Friday, 18 July 2014

A new development Bank–BRICS:


No doubt it was UPA to join the initiative on formation of BRICS initially, credit certainly goes to the present Prime Minister of India Narendra Modi who saw to it that it physically takes off. The very name BRICS stands for Brazil, Russia, India, China and South Africa, the countries to jointly partner the project. The Bank aims at fostering various developmental plans globally. Also the credit to mobilise the case for an Indian to become the first head of the Bank for initial six years with its headquarters in China goes to Narendra Modi, a matter of laurels to him. The formation of BRICS very much fits into dream plans of the Indian Prime Minister on developments in the country. The measure is likely to render a secondary importance to West dominated financial forums like World Bank and International Monetary Fund after it is operational as it may no more be a compulsory dependence on these organisations for the countries like Brazil, Russia, India, China and South Africa as because they have more healthy an option in BRICS available to them now.

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