Minister of State for External Affairs General V K Singh said the BRICS countries have reached significant understanding on security and counter terrorism issues
Addressing the BRICS Foreign Ministers meeting here, Minister of State for External Affairs General Y K Singh said BRICS countries have reached significant understanding on security and counter terrorism issues.
The BRICS nations include Brazil, Russia, India, China and South Africa.
India fared poorly in terms of regional disparity of per capita income among the BRICS nations.
The bilateral meeting, which took place yesterday, focused on the steps required in expanding the bank's operations in India, including project pipeline.
Addressing the second annual meeting of the NDB here, Kamath said the bank had signed its first loan agreement for a project in China in December last year.
The New Development Bank set up by the BRICS group of emerging economies plans to fund 15 infrastructure projects in member countries worth upto USD 3 billion this year, the bank's president, KV Kamath, said on Thursday.
The New Development Bank (NDB) set up by the BRICS plans to provide lending to technological innovation projects, its vice president Zhu Xian has said.
Experts feel the Budget spend on education is woefully inadequate for a country which is aspiring to create a pool of skilled workforce to fuel economic growth.
BRICS countries' National Development Bank expects its lending to double every year over the next 2-3 years and is looking at leveraging its USD 10 billion capital in first 6-7 years, NDB President K V Kamath has said.
Confident about India continuing to grow on the back of its consumption-driven economy, veteran banker and BRICS nation's National Development Bank chief K V Kamath has said the world is going through very uncertain times but that may not have much impact on India.
Latha Venkatesh of CNBC-TV18 caught up with Aswath Damodaran - Professor of Finance at the Stern School of Business at New York University.
New Development Bank chief KV Kamath expressed confidence that the cooperation among the five-nation bloc will be further strengthened during the Chinese presidency this year.
BRICS countries should enhance solidarity, cooperation and safeguard common interests as they face growing uncertainties and instabilities in international situations, according to Chinese President Xi Jinping, who assumes the Presidency of the five-member bloc this year.
Indian markets have had a double whammy impact with the outcome of US elections coinciding with the demonetisation leading to heavy withdrawals. Despite this, Indian markets are not the weakest among BRICS nations.
In a pre-Budget meeting with the Finance Minister, some participating members suggested that the upcoming Union Budget should not be a conventional one as these are not normal times, a Finance Ministry statement said.
The Brics nations are in the process of getting bank account details of companies, that were named in the infamous Panama papers, from other countries, Revenue Secretary Hasmukh Adhia said today.
Among the BRICS nations, India, China and South Africa have improved their ranking from the previous edition.
The NDB announced that its Board of Directors (BoD) has approved two loans for projects in China and India - Putian Pinghai Bay Offshore Wind Power Project (RMB 2 billion) and Madhya Pradesh Major District Roads Project (USD 350 million).
"The BRICS countries are not yet in the top 20 countries in Global innovation index. We are not in the top 40 club of ICT development index and top 25 of competition index either.
Spelling out the plans to take interbank cooperation among countries, New Development Bank chief KV Kamath and Yaduvendra Mathur, CMD of Exim Bank say that a global framework has to be aligned to see that political risks don‘t go up, when cross border lending operations trade and other issues are addressed.
America's relationship with India is very strong and diverse, the US on Saturday said even as it welcomed the recently concluded BRICS summit.
The interbank mechanism for the BRICS Summit is an important part of the entire BRICS cooperation movement while the political & the economic issues have their ups & downs, bankers put their head down & think of cooperation contracts and commerce. Latha Venkatesh of CNBC-TV18 discusses this with the people who are spearheading this cooperation.
The two sides signed three agreements to boost cooperation in power, banking and insurance sectors besides deciding to step up ties in areas of oil and gas, agriculture, renewable energy and health care.
Sources today said the deal was struck during the meeting between Prime Minister Narendra Modi and Russian President Vladimir Putin on October 15 on the sidelines of the BRICS meet in Goa.