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BRICS prospects brighten, NDB takes shape

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.

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