Prime Minister Narendra Modi was all smiles on his first international multilateral engagement. At the BRICS summit, Modi talked tough and said that the five countries -- Brazil, Russia, India, China and South Africa --should show no tolerance towards terrorism.
'Given China's past behaviour and their territorial claims, should we be sceptical regarding China's willingness to adhere to these agreements fully? The answer is yes.' 'As Ronald Reagan famously said in the context of the SALT talks, 'Trust, but verify!' India should also do the same.' 'This has already begun with foot patrolling, drones, satellite imagery and so on. India's military deployment did mirror China's and will continue to do so in the future.'
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 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.
BRICS nations Brazil, Russia, India, China and South Africa - are not a competitor to the developed countries, China said on Monday ahead of the grouping's next summit in the country in April.
It's time India re-visited its Western alliances for the attitude and approach that the West reserves for the nation when it comes to security cooperation of the kind that they might not have visualised outside of China, India's bug-bear, asserts N Sathiya Moorthy.
When leaders of the five BRICS nations meet in Durban, there must be some stocktaking to assess exactly what the group wants to become, says Ambassador K C Singh.
International brokerages, especially those which have made recent entry into the domestic market, are lining up to acquire the institutional broking business of the city-based Brics Securities.
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.
'No one knows Pak and understands Pak better than China,' Chinese Foreign Minister Wang Yi said.
Pravin Gordhan, the finance minister of South Africa, says that in spite of several crucial issues still under debate, the BRICS bank was born today.
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.
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.
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.
The board meeting is likely to take place later in Shanghai.
The BRIC (Brazil, Russia, India and China) economies will continue to grow significantly even as economic giants across the world are getting affected by the recessionary fears, says a report.
"The BRICS are open to consider, if necessary, providing support through the IMF or other international financial institutions in order to address the present challenges to global financial stability, depending on individual country circumstances," said a joint communiqu issued by the BRICS finance ministers after their meeting.
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.
The forth coming summit of the BRICS leaders in New Delhi would focus on stimulating growth to avert the down turn in global economy besides enhancing financial cooperation among the countries, China said.
Overall inflows into emerging market equity funds rebounded during the third week of July as optimism about a recovery in US demand helped many individual equity markets gain between 3 and 8 per cent. The diversified Global Emerging Markets equity funds received $1.08 billion, followed by Asia (excluding-Japan) equity funds which got $973 million.
China would contribute $41bn towards the pool. Brazil, India and Russia would contribute $18bn each; South Africa $5bn.
Kv Kamath has big plans as BRICS Bank chief.
National Security Advisor Ajit Doval held a meeting with top Chinese diplomat Wang Yi during which he emphasised the need for continuing efforts to restore peace and tranquillity in the border areas to remove the 'impediments' to normalcy in bilateral relations.
The 2009 BRIC Services Business Outlook survey by global consultancy KPMG signals an improvement in confidence in April after a sharp drop seen in October, 2008, amid the economic crisis. The BRIC Business Outlook Survey shows that India's service sector is set to grow solidly in proceeding 12 months. A net balance of 31.1 firms foresee their activity levels expanding, up from 15.3 last autumn to 60.3, it stated.
According to an analysis of MSCI Barra indices, a measure of returns from various stock markets across the world for foreign investors, Indian stocks have given the second highest return after Russia among the four BRIC countries during last month. Indian stocks have provided a return of nearly 19.54 per cent in April, while China and Brazilian markets have given 10.87 per cent and 18.89 per cent respectively.
He said South Africa would like to export more value added products to these countries, according to the daily Business Report.
In the meeting, Doval conveyed to Wang that peace and tranquillity in border areas and respect for the Line of Actual Control are essential for return of normalcy in bilateral ties, according to the ministry of external affairs.
Other world leaders too voiced concern against terrorism and vowed to fight it collectively.
Prime Minister Narendra Modi on Tuesday said India will become the growth engine for the world in the coming years, and the ease of doing business has improved with "mission-mode" reforms being undertaken by his government. Speaking at the BRICS Business Forum Leaders' Dialogue in Johannesburg, Modi also said India soon will become a $5 trillion economy.
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.
Emerging nations -- Brazil, Russia, India and China -- have witnessed a 20 per cent decline in loans taken by companies in the year 2008, largely due to the fall in volumes in the last quarter of the year under review, a latest report says. Syndicated loans are large financing facilities granted to a borrower by a group of financial institutions who share the lending risk between them.
Stock market volatility forced investors across the globe to pull out $24.5 billion from emerging market equity funds in the January-March quarter of 2011, including over $ 2 billion from funds focused on BRIC markets.
South African President Jacob Zuma thanked Commerce Minister Anand Sharma for India's support in the matter, when the two met here this morning. India had been lobbying for South Africa's inclusion.
Prime Minister Manmohan Singh on Monday said that his trip to Durban for the fifth BRICS Summit will be an opportunity for him to not only greet the new Chinese President Xi Jinping personally, but also to discuss how New Delhi and Beijing can maintain the positive trajectory of their relationship.
'While my generation carries with it the memory of the Chinese perfidy of 1962, this generation will carry the memory of Chinese perfidy in Galwan.'
After BRIC set the ball rolling with investors all over the world, its time for them to dance to the tune of 'CHIME', an acronym becoming a buzzword for China, India and Middle East
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.
Prime Minister Narendra Modi and Chinese President Xi Jinping were on Thursday seen having brief exchanges ahead of a media briefing by the BRICS (Brazil-Russia-India-China-South Africa) leaders in Johannesburg.
US's terrible political and economic leadership will ultimately cost the dollar its value. India must act early to avoid being dragged down, suggests R Jagannathan.
The BRICS bank is simply too expensive a proposition for a group of developing countries that includes many who are already overspending domestically.
