Russian President Vladimir Putin has proposed a new investment platform, based on the New Development Bank (NDB), to fund projects in trade, infrastructure, logistics, and technology across BRICS nations, emphasising that the grouping's expanding economic cooperation is not 'against anyone' but aims to advance members' national interests.
India and China are in what experts call 'a cooperation-versus-competition situation'.
In recent years, China and Russia have pushed for de-dollarisation within BRICS, which India has resisted. One reason is that India does not want to hurt its relationship with the United States, and another is the fear of China controlling trade because the renminbi is considered the strongest currency in the bloc today.
BRICS finance ministers and central bank governors have called for increased representation of emerging-market and developing economies in the IMF and World Bank, while also criticising unilateral tariffs and trade measures, as the expanded bloc aims to bolster financial cooperation amidst global fragmentation.
This article details the quarter-century journey of BRICS, from its inception as an economic acronym by a Goldman Sachs economist to its current status as an expanded eleven-member international bloc. It highlights its growth, key historical moments, and the significance of its upcoming summit, particularly with Iran's renewed importance in discussions.
Chinese President Xi Jinping addressed the BRICS summit, urging the bloc to play a significant role in achieving peace and tranquillity in West Asia and the Gulf region. He highlighted BRICS' growth over two decades, its efforts in tackling global challenges, and its steadfastness in safeguarding the interests of the Global South. Xi called for opposing the Cold War mentality, strengthening multilateralism, and promoting cooperation in emerging domains like AI, as China prepares to chair the next summit.
The BRICS summit in New Delhi brings together leaders from major emerging economies to address global challenges like trade disputes, geopolitical upheavals, and the economic impact of conflicts in Ukraine and West Asia. India, as chair, aims to position BRICS as an economic growth engine, focusing on the Global South's food, energy, and supply chain security. The summit also highlights the grouping's expansion and its growing influence in global governance.
China has expressed its support for Russia's initiative to revive the Russia-India-China (RIC) troika, emphasizing its importance for regional and global security and stability.
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.
Wing Commander Raveendran and flight steward Sargeant Iyer, though shaken and injured, managed to open the rear door of the aircraft and shouted for Prime Minister Morarji Desai and the passengers in the forward cabin to exit in haste since they suspected that fire would engulf the aircraft.
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
Modi also urged the BRICS Business Council to create a roadmap to achieve the $500 billion intra-BRICS trade target by the next summit.
'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.'
The NDB will have an initial authorised capital of $100 billion.
Issuing notices to the state, the yoga centre, and 14 other respondents, the court issued the interim order of stay.
The board meeting is likely to take place later in Shanghai.
The opening ceremony was held in China's financial capital.
Kv Kamath has big plans as BRICS Bank chief.
K V Kamath to take charge of BRICS Bank in July.
Opportunity for India to take leadership in economic diplomacy.
Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal.
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 government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
BRICS countries, including India, on Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries.
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India's rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects. Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the power ministry's Power Finance Corporation (PFC). "We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.
India is better positioned to face external shocks emanating from increasing geopolitical tensions, the aftermath of the COVID pandemic and the inevitability of climate change, Reserve Bank Deputy Governor Michael Debabrata Patra said on Monday. Relative to macroeconomic configurations in 2013 when India was described as one of the fragile five countries, he said, "India is better positioned currently, as its macroeconomic fundamentals have improved significantly, and external sector indicators point to the availability of enough cushions to manage external shocks." He was speaking at a conference on 'Growth And Development in the BRICS Economies' organised by the Delhi School of Economics (DSE) and the Indian Statistical Institute (ISI).
Extending its support to Saarc Bank, Sri Lanka on Thursday said the proposed financial institution will help in alleviating poverty in the South Asian region.
New Development Bank plans to issue $300-500 mn worth masala bonds in rupee: K V Kamath.
The project will be in three stages and sources indicate that the funding will be for the first stage of 107 kilometre from Sarai Kale Khan to SNB Urban Complex.
Any additional effort to assuage the growing worldwide hunger for infrastructure funding is more than welcome, says Barun Roy.
Kamath also served on the board of Infosys.
Modi knew in his heart that India does not have the financial muscle to support the new bank with offers of co-financing international projects, something China can do from the bank's base in Shanghai. If established in Mumbai, it may have employed a few Indian bankers and satisfied the national ego but there was little financial value to be drawn from it.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
Modi put forward new initiatives for the BRICS grouping
Srikanth Kondapalli on what to expect from the seventh BRICS summit meeting to be held in Russia in July.
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.
Several factors seem to have corrected in India in the past six months, says the president of New Development Bank.
Modi is also scheduled to hold a bilateral meeting with Xi on Tuesday.
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.
