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".
PM Modi went to New York this time not to engage in polemics, but to find solutions to global problems. He made some progress on several matters, even on reform of the UN Security Council, when the US made a major concession for the first time that six permanent members without veto, including India, could be considered
A feature of this year's BRICS summit was economic cooperation.
China on Friday announced plans to boost space cooperation with Pakistan, including the development of a space centre and launching of more satellites for its all-weather ally.
Chinese Foreign Minister Qin Gang reiterated that the situation at the India-China border is generally stable and both sides should consolidate the present achievements and strictly abide by the relevant agreements while pushing for further cooling and easing of the conditions for sustainable peace and tranquillity at the frontier.
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.
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.
Doval is in Beijing for the 23rd round of the Special Representatives' talks being held after a gap of five years.
The delegations led by Baijayant Panda, Ravi Shankar Prasad (both Bharatiya Janata Party), Sanjay Kumar Jha (Janata Dal-United), Shrikant Shinde (Shiv Sena), Shashi Tharoor (Congress), Kanimozhi (Dravida Munnetra Kazhagam) and Supriya Sule (Nationalist Congress Party-Sharad Pawar) will visit a total of 32 countries and the EU headquarters in Brussels, Belgium.
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".
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
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.
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.
President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US laws permit such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US dollar.
The total value of assets held by India's financial institutions touched nearly $2.8 trillion, the third largest among BRICS nations, in 2013.
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 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 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.
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 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.
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'
Non-resident Indians (NRIs) are very positive about India
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.
John Chambers said India may become top BRICS nation under Modi
India also surpassed China's death toll with as many as 4,706 deaths, compared to 4,638, according to Johns Hopkins University data.
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.
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.
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."
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.
'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.
He said India has held itself with dignity throughout the whole ordeal
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.
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.
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.
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.
