Ad Here  
Changing dynamics in human resource management - Brand leaders come forward... TN budget pragmatic and moderate on fiscal deficit Curbing steel imports will hurt small business... LVB gears to become a financial supermarket Realising double digit growth in Tamil Nadu ECGC expands operations Smart controls for cooling large multi-zone spaces ... Backpack laboratory ALL-two launches in a row A global plastic event in India BRICS development bank Research needs more funding Applauding enterprise... Reality bytes Industry-well poised to invest on expansion Hero Motocorp - smooth ride ALL to launch electric busses STFC raises money Ridley marathon to India Striking cords for 25 years… Downsizing spree... Indian Bank – global businesses crosses Rs 3 lakh crore... Carrefour’s quick exit Apple maps – finding its way Indigo stays leader with 40 per cent share Economic issues take a back seat at G20 summit Well-refined – RIL’s refinery margins zoom Veritas Finance- financing the unfinanced Nigeria comes nearer Chennai to get a roundabout Metro Business Briefs An aerospace-defence cluster in Tamil Nadu… ISRO's 100th mission TVS Logistics – another acquisition to sharpen the business model Chola MS launches motor app Hyundai excites again European crisis is a global crisis! Investor friendly Japan Murugappa- a year of consolidation Illicit markets a concern to growing economy Strategy war escalates between Hero and Honda Business Breif ALL – truck industry is recovering from degrowth Gem of social service... Inclusive and forward moving... An American alliance in the chemical industry? Climate change may change the way businesses work... Chola MS net crosses 100 crores Durga - India’s largest blast furnace; now operational Techies trip to India Chennai will soon get its World Trade Centre More gensets and diesel engines from TAFE Purdue and IIT-M sign the dotted line Economic, business and social sustainability Tata Steel commence operations at Kalinganagar Automotive Vision Plan II... Placing the right shoe forward... Innovation that helped Chennai port IFCI to raise NCDs upto Rs 2000 crore CUB: towards card-less withdrawal Towards peace of mind Blue Star plans a new plant in south Steel loses its sheen OBO Bettermann for better lightning protection Realty sector takes a break... Sun Edison launches solar pumps Four daughters and a proud father Time to fast-pace the logistics sector World labour laws at a glance Adding Zest to Scooty Housing Innovation Challenge, 2015 Three more leather clusters… Celebration time at MS Chola Rating of states to be released soon Is Indian telecom industry heading for a monopoly? AirAsia India infuses funds to fight out competition TCS’ revenues cross Rs 100,000 crore Auto test tracks launched at GARC Oragadam campus Digital retail transactions stabilise at higher level… Chennai Port is at last decongested! People Flow Day- Safety When Centre visits the state Focus on self-certification and third party inspection The new look- 4s Verna Nothing to hide... TOP 10 CEO Compensation WABCO’s second Chennai plant Schwing Stetter India joins hands with US-based Gomaco Scoot offers just Rs.13,500 to ANZ... Airlines wage price war Bridging the skill deficit in pharma industry Need to focus on ease of doing business... Celebrating 180 years of relevance Dynamic e-commerce scenario Make way for the new and dynamic railways Connecting the unconnected TII-challenging year with flat growth Big-ticket investments march towards Punjab Waste, a gold mine Pharma market dozes SumInfra- corridor based development... TII’s single largest investment at Thiruthani Secured NCDs from Shriram City TiE applauds innovative entrepreneurs Holiday Inn opens in OMR Chennai Creating Tamil Nadu Banana brand On the ‘milky’ way Flexible labour laws…
BRICS development bank

The sixth summit of the BRICS at Fortaleza, Brazil, concluded with commendable  results for India. After lengthy negotiations, the bloc finally announced the plan to set up a $100bn development bank as a step to create a stronger presence globally. The bank will have a capital of $50bn, contributed equally by the five nations. Also, an emergency reserve fund of $100bn is to be made with major contribution from China (41 per cent), whereas, India, Russia and Brazil will pool in $18bn each and South Africa, the rest.

What will go down in the annals of India’s history is that the first president of this development bank will be an Indian. This comes at a very apt time with Modi government just stepping at the helm. Not only will it provide infrastructure assistance and funding in case of revenue deficiencies, but also give India a strategic importance across the globe. With headquarters in Shanghai, this miniature IMF model will start lending by 2016.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236