BRICS DEVELOPMENT BANK
Russian economy has withstood what even China could not have achieved: Prof. Alexander Dynkin
Prof. Alexander Dynkin discussed the significance of the Primakov Readings International Forum and the role of BRICS in shaping global economic trends. He emphasized India's pivotal role in BRICS and highlighted the growth potential in Russia-India ties. Dynkin provided insights into the Russian economy, foreign policy priorities, and commitments towards fostering regional stability and collaboration, especially in Africa. His analysis underscored Russia's resilience and strategic positioning in the evolving global landscape.
BRICS calls for enhanced use of local currencies in trade between member countries
"They recalled the paragraph 45 of the Johannesburg II Declaration tasking the Finance Ministers and Central Bank Governors of the BRICS countries to consider the issue of local currencies, payment instruments and platforms and to report back to the BRICS Leaders," according to the Joint Statement.
Moscow bets on visa-free deal to attract more Indians
The new visa free group travel agreement being worked out between India and Russia should boost the tourist numbers to Moscow from India by at least 30%, said Evgeny Kozlov, first deputy head of the office of the mayor and the government of Moscow in an interview to ET. Kozlov, who is also the chairman of Moscow City Tourism Committee, said Russian federal officials are also working on a project to enable virtual cards for Indian travellers while they are in India before coming to Russia.
View: The paradox of foreign investors neglecting India’s booming stock markets
India, with a GDP growth exceeding 8% in 2023-24, is the fastest-growing major economy. Despite being recommended by Morgan Stanley and other investment houses for investors in emerging markets, foreign investment in Indian stock markets remains low.
China backs, but no consensus on admitting Pakistan into BRICS
Pakistan's bid to join the China-backed Brics group, comprising Brazil, Russia, India, China, and South Africa, faces hurdles as existing members are not in consensus. Russia, the current Brics President, appears hesitant about Pakistan's inclusion, citing the need for consensus among members and Pakistan's economic status. Meanwhile, Pakistan may enter the Shanghai Cooperation Organisation (SCO) with China's support, but criteria differ between the two groups. Brics recently expanded to include UAE, Saudi Arabia, Egypt, Iran, Ethiopia, and Argentina, but Argentina later withdrew, leaving the total membership at 10.
Russia’s BRICS Presidency priorities to echo India’s priorities for Global South
“BRICS is not targeted against anyone…it offers alternative instruments, which are supposed to be safe from the politicised Western architecture, including in the context of de-dollarisation. Importantly, all that does not make BRICS anti-Western, rather non-Western,” according to Roman Babushkin, Russian Deputy Ambassador to India.
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India has to grow at 7.7% for next 23-24 years to become developed nation by 2047: Subba Rao
Duvvuri Subba Rao says: “India needs to focus not just on accelerating the growth rate but we also need to generate job-intensive growth. We need to focus on inequality and on generating jobs in order to ensure that we become a developed country by 2047. We used to learn in economics that economic growth trickles down but now we know that economic growth actually trickles up and inequalities are widening across the world and within India.”
Demand uptick, easing inflation in developed mkts to provide silver lining for exports in 2024
Despite various challenges, India's goods and services exporters have managed to tap opportunities in developed as well developing economies.
Pakistan applies for BRICS membership; seeks Russia's support
Pakistan's application to join the BRICS came as the grouping of emerging economies was set for its biggest expansion with six new members under Russia's rotating Presidency in 2024.
Russia's Bold Geopolitical Pivot: Embracing the Global South, forging new alliances, and navigating economic resilience
Prof. Alexander Dynkin, at Moscow's Primakov Readings, champions Russia's pivot towards the Global South and Asia, challenging Euro-centric models. Stressing Russia-India ties, he highlights shared cultural roots and mutual support, forecasting a robust partnership. Assessing Russia-China relations, he dismisses a military alliance but acknowledges strengthened bonds. Dynkin predicts Russia's steady economic growth amidst global trends, emphasizing adaptation and self-sufficiency, forecasting a 3% GDP rise in 2023-2024.
Nirmala Sitharaman meets Brazil's Minister of Economy, discusses issues of mutual interest
Finance Minister Nirmala Sitharaman met with Brazil's Minister of Economy Fernando Haddad and UK Chancellor of Exchequer Jeremy Hunt to discuss various issues, including the strengthening of Multilateral Development Banks (MDBs). Brazil will take over the G20 presidency from India on December 1, and Sitharaman wished Brazil success and assured full support.
Not another BRICS in the wall
China strongly favours expansion of BRICS, seeing a chance to convert the grouping into an anti-Western front by inducting countries dependent on Chinese aid and investment. India should argue against rapid membership expansion where it will have little influence.
'BRICS bank' aims to issue first Indian rupee bond by October
The New Development Bank (NDB) issued its first rand bond in South Africa last week and could consider local currency issuance in members Brazil, Russia and United Arab Emirates, Vladimir Kazbekov told a press briefing ahead of the BRICS Summit in Johannesburg on Aug. 22-24.
BRICS expansion hopefuls seek to rebalance world order
The list of grievances is long. Abusive trade practices. Punishing sanctions regimes. Perceived neglect of the development needs of poorer nations. The wealthy West's domination of international bodies, such as the United Nations, the International Monetary Fund or the World Bank.
How BRICS was born, how it overtook G7, and where it is headed
Together, the BRICS countries - Brazil, Russia, India, China and South Africa - account for more than 40% of the world population and a quarter of the global economy. And many countries have expressed interest in joining the forum. At the 15th BRICS Summit in Johannesburg, starting from Wednesday, more members are likely to be admitted and the five countries could plan to move away from trading in dollars.
Five things to know about BRICS
The BRICS countries, an acronym of the five members Brazil, Russia, India, China and South Africa, meet for three days for a summit in Johannesburg starting Tuesday. Representing 23 percent of the world's gross domestic product (GDP) and 42 percent of the world's population, they are seeking to dull Western economic domination in global affairs.
Emerging economies are pushing to end the dollar's dominance. But what's the alternative?
Emerging market countries, led by BRICS bloc of Brazil, Russia, India, China and South Africa, are seeking alternatives to the US dollar due to its dominance of the global financial system and its adverse impact on their economies. However, dethroning the US dollar would require a concrete proposal, which has not been forthcoming in the run-up to the BRICS summit starting Tuesday in Johannesburg, South Africa.
Key facts about the BRICS 2023 summit
The BRICS Summit, which includes Brazil, Russia, India, China and South Africa, will be held in person for the first time since the COVID-19 pandemic in Johannesburg, South Africa from August 22-24. Besides the heads of state and government, 67 leaders from other countries and 20 dignitaries from various organisations have also been invited, including business leaders. The leaders are expected to discuss the expansion of the group by adding new members, admission criteria and guiding principles.
BRICS summit 2023: What's likely to be discussed?
The BRICS leaders will hold their 15th summit in Johannesburg on August 22-24. Discussions will cover the bloc's expansion, the New Development Bank's de-risking initiatives through the use of local currencies, economic cooperation and potential new members. Leaders from 67 countries are invited to attend the final day's "Friends of BRICS" session, with the focus likely to be on the relationship between the bloc and Africa, exploring opportunities within African countries.
BRICS nations to meet in South Africa seeking to blunt Western dominance
Russian President Vladimir Putin, who faces an international arrest warrant over alleged war crimes in Ukraine, will not join leaders from Brazil, India, China and South Africa amid rifts over whether to expand the bloc to include dozens of "Global South" nations queuing up to join.
BRICS is not aimed against anyone even in current geo-political scenario, says Russian Deputy envoy
Russia has stated that the existing de-dollarisation environment justifies the creation of financial instruments by the Brazil-Russia-India-China-South Africa (BRICS) group, which do not rely on the US dollar. Speaking ahead of the BRICS summit in South Africa, the Russian deputy envoy to India, Roman Babushkin, stated that BRICS is supplementary to global financial institutions and offers alternative safe instruments.
PM Modi to attend BRICS Summit in South Africa: Foreign Minister Pandor
Indian Prime Minister Narendra Modi will attend the BRICS Summit in Johannesburg from 22 August, according to South African government officials denying rumours that he would not be present. In addition to Modi and South African President Cyril Ramaphosa, the leaders of China, Brazil and Russia will also be in attendance, with Russia's Vladimir Putin attending virtually.
India adopted unconventional approach to its G20 Presidency: EAM Jaishankar
Stating that multiple challenges confront the G20 grouping, External Affairs Minister S Jaishankar said that India adopted an unconventional approach to its Presidency, making it much more connected with people.
Brics-promoted bank keen to add members
The New Development Bank is also exploring fundraising in the Indian rupee and is expected to hold discussions next month and is in touch with the regulators.
No plans as of now to create a common currency: BRICS Bank CFO
While the members of BRICS - Brazil, Russia, India, China and South Africa - are pushing to conduct more trade between each other in local currencies, they aren't ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV.
BRICS bank to consider Saudi Arabia's proposal for membership
The New Development Bank (NDB), set up by the BRICS member states, will consider Saudi Arabia's proposal to join the multilateral organisation at its annual meeting on Tuesday and Wednesday, ahead of the meeting of the foreign ministers of the grouping on Thursday.
'BRICS bank off to a good start in India, states seeking project funds'
The absence of a country strategy poses challenges to project performance, Muthoo said in an interview with ET, even after expressing satisfaction over the execution of the first project his office evaluated in India. The New Development Bank, earlier called BRICS Development Bank, was set up in 2015 to finance public and private projects through loans, guarantees and equity participation.
India needs country strategy to guide India-New Development Bank partnership: Ashwani K Muthoo
The absence of a country strategy poses challenges to project performance, Muthoo said in an interview with ET, even after expressing satisfaction over the execution of the first project his office evaluated in India. The New Development Bank, earlier called BRICS Development Bank, was set up in 2015 to finance public and private projects through loans, guarantees and equity participation.
Egypt's Parliament endorses pact to join Brics Bank
Egypt has also expressed interest in joining Brics, others being Iran and Argentina. Deputy chairman of Egyptian Parliament's economic committee Mohamed Abdel-Hamid told local media that joining the Brics and its development bank benefits Egypt.
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