Looking back at the 2008 financial crisis, when governments had to resort to bail-outs to keep economies afloat, the BRICS member countries have decided to set up a New Development Bank which will provide for a contingency fund. This initiative aims at building an alternate financial structure in terms of trade among the member states as well as creating a safety net
India’s political and economic future will be determined over the next few weeks. Gateway House recommends a priority diplomacy agenda for the next government – one which puts economics at the heart of our foreign policy
In 1990, the erstwhile South Commission recommended the creation of a 'South Bank' to aid the economic emancipation of the global South. Can the BRICS bank, which was discussed in length at the 5th BRICS Summit, provide a solution to the problems of the crisis-ridden African continent? Devaki Jain blogs
Indian foreign policy has not yet addressed the ramifications of Chinese economic dominance in BRICS. Nor have we matched China’s engagement within the group to ensure that the BRICS vision of a new international order for emerging economies actually works in their favour.
At the 5th BRICS Summit that begins in South Africa today, the heads of state of Brazil, Russia, India, China and South Africa are expected to ratify the creation of the BRICS Bank. After discussion and study for over a year by the respective governments, the bank will be launched with seed money estimated at between $50 billion to $100 billion, and most likely an equal share of voting rights for the management of the bank. What remains
The fifth BRICS summit will take place from 26-27 March with South Africa - a late entrant to the grouping - playing host. Although sceptics have questioned the salience of this bloc, the group is essentially a work in progress. Expectations, therefore, must be modest and pragmatic.
The establishment of a BRICS Development Bank will be among the prime topics of discussion at the BRICS Summit on March 26. Gateway House’s Akshay Mathur interviews former Indian Ambassador and Foreign Secretary, Shyam Saran, on the prospects and viability of alternate financial architectures.
The emerging BRICS economies agree that the West should hold less sway in the global economy. But their leaders, despite regular summits, have failed to articulate a coherent vision because of divergent interests, says journalist Martin Wolf.