Five fastest growing economies, including India, on Wednesday vowed to oppose trade protectionism as they agreed to coordinate their positions in the multilateral fora, including the G-20 and climate change negotiations, to uphold the interests of developing countries.
Group still far from coordinating monetary/forex policy
India ranks lower than most BRICS nations in terms of innovation.
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 two sides note that the relationship between Russia and China has progressed to a more advanced interstate cooperation compared to the military-political unions of the Cold War era as it is not bloc or confrontational in nature, nor does it target any third countries," Russia's new agency Tass quoted the document as saying.
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
Condemning strongly the terrorist attack in Paris, India on Sunday made a case for united global effort to combat the menace of terrorism.
The highlight of the first BRICS Summit on the African soil is the possible setting up of a development bank for undertaking infrastructure and development projects.
External Affairs Minister S Jaishankar, who addressed the virtual meeting on behalf of Prime Minister Narendra Modi, also pointed out that in response to the crisis in Gaza, India has sent 70 tonnes of humanitarian assistance and will continue its relief assistance.
As Premier Li Keqiang left Beijing for India, China on Sunday said that if the two Asian giants "tango" together, the BRICS grouping would get a boost and efforts to safeguard the rights of developing countries strengthened.
'Trump's disregard for norms and institutions could prove very costly for America's social fabric.'
'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.
He also offered India's experiences of participative political institutions, local governance, media and civil society with Africa.
India's position in Human Development Index was 136 out of 187 countries in 2012. It ranked 134 in 2011.
Pitching for 'zero tolerance" against terrorism, Prime Minister Narendra Modi on Tuesday told leaders of the five-nation grouping BRICS that the "choices" they make now will shape the future of the world at large.
Other world leaders too voiced concern against terrorism and vowed to fight it collectively.
With Chinese President Xi Jinping listening, Modi said: "We must unitedly fight against it (terrorism), without any discrimination between groups, or countries, sponsors or targeted countries.
The NDB will have an initial authorised capital of $100 billion.
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.
As India's stock rises, the resolution of the border row may become even more difficult, warn Harsh V Pant and Kalpit Mankikar.
'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.'
'China seems more intent on creating a new world order rather than shaping the existing one.' 'India is of course, at this moment in time, aligned with the West-led order because of China's full-spectrum aggressive behaviour towards India.'
Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal.
The impact of the sell-off on local equity markets was widespread among developing countries, but some were hurt more than others. Russia emerged as the worst performer among the four BRIC nations and saw the highest 72.5 per cent decline in local currency terms during last year.
Shortly before the commencement of the Sixth G20 Summit in Cannes, France, leaders of the emerging, but powerful, economies -- Brazil, Russia, India and China -- met with the intention of designing a joint strategy on how to tackle the Eurozone debt tsunami that could overrun the developing nations causing havoc.
Both Putin and Zelenskyy have invited the prime minister to visit Russia and Ukraine respectively after the Lok Sabha elections, sources said, adding they see Modi as a "peacemaker".
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.
Prime Minister Manmohan Singh on Thursday left Durban for home, ending a four-day visit during which he attended BRICS (Brazil, Russia, India, China and South Africa) Summit that decided to establish a development bank to finance infrastructure projects in emerging economies.
Prime Minister Narendra Modi's bilateral meetings on the sidelines of the BRICS summit in Johannesburg are being finalised, Foreign Secretary Vinay Kwatra said on Monday but did not give a direct reply on the possibility of a meeting between Modi and Chinese President Xi Jinping.
If it continues to do well economically, develops a large manufacturing sector, gains in technological heft, builds a more capable defence industry, improves its human development indicators, becomes more of a trading nation, and has greater internal cohesion. In short, it is a work in progress, suggests T N Ninan.
Modi said there were a slew of 'matching priorities' between the business council and that of his administration, including dismantling trade barriers, promoting skills development, establishing manufacturing supply chains and infrastructure development.
Kamath also served on the board of Infosys.
External Affairs Minister S Jaishankar on Monday held wide ranging discussions with Iranian counterpart Hossein Amirabdollahian in Tehran and their discussion focused on the long term framework for India's involvement with the strategically vital Chabahar port and the North-South connectivity project.
Prime Minister Modi and President Xi held the conversation on Wednesday on the sidelines of the BRICS (Brazil, Russia, India, China, South Africa) summit in Johannesburg.
Today, with China centrally seated and located, the Global South has an intriguing road ahead. Odds of it becoming a Chinese bloc in the emerging new bipolar world are higher than we'd wish them to be, observes Shekhar Gupta.
Brazil, Russia, India and China, also known as the BRIC group of countries, are expected to overtake the rich countries in primary energy consumption by 2030 and worsen their environmental calamities, Paris-based Organisation for Economic Cooperation and Development has warned. The OECD estimates suggest that 63 per cent population in the BRIC countries is living under medium to severe water stress and this share is expected to increase to 80 per cent by 2030.
'We will likely never know why Xi decided not to travel to New Delhi. One possible explanation could be his desire to avoid a meeting with US President Joe Biden.'
'The two sides should support rather than undermine each other, strengthen cooperation rather than guard against each other, and enhance mutual trust rather than be suspicious of each other'
In the latest research note titled 'For Richer, For Poorer Global Patterns of Wealth', Ernst & Young said emerging economies have seen their share of global output and wealth rise significantly over the last few years, driven by faster growth, rising income, high savings ratios, strong investment and export. In the next decade, the BRIC countries are likely to contribute 40 per cent of global growth, while the US would account for around 14 per cent.
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.
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