The fifth summit of Brazil, Russia, India, China and South Africa (BRICS) will start tomorrow in Durban. This is the first time the meeting is happening in South Africa and with this, a cycle has been completed with one meeting taking place in each of the member nations.
The theme of this year's summit is BRICS and African partnership for development. The Indian contingent has landed in Durban for the summit. The Prime Minister, Manmohan Singh will lead the delegations which comprises the Finance Minister, P Chidambaram and also some select leaders of corporate India. Commerce Minister, Anand Sharma is also going to be part of this summit, reports CNBC-TV18's Siddharth Zarabi. Also read: Current account deficit to be 5% in FY13: Rangarajan The finance ministers of the BRICS nation will be meeting tomorrow to sign a pact which is expected to be a roadmap for setting up a BRICS New Development Bank- this is the working name of the bank. According to Indian government functionaries, the bank will have a corpus of between USD 50 billion to USD 100 billion. Key issues expected to be covered in this summit include capital, governance and membership. These issues are expected to be resolved atleast over next year. So, for India, the prerogative is not the bank in India, it is the fact that the bank would be set up with good governance and will have equal voting rights amongst all its members.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
