July 14, 2014
Prime Minister Narendra Modi will launch his first multilateral engagement in this seaside city of Brazil, meeting Russian President Vladimir Putin and Chinese President Xi Jinping ahead of tomorrow's BRICS Summit at which India will press for equal shareholding for its five member countries in the proposed USD 50 billion BRICS Development Bank so that no shareholder dominates.
Modi
will join Putin, Xi, South African President Jacob Zuma and the host
President Dilma Rousseff in deliberations over the proposed bank,
international financial architecture and other issues at Fortaleza, one
of the host cities of the World Cup which ended yesterday with Germany
emerging the world champions.
India is keen on the issue of equal share holding since it does not want a repeat of the distortions that have crept into Bretton Woods institutions like International Monetary Fund, World Bank and the Asian Development Bank in which rich countries like the US and Japan have a strangle hold.
Modi will also discuss the possible outcomes of the two-day summit on other issues like reforms of the Un security council and international financial architecture.
Sources said India's primary goal is equal shareholding for all the members — Brazil, Russia, India, China and South Africa.
The BRICS Development bank, an idea which was conceived in Delhi in 2012 and approved in Durban last year, is to be set up with an initial corpus of $50 billion, with scope for expansion up to $100 billion when new members are added.
Prime Minister Narendra Modi will launch his first multilateral engagement in this seaside city of Brazil, meeting Russian President Vladimir Putin and Chinese President Xi Jinping ahead of tomorrow's BRICS Summit at which India will press for equal shareholding for its five member countries in the proposed USD 50 billion BRICS Development Bank so that no shareholder dominates.
Modi
will join Putin, Xi, South African President Jacob Zuma and the host
President Dilma Rousseff in deliberations over the proposed bank,
international financial architecture and other issues at Fortaleza, one
of the host cities of the World Cup which ended yesterday with Germany
emerging the world champions. India is keen on the issue of equal share holding since it does not want a repeat of the distortions that have crept into Bretton Woods institutions like International Monetary Fund, World Bank and the Asian Development Bank in which rich countries like the US and Japan have a strangle hold.
Modi will also discuss the possible outcomes of the two-day summit on other issues like reforms of the Un security council and international financial architecture.
Sources said India's primary goal is equal shareholding for all the members — Brazil, Russia, India, China and South Africa.
The BRICS Development bank, an idea which was conceived in Delhi in 2012 and approved in Durban last year, is to be set up with an initial corpus of $50 billion, with scope for expansion up to $100 billion when new members are added.
