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The BRICS nations condemned the Pahalgam terror attack, advocated for a zero-tolerance approach to terrorism, and criticized rising tariffs during their summit in Rio de Janeiro. They also addressed global challenges and called for reforms in international institutions.
According to the National Democratic Alliance sources, the new government may allot five to six ministerial berths to the allies Janasena and Bharatiya Janata Party.
Intervening in a Security Council debate on post-conflict peace-building, Indian Ambassador Nirupam Sen roundly criticised Bretton Woods institutions, including the International Monetary Fund, for non-involvement of such nations in the planning for development.
Concerned over the growing transfer of resources from the poor to rich countries, India has said creation of an economic and financial environment conducive to development is the need of the hour.
Facing the twin task of fighting the coronavirus pandemic today and building a better tomorrow, the world is experiencing a new Bretton Woods moment, IMF managing director Kristalina Georgieva said
Favouring a 'new Bretton Woods Agreement', International Monetary Fund chief Dominque Strauss-Kahn has said an early warning system to detect impending dangers to the world economy must be put together by international financial expertise.
What is required is a radical reworking of business processes and incentives to which staff respond.
G20's success will hinge on outcome of follow-up measures
Florida Governor Ron DeSantis has signalled that he would largely bypass the New Hampshire primary next week and instead would focus on South Carolina where the Republican presidential primary is scheduled for February 24.
The government on Monday approved the appointment of B P Mishra as the new executive director of International Monetary Fund.
The BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
'Three decades of intensive discussions, protocols and Confidence Building Measures were jettisoned one fine morning in 2020.' 'The primary lesson that has been learnt is that that there is no reliability about the Chinese.'
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
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.
Reserve Bank Governor Raghuram Rajan today criticised multilateral institutions like the IMF and the World Bank saying "they are not immune to cognitive capture".
Prime Minister Narendra Modi leaves for Brazil on Sunday for attending the five-nation summit of BRICS nations on July 14 and 15 which is expected to finalise the setting up of a development bank and seek reforms of the United Nations and international financial organisations.
It's the first time in my memory that I have seen a negative expected return for equities, notes Akash Prakash. Hopefully, this implies the consensus is being too negative, and markets, as usual, will surprise everyone and deliver the least likely outcome.
'Instead of writing NAM's obituary, India should reinvent it,' suggests Dr Rup Narayan Das.
It is time to shrug off the ideological shackles about the way we work, play and live, says Ajit Balakrishnan.
Devangshu Datta predicts the good, the bad and the ugly of currency trends for the coming year.
One of the finest minds on foreign exchange management, monetary and fiscal policies, on debt and currency markets, on bank management and governance, and indeed on almost every aspect of modern finance and banking passes into the ages.
India's finance minister has emphasised that "it is the real economy that is going to matter.
India will have the presidency of the BRICS' $100 billion New Development Bank for six years with headquarters in China that will become operational in about two years, a major step for reshaping the international financial system dominated by the West.
'Tilting at the Government in English in front of India may make him feel like Joan of Arc, but without a feel for Bharat he will merely be Don Quixote,' says S Muraleedharan, former managing director, BNP Paribas.
The Wuhan meetings signify an incremental shift in China's position on India as well as each country buying time for the next phase of bilateral relations, says Srikanth Kondapalli.
'An isolationist US and a disintegrating European Union will create a power vacuum that only China is in a position to fill -- a conclusion that is uncomfortable but unavoidable,' says Nitin Desai.
'While China expressed reservations on the Indian role in the South China Sea, Beijing threw to the winds Indian concerns on Kashmir by announcing $46 billion in investments Pakistan occupied Kashmir,' says Srikanth Kondapalli.
Thanks to rupee depreciation, India has a chance to fundamentally rework its stifled manufacturing sector.
The WTO toolkit provides various instruments to deal with such situations - anti-dumping duties, countervailing duties and safeguard measures.
The biggest lesson China can teach India is that when it comes to sustaining a love affair with investors, nothing works better than an undervalued currency and its by-product: a current-account surplus.
'The BRICS anthem has to necessarily be an anthem of Vedic times -- Walk together, Dream together, Achieve together.' 'And who knows it better than Modi?' says Tarun Vijay.
The fact that the US dollar has become the world's preferred reserve currency is now the core of global financial crisis, says Mohan Guruswamy.
'This novel format of diplomacy -- the informal summit -- will not only facilitate bilateral communication and reduce miscalculations at the very top level of the two governments, but possibly open the space for China and India to speak in one voice on various issues of mutual concern,' note Feng Renjie and Ding Kun Lei
'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.
With Beijing having had a profound rethink on India's admission as a full member of the Shanghai Cooperation Organisation, the tectonic plates of the geopolitics of a massive swathe of the planet stretching from the Asia-Pacific to West Asia are dramatically shifting. That grating noise in the Central Asian steppes will be heard far and wide -- as far as North America, says Ambassador M K Bhadrakumar.
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