A feature of this year's BRICS summit was economic cooperation.
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.
Preceding the two-day plenary of the 48-member NSG, which began on Thursday, China had repeatedly said that India's membership was not on the agenda and is said to have made every effort to prevent any discussion on India's bid.
Modi also urged the BRICS Business Council to create a roadmap to achieve the $500 billion intra-BRICS trade target by the next summit.
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.
India along with BRICS countries on Wednesday voted in support of a UN Human Rights Council resolution to launch a probe into Israel's offensive on Gaza. India joined Brazil, Russia, China and South Africa to vote for a Palestinian-drafted resolution on "Ensuring Respect for international law in The Occupied Palestinian Territories, including East Jersusalem".
For the first time since the standoff between Indian and Chinese troops along the Line of Actual Control (LAC) in eastern Ladakh, Prime Minister Narendra Modi and Chinese President Xi Jinping are expected to come face-to-face virtually at the BRICS (Brazil-Russia-India-China-South Africa) annual summit to be held on November 17.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
India has not yet received any confirmation on Chinese President Xi Jinping's in-person participation at the upcoming G20 summit, people familiar with the matter said on Thursday amid reports that he is likely skip the conclave.
The total value of assets held by India's financial institutions touched nearly $2.8 trillion, the third largest among BRICS nations, in 2013.
US President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, Niti Aayog CEO BVR Subrahmanyam said on Wednesday. Trump last week vowed to introduce 25 per cent tariffs (or customs duty) on imports from Mexico and Canada and an additional 10 per cent on China.
The G20 foreign ministers' meeting on Thursday was unable to come out with a joint communique due to sharp differences over the Ukraine conflict despite persistent efforts by host India to build consensus.
India on Thursday abstained in the UN General Assembly on a vote moved by the US to suspend Russia from the UN Human Rights Council over allegations that Russian soldiers killed civilians while retreating from towns near the Ukrainian capital Kyiv.
The Ministry of External Affairs (MEA) on Friday said Modi will lead the Indian delegation at the summit. "The prime minister will lead the Indian delegation to the 20th summit of the SCO council of heads of state which will be held in the virtual format on Nov 10. The meeting will be chaired by Russian President Vladimir Putin," MEA Spokesperson Anurag Srivastava said.
The Obama administration has rationalised India's abstention on the United Nations Security Council Resolution 1973 last month, calling for a no-fly zone in strife-torn Libya, as based on part misinformation and part going along with its Brazil, Russia, and China partners.
The accountancy giant said the rapid rise of the Indian economy with its young workforce would push it up from being the 10th largest economy in 2013 to the third largest by 2030.
'We believe that India is capable of producing the Gamaleya vaccine and it is very important to say that those partnerships to produce the vaccine will enable us to cover the demand that we have'
The New Delhi G20 Declaration refers only to the "war in Ukraine" and noted with "deep concern the immense human suffering and the adverse impact of wars and conflicts around the world."
National Security Advisor Ajit Doval arrived in Beijing on Tuesday to take part in the India-China Special Representatives' talks to be held on Wednesday aimed at restoring the bilateral ties stalled for over four years' due to the military standoff in eastern Ladakh.
Non-resident Indians (NRIs) are very positive about India
India also surpassed China's death toll with as many as 4,706 deaths, compared to 4,638, according to Johns Hopkins University data.
The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, remained only just above the neutral threshold of 50.0 in September, signalling muted output growth in emerging markets.
Indian troops are defending every inch of the border with China and not even a single inch of land has been taken over by the neighbouring country in recent years, Ladakh Lt Governor Brig (retd) B D Mishra said on Thursday.
Russian Foreign Minister Sergey Lavrov, who was representing President Vladimir Putin, left Bali on Wednesday, a day ahead of the scheduled conclusion of the G20 Summit held amid the economic challenges triggered by the Russia-Ukraine war.
John Chambers said India may become top BRICS nation under Modi
Other countries with a large number of cases including Brazil, Russia, Spain and the United States of America, all have more people heading to work.
'Pleasure to meet FM Sergey Lavrov, this time in person. Excellent talks that reflect our Special and Privileged Strategic Partnership. Value our exchanges on the international situation,' Jaishankar tweeted after talks with his Russian counterpart on the sidelines of the SCO meeting.
If the latest strategy reports of some leading foreign institutional investors (FIIs) are anything to go by, then the outlook for the Indian equity market appears bleak. This is, despite section of experts pitching for the current attractive valuations.
He said India has held itself with dignity throughout the whole ordeal
Chinese Foreign Minister Wang Yi has called on India to implement the consensus reached by Prime Ministers Narendra Modi and Xi Jinping at their summit in Russia, urging a restart of bilateral ties. Wang emphasized the importance of respecting each other's core interests, enhancing mutual trust, handling differences effectively, and bringing the relationship back on track. He suggested practical steps such as resuming flights, easing visa procedures, and planning commemorative activities for the 75th anniversary of diplomatic relations. Wang also highlighted the shared interests and opportunities for cooperation between the two countries, advocating for mutual development and strengthening coordination in international affairs.
Heaping praise on India, Russian President Vladimir Putin has said that the Indian leadership is 'self-directed' and led by the country's national interests, according to Reuters.
The two countries also asked all nations to stop cross-border movement of terrorists and asserted that a decisive collective response from the international community without 'double standards and selectivity' was required to combat the threat of terrorism.
'India poised to be world's 3rd largest economy', says Jim O'Neill who is better known for coining the acronym BRIC.
India's projected economic growth for 2022 has been downgraded by over two per cent to 4.6% by the United Nations, a decrease attributed to the ongoing war in Ukraine, with New Delhi expected to face restraints on energy access and prices, reflexes from trade sanctions, food inflation, tightening policies and financial instability, according to a UN report released on Thursday. The UN Conference on Trade and Development (UNCTAD) report downgraded its global economic growth projection for 2022 to 2.6 per cent from 3.6 per cent due to shocks from the Ukraine war and changes in macroeconomic policies that put developing countries particularly at risk. The report said while Russia will experience a deep recession this year, significant slowdowns in growth are expected in parts of Western Europe and Central, South and South-East Asia.
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.
After visiting two Central Asian countries, Prime Minister Narendra Modi arrived in Ufa on Wednesday on a three-day trip during which he will attend the BRICS and Shanghai Cooperation Organisation summits.
Brazil may overtake India in the global steel space if Latin American firm CSN manages to acquire Corus - a development that could dash Tata Steel's chances of becoming the world's fifth largest steelmaker.
Banking assets of emerging nations are likely to overtake that of G7 economies by the year 2050, with India likely to emerge as the third largest domestic banking market in the world in the next three decades, says PricewaterhouseCoopers.
It was a tough negotiation and the consensus on the declaration was a great achievement by India, European sources said on the condition of anonymity.
According to the details provided by Muraleedharan, the prime minister made five visits each to the United States, Russia and China, and multiple trips to some other countries like Singapore, Germany, France, Sri Lanka and the United Arab Emirates.
