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.
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".
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.
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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.
Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
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.
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.
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.
The meet will focus on the recent global economic developments, challenges and collective measures to address them
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
Emerging nations have discussed delinking the quotas from the governance reforms to facilitate its passage.
India and Japan on Friday decided to more than treble their currency swap arrangement from $15 billion to 50 billion in a move seen as sending an important signal for the rupee.
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.
The PM said there was a need to tackle the problem of terrorism in an organised manner.
Prime Minister Narendra Modi has left from Delhi for Brazil to attend the five-nation Brazil, Russia, India, China and South Africa (BRICS) summit slated to be held for two days, starting Monday. Here is his statement ahead of the meet.
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 is also scheduled to hold a bilateral meeting with Xi on Tuesday.
India is better positioned to face external shocks emanating from increasing geopolitical tensions, the aftermath of the COVID pandemic and the inevitability of climate change, Reserve Bank Deputy Governor Michael Debabrata Patra said on Monday. Relative to macroeconomic configurations in 2013 when India was described as one of the fragile five countries, he said, "India is better positioned currently, as its macroeconomic fundamentals have improved significantly, and external sector indicators point to the availability of enough cushions to manage external shocks." He was speaking at a conference on 'Growth And Development in the BRICS Economies' organised by the Delhi School of Economics (DSE) and the Indian Statistical Institute (ISI).
The prime minister also said that country nurtures a mindset that loudly proclaims that terrorism is justified for political gains.
'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.'
'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.
Addressing the BRICS investment seminar in Mumbai ahead of the 5-nation Summit in Goa on October 15-16, Jaitley said the government has put FDI on automatic route in almost 90 per cent of the areas that are eligible for foreign direct capital.
India and Brazil on Wednesday called for urgent progress in reforms of the UN Security Council, as they agreed to scale up bilateral ties and deepen cooperation in international fora.
The first task before him is to get used to the idea of working with the Monetary Policy Committee
Capital flows have become much more skittish and volatile during this period, with short-term horizons dominating allocations.
The host country has been pressing for a discussion at the 10th G20 Summit on the conflicts in Syria and the worst migrant crisis since World War II.
The WTO toolkit provides various instruments to deal with such situations - anti-dumping duties, countervailing duties and safeguard measures.
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 India that needs strategic alliances, defence cooperation and engaging meaningfully with neighbouring countries is quietly moving ahead with confidence, says Tarun Vijay
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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