Courtesy: Wikipedia
At a recent international seminar on BRICS Studies, in addition to the predictable themes such as building a multipolar world order and the One Belt One Road project, fresh ground was also covered, including the contours of the New Development Bank and the potential impact of the refugee crisis on BRICS countries.
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GLC Policy Conclave Session 1: The New Financial World Order Shashank Bengali (SB): So, Rajrishi, can you tell us basically what the circumstances were that led to the development of these new multilateral institutions? How did we get here? Read more
The Russian city of Ufa, capital of the Republic of Bashkortostan, played host to three major summits from July 8-10—BRICS, SCO and Russia's Eurasian Economic Union (EEU). Here are some of the characteristics and developments from the summit in numbers
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If, after nine years, BRICS remains a disparate grouping, and its trade and investment flows remain dismal, it is time to explore new avenues of cooperation to consolidate the alliance—and culture and education can provide the necessary cementing factor when combined with the New Development Bank
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The New Development Bank initiated by BRICS countries can reform and democratise global economic governance. But to reach this goal, in this critical period when the bank is preparing to operationalise, it must formulate an innovative institutional design. This article outlines four guiding principles for such a structure
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Sanusha Naidu, Research Associate at the Institute for Global Dialogue, Pretoria, explains why the BRICS grouping should not be expanded but the New Development Bank(NDB) is the ideal vehicle to include other developing countries
Courtesy: file photo/Xinhua
The announcement that major European powers will join the AIIB as founding members means the bank is now clearly accepted as a tangible game changer in the multilateral financial architecture. The formidable intentions of AIIB and the new transnational corridors project are both a challenge and an opportunity for India
Courtesy: Make in India & Wikimedia commons
From the Indian perspective, how China manages the readjustment of its economy and how secure South Asia remains, will be two major determinants that will influence world affairs in 2015. Gateway House has developed four scenarios to explain the outcomes that will ensue, starting 2015, when these two determinants intersect.
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Globally, metropolitan cities are becoming powerful centres that sustain entire countries. In the case of Mumbai, the government can work backwards by stitching the infrastructure and governance together. The tried-and-tested technique is to host an international institution or event. Gateway House argues that Mumbai is most appropriate to be home to the headquarters of BRICS
Courtesy: MEA/Government of India
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