When Narendra Modi, prime minister, meets the leaders of the BRICS nations in Fortaleza in Brazil this week, the main topic of discussion will be the mandate of the BRICS development bank – and its location. Shanghai, and more recently Delhi and Johannesburg have thrown their names into the ring of cities vying to host the bank’s headquarters. But China is a closed state and has ambitions to dominate BRICS. Johannesburg is too small, a fledgling in the world of finance. The most appropriate and natural choice for locating the bank is Mumbai. There are several reasons why.
Mumbai should host the BRICS bank
Manjeet Kripalani, Co-founder, Gateway House, in an article for the Financial Times blogs section makes a case for setting up the BRICS development bank in India's financial capital - Mumbai