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.
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
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.
The Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
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.
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 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.
Group still far from coordinating monetary/forex policy
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.
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.
Modi is also scheduled to hold a bilateral meeting with Xi on Tuesday.
Srikanth Kondapalli on what to expect from the seventh BRICS summit meeting to be held in Russia in July.
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.
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.
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.
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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.
According to leaders of these economies who were speaking at a session at the 44th World Economic Forum Annual Meeting in Davos, the BRICS economies would rebound over the next few years, despite having been hit to varying degrees by fallout from the global financial crisis.
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.
It asked all nations to work together to expedite the adoption of the Comprehensive Convention on International Terrorism in the UN General Assembly without any further delay.
The BRICS also called upon all nations to adopt a comprehensive approach in combating terrorism including countering radicalisation and blocking terror financing sources.
The business council aims to give impetus to trade.
Prime Minister Narendra Modi arrived in Berlin for an overnight stopover on his way to Brazil for the Brazil, Russia, India, China and South Africa (BRICS) Summit meeting that will address regional crises and security threats to restore a climate of peace while advancing global economic stability.
The prime minister also said that country nurtures a mindset that loudly proclaims that terrorism is justified for political gains.
'Narasimha Rao asked me why China was doing so well in attracting foreign investments and I gave my frank opinion.' 'I told him that giving thrust to exports had to be a national effort.' 'But in India, the system was very centralised in the Government of India and the state governments had no role to play.'
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.
'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.'
'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.'
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
The board meeting is likely to take place later in Shanghai.
The meet will focus on the recent global economic developments, challenges and collective measures to address them
India's Finance Minister Pranab Mukherjee will arrive in London on Thursday to participate in the two-day G20 Finance Ministers' and Bank Governors' meeting commencing on Friday to discuss the financial crisis.
Modi said there were a slew of 'matching priorities' between the business council and that of his administration, including dismantling trade barriers, promoting skills development, establishing manufacturing supply chains and infrastructure development.
The G20 meeting of the finance ministers and central bank governors beginning July 19 will also be attended by Reserve Bank of India Governor D Subbarao and Deputy Governor Urjit Patel.
May emphasise that the country is back on the fiscal consolidation path by reining in fiscal deficit at 5.2%.
