 50 per cent of total banking sector assets in China, 40 per cent in Brazil and Russia and reaching 70 per cent in India.
'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.'
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
Group still far from coordinating monetary/forex policy
