
BRICS bank: how PM got big powers to accept India's idea
Hindustan TimesPrime Minister Narendra Modi's maiden multilateral outing to Brazil for the BRICS summit is already a success, with the announcement of the New Development Bank. The final negotiations between India and China on the bank modalities, and Modi's meeting with President Xi Jinping, also offer us some insights into the evolving Modi doctrine vis-a-vis big powers - especially seen in the backdrop of his meeting with US deputy secretary of state William Burns last week. HT Explains: What has Modi achieved in his maiden overseas summit BRICS In 2010, in Brazil, they spoke of the 'legitimacy deficit' of World Bank and IMF, asked for a substantial shift in voting powers for emerging market economies, and warned that if the reforms did not happen within a time frame, these institutions would risk becoming obsolete. Brazilian President Dilma Rousseff, Russia's President Vladimir Putin, Prime Minister Narendra Modi, China's President Xi Jinping and South Africa's President Jacob Zuma pose for the official photograph of the 6th BRICS summit in Fortaleza, Brazil.
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