The Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
He said the Fourth Industrial Revolution will have more importance than the capital.
A summit of the world's top five emerging economies - Brazil, Russia, India, China and South Africa -- begins on Saturday in Goa.
Prime Minister Narendra Modi on Tuesday told Russian President Vladimir Putin that a solution to the Ukraine conflict is not possible on the battlefield and peace efforts do not succeed in the midst of bombs and bullets even as he flagged concerns over a missile strike on a children's hospital in Kyiv.
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.
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 feature of this year's BRICS summit was economic cooperation.
China criticised western attempts to "demonise" the BRICS.
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'.
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.
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.
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.
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.
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
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.
'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.
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 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.
Emerging nations have discussed delinking the quotas from the governance reforms to facilitate its passage.
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.
In a statement released by Pakistan's ministry of foreign affairs, Aziz said that "Modi is misleading his BRICS and BIMSTEC colleagues", after Indian Prime Minister Narendra Modi on Sunday said that Pakistan is the 'mothership of terrorism'.
The joint declaration lists the BRICS nations' consensus on global economy, international financial issues and developmental affairs.
BRICS is the title of an association of leading emerging economies. As of 2012, the group's five members are Brazil, Russia, India, China and South Africa.
Investors recognise India's market growth
BRIC countries -- Brazil, Russia, India and China -- are expected to contribute one-third of the world's GDP increment in 2015, by which time their total economy will surpass America, according to a leading Chinese think tank.
India ranks lower than most BRICS nations in terms of innovation.
He may have spent his entire adult life in diplomacy, but doctorate in nuclear physics Subrahmanyam Jaishankar's face betrays both fusion and fission of his moods.
Russia has been at odds with the Olympic movement ever since its own Sochi Winter Games in 2014, where its athletes were found to have benefited for years from a large-scale state-sponsored doping programme - something Moscow denied.
The BRICS Summit tonight decided to establish the new development bank with an initial authorised capital of $100 billion.
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.
Swiss foreign minister Ignazio Cassis said Russia would be asked to join the peace plan discussions at some point in time but to bring Russia on the table would require mediation by some countries.
Modi said South America has tremendous potential.
Condemning strongly the terrorist attack in Paris, India on Sunday made a case for united global effort to combat the menace of terrorism.
Sanya was a way station, the real summit is G-20 where India must have a voice of its own.
Prime Minister Manmohan Singh on Wednesday met Chinese President Xi Jinping on the margin of the BRICS Summit in Durban, in the first structured high-level contact between the two countries since the change of leadership in China.
...although issues like capital, membership and governance are still bogging the plan.
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.
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