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19 October 2015,

BRICS prospects brighten, NDB takes shape

A foreign policy conclave hosted by Gateway House in collaboration with The Government Law College, Mumbai was featured in an article in the Russia & India Report. The article is on the BRICS and the future of the New Development Bank, which was also the focus of the first session, titled The New Financial World Order, at Gateway House's foreign policy conclave.

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The foreign policy conclave had two sessions, on The New Financial World Order and on Contemporary Trends in Global Terrorism. The article on Russia & India Report mentioned the following about the event;

The foreign policy conclave hosted by Gateway House, India’s prominent foreign policy think tank, in collaboration with The Government Law College in Mumbai, in September, was an exception as it touched upon new financial institutions such as the New Development Bank (NDB), formerly referred to as the BRICS bank, and Asian Infrastructure Investment Bank (AIIB). The debate, however, exposed certain pessimism among experts about BRICS and the NDB.

Rajrishi Singhal, senior Fellow at Gateway House said these new financial institutions were prompted by developing countries not being adequately represented in Bretton Woods institutions, and shareholding and quota reforms in the IMF are being stalled after failure of the US Congress to ratify the agreement of 2010, to raise quotas.

Click here to read the article.