The BRICS nations have expressed concern over the proliferation of trade-restrictive actions in the form of 'indiscriminate rising' of tariffs, particularly measures used as a means of 'coercion', cautioning that such practices risk marginalising the Global South countries.
Under the defence partnership, India and the UAE are eyeing defence industrial collaboration and cooperation in advanced technologies, cyberspace training, special operations, interoperability of their militaries and counter terrorism.
The formulations in the declaration in reference to terrorism is going to be to our "satisfaction", Dammu Ravi, secretary (economic relations) in the external affairs ministry said on Monday.
New Delhi 'will have to take a call which supply source suits us the best,' the finance minister said, pointing out that crude oil accounts for the bulk of India's foreign exchange spend.
Lavrov, who addressed the UN General Assembly shortly before External Affairs Minister S Jaishankar's speech at the high-level General Debate, said India and Russia share a "particularly privileged strategic partnership".
In a joint declaration issued after the 16th BRICS Summit in the Russian city of Kazan attended by Prime Minister Narendra Modi and Chinese President Xi Jinping, among others, the leaders reiterated unequivocal condemnation of terrorism in all its forms and manifestations while reaffirming that it should not be associated with any religion, nationality, civilisation or ethnic group.
India supports dialogue and diplomacy and not war, Prime Minister Narendra Modi said at the Brazil, Russia, India, China, South Africa (BRICS) Summit in Kazan, Russia on Wednesday, in an unambiguous message calling for resolution of the Russia-Ukraine conflict through peaceful negotiations.
Describing the visit as "productive" in a post on X, the PM said he emphasised India's position on key global issues during his engagements.
'Geopolitically and diplomatically it's a very difficult situation for India.'
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
India will place restrictions on foreign direct investment (FDI) in the national interest to ensure safeguards because of its location in a highly sensitive neighbourhood, Finance Minister Nirmala Sitharaman said during an interactive session at the Wharton Business School in the US on Tuesday. "I cannot blindly accept FDI simply because we need investment, unmindful of where it is coming from. "We want business, we want investment, but we also need some safeguards, because India is located in a neighbourhood that is very, very sensitive," Sitharaman said.
The RBI added roughly 3 tonnes in 2025, taking its gold reserves to 879 tonnes as of January 31, 2025.
In August, the top BRICS leaders at the grouping's summit in Johannesburg approved a proposal to admit six countries, including Argentina, into the bloc with effect from January 1.
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
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.
He said that the two nations will have issues in the foreseeable future. However, there are ways of addressing those issues and what happened in 2020 was not the way to address those issues.
Finance Minister of the BRICS countries had also worked on the idea at various deliberations on the sidelines of the Fund-Bank and G-20 meetings, he said.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
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.
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.
"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.
Prime Minister Manmohan Singh on Thursday left Durban for home, ending a four-day visit during which he attended BRICS (Brazil, Russia, India, China and South Africa) Summit that decided to establish a development bank to finance infrastructure projects in emerging economies.
Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
The BRICS stressed on resolution of conflicts in a declaration issued after a virtual meeting of foreign ministers of the member nations of the grouping. The meeting was attended by External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi.
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 Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
The five-nation grouping BRICS on Tuesday resolved to combat terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and vowed to step up joint efforts in building support for an India-backed global framework to effectively deal with the menace.
The opening ceremony was held in China's financial capital.
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
Narendra Modi's success at the BRICS summit is the best Diwali gift for India's diplomacy and marks her ascendancy to global leadership, says Tarun Vijay.
'If you invest in sovereign gold bond, you are going to get the price rise of gold over an eight year period.' 'You're also going to get that two-and-a-half percent which the Government of India is willing to give you, treating the money that you've invested in the sovereign gold bond as a kind of a FD or a deposit.' 'That kind of return you can never get anywhere else.'
Group still far from coordinating monetary/forex policy
Modi is also scheduled to hold a bilateral meeting with Xi on Tuesday.
Prime Minister Narendra Modi said he looks forward to useful conversations with his fellow leaders from China, South Africa, Brazil and Russia on addressing pressing international and regional challenges that stand in the way of their goals.
Finance Minister Nirmala Sitharman on Friday met her counterparts in Singapore and Canada and discussed various issues, including economy, health and opportunities for collaboration. Sitharaman met UK Chancellor of the Exchequer Rishi Sunak, Singapore Finance Minister Lawrence Wong and Canada's Deputy Prime Minister & Finance Minister Chrystia Freeland on the sidelines of the G-20 Joint Finance and Health Ministers' meeting. "Finance Minister Smt. @nsitharaman had an engaging discussion with @cafreeland Dy. Prime Minister & Finance Minister of Canada on the sidelines of #G20 Finance & Health Ministers Meeting in #Rome. The Ministers discussed various issues, including economic and health cooperation," a Finance Ministry tweet said.
Srikanth Kondapalli on what to expect from the seventh BRICS summit meeting to be held in Russia in July.
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Prime Minister Narendra Modi arrived in Fortaleza on Monday to attend a summit meeting of the BRICS nations that will address regional crises and security threats to restore a climate of peace while advancing global economic stability.
'There's no pro-China tilt in BRICS.' 'All these countries want to be close to China, but they are all good friends of India also.'
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.
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