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