P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
The grouping of Brazil, Russia, India, China and South Africa had in March decided to establish a new development bank -- BRICS Bank -- to finance infrastructure projects and to create a $100 billion contingency fund to tackle any financial crisis in emerging economies.
Showing respect to the Indian flag, Prime Minister Narendra Modi on Wednesday immediately picked up the tricolour placed on stage at a BRICS meeting here to mark the standing place of every leader so as not to step on it.
The board meeting is likely to take place later in Shanghai.
Trump's new rules for how countries should treat him have led to the current breakdown in India-US relations, explains Ambassador T P Sreenivasan.
The meeting will be attended by Russian President Vladimir Putin, Chinese President Xi Jinping, South African President Cyril Ramaphosa and Brazil's Jair Bolsonaro, according to the MEA.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
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.
The members resolved to foster a global economic governance architecture that is more effective and reflective of current global economic landscape
The NDB will have an initial authorised capital of $100 billion.
Modi said that there was an immediate need to strengthen the WTO, fighting protectionism, ensuring energy security and work together to fight terrorism.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
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.
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.
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.
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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.
In two years of tough negotiations to create the new BRICS development bank, the main stumbling block was not a lack of resources or commitment, but fellow partner China.
'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 is also scheduled to hold a bilateral meeting with Xi on Tuesday.
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 BRICS model will need to demonstrate the efficacy of a second alternative governance structure to reform the Bretton Woods legacy.
BRICS has no plans to form a military and political alliance, Russian President Vladimir Putin said on Wednesday, in an apparent effort to allay apprehensions of the West.
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.
'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.'
'It is unrealistic to expect that security dilemmas and strategic distrust to disappear or even diminish any time soon,' says Rup Narayan Das.
He also offered India's experiences of participative political institutions, local governance, media and civil society with Africa.
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 BRICS summit offers Modi an excellent platform to reach out to world leaders and conduct diplomacy on the very ticklish issue of reform of the world governance structure, and to exchange notes with his peers on international, regional and bilateral issues on the margins of the meeting, says Rup Narayan Das.
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
The PM said there was a need to tackle the problem of terrorism in an organised manner.
With its political colour dominated by less than democratic trends, BRICS currently leaves some of us wondering -- where in this grouping is there an assurance that human freedom will be respected unconditionally? It would be nice to see the new members of BRICS drawn from the ranks of countries wedded to preserving and guarding human freedom, observes Shyam G Menon.
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.
The agenda is to give a concrete shape to a Development Bank and pitch for reforms of the UN Security Council.
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.
'Happily,' says Ambassador B S Prakash, 'BRICS displayed new-found energy and built something real, a bank. Between needless nihilism and as yet unjustified euphoria, there are many stations for the BRICS train and we can watch its progress with renewed interest.'
Emerging nations have discussed delinking the quotas from the governance reforms to facilitate its passage.
Modi said a separate rating agency would help the economies of the member countries as well as other developing nations.
Condemning strongly the terrorist attack in Paris, India on Sunday made a case for united global effort to combat the menace of terrorism.
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