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 BRICS Development Bank could become a World Bank in future due to the increasing influence of emerging countries, chairman of Goldman Sachs Asset Management said on Wednesday.
The bank will have initial authorised capital of $100 billion
...although issues like capital, membership and governance are still bogging the plan.
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.
The business council aims to give impetus to trade.
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.
Meanwhile, the US refrained from making any comment on the move to set up the development bank aimed at reshaping the international financial system dominated by the West, saying that the details are yet to emerge.
K V Kamath to take charge of BRICS Bank in July.
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.
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.
Kv Kamath has big plans as BRICS Bank chief.
The board meeting is likely to take place later in Shanghai.
The leaders of the five emerging market economies are expected to sign a deal on Tuesday that creates the $100 billion bank and a reserves fund of the same size to challenge Western dominance over global finance.
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 BRICS bank is simply too expensive a proposition for a group of developing countries that includes many who are already overspending domestically.
Sheela Bhatt, who traveled with Prime Minister Manmohan Singh to the BRICS Summit in Durban, gauges the buzz ahead of the event that begins Tuesday.
The fact that the Indian government has allowed the bank to be headquartered in Shanghai merely underlines the fact that this will be a largely Chinese enterprise.
This could become tricky territory for India, given its basically adversarial relationship with China, its moves to block imports and investment from that country, and to deny market access for Chinese technologies, observes T N Ninan.
Modi said South America has tremendous potential.
The NDB will have an initial authorised capital of $100 billion.
A feature of this year's BRICS summit was economic cooperation.
The decision was taken at the BRICS Summit in Durban which also launched a Business Council to encourage investment and trade in member countries and to expand business cooperation.
The opening ceremony was held in China's financial capital.
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.
Kamath also served on the board of Infosys.
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.
Finance Ministers of Brazil, Russia, India, China and South Africa, including P Chidambaram, are likely to prepare a report for consideration of their leaders on Wednesday in which they are expected to say that launching a BRICS bank is 'feasible and workable'.
The agenda is to give a concrete shape to a Development Bank and pitch for reforms of the UN Security Council.
China's intended role for AIIB is not so different from the existing Western lenders like the World Bank.
The 5-nation BRICS group on signed an agreement to create a $100 billion pool of foreign-exchange reserves to help each other.
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.
China has demonstrated that it has the power to not be isolated, and it is likely to become more powerful over time.
The Bharatiya Janata Party asked former Prime Minister Manmohan Singh and the Congress to answer allegations of "improper compromises" by three former chief justices of India during the United Progressive Alliance rule, saying the matter was "unfortunate".
Narendra Modi's engagement at the upcoming BRICS Summit in Brazil will be keenly watched as the prime minister will interact with some of the world's most powerful leaders. The summit to be held in Fortaleza will also see the launch of the significant BRICS bank whose idea was mooted by India. Rediff.com's Sheela Bhatt gives a lowdown on Modi's first major international rendezvous.
The Summit could look at the possibility of starting credit facility in local currency by the BRICS Bank.
The branch is likely to be inaugurated on Saturday by Prime Minister Narendra Modi, who is on a three-day visit to China
About railways sector, the Survey said that it is facing stiff competition from other modes of transportation and the government is initiating various transformative measures to keep railways on track.
Puri pointed out that government's work on agricultural constituents like functioning of the APMCs, irrigation and direct benefit transfers will help the supply side
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