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