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

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