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