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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.
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.
What is required is a radical reworking of business processes and incentives to which staff respond.
The government on Monday approved the appointment of B P Mishra as the new executive director of International Monetary Fund.
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.
The BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
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
Reserve Bank Governor Raghuram Rajan today criticised multilateral institutions like the IMF and the World Bank saying "they are not immune to cognitive capture".
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.
'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.'
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.
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.
'Instead of writing NAM's obituary, India should reinvent it,' suggests Dr Rup Narayan Das.
'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.
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.
It is time to shrug off the ideological shackles about the way we work, play and live, says Ajit Balakrishnan.
'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.
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.
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.
'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.
'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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