
As Modi attends BRICS Summit in Brazil, Congress recalls Manmohan Singh's 2012 proposal for development bank
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
With Prime Minister Narendra Modi in Brazil to attend the BRICS Summit, the Congress on Sunday recalled the events leading up to the formation of the grouping as also the Summit hosted by India in 2012 during which then PM Manmohan Singh had proposed the establishment of a BRICS Development Bank.Congress general secretary in-charge communications Jairam Ramesh said, "After dropping by in Ghana, Trinidad & Tobago, and Argentina, the Super Premium Frequent Flier Prime Minister has reached Brazil. The Seventeenth BRICS Summit begins today in Rio de Janeiro."It was in 1998 that the Arabic-speaking, Asia-leaning, Russian Prime Minister Yevgeny Primakov floated the idea of a trilateral forum called RIC -- Russia, India and China, he recalled.This was done to promote multipolarity in global affairs when the US was triumphant, Ramesh said in his post on X."Then in November 2001, Jim O'Neill and his research team at Goldman Sachs in New York came out with a report titled Building Better Global Economic BRICs--Brazil, Russia, India and China that were identified as the four powerhouse economies for the future," he said.The report still makes for very interesting reading, Ramesh added.Thereafter at the G8 Summit (Russia was then a member of G7 and was to be excluded post-2014) outreach in St. Petersburg in July 2006, the Presidents of Russia, China, and Brazil, and the Prime Minister of India met and gave their nod to the formation of BRIC, he said."The very first summit of the BRIC countries - Brazil, Russia, India and China - was held in June 2009 in Russia. Dr. Manmohan Singh attended it. In 2010, South Africa joined the quartet which then became known as BRICS. In 2024 Egypt, Ethiopia, Iran, and UAE joined and this year Indonesia has been inducted," Ramesh said.Noting that the first time India hosted the BRICS Summit was in March 2012, Ramesh said that at this meeting in New Delhi, it was Dr. Manmohan Singh who had proposed the establishment of a BRICS Development Bank."Three years later, this was to be launched as the New Development Bank headquartered in Shanghai with the eminent Indian banker K.V. Kamath as its first President," he said.So far India has borrowed about USD 8 billion for various urban transport, water supply, renewable energy, and other infrastructure projects, Ramesh said.He also posted the link to the report by Jim O'Neill and his research team at Goldman Sachs.Prime Minister Modi arrived in Rio de Janeiro on a four-day visit, during which he will participate in the 17th BRICS Summit and undertake a state visit.The prime minister was accorded a ceremonial welcome upon his arrival at the Galeao International Airport on Saturday evening (local time).This is the fourth leg of his five-nation visit.BRICS, consisting of Brazil, Russia, India, China and South Africa, has been expanded with five additional members: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.Modi visited Ghana, Trinidad and Tobago, and Argentina as part of the five-nation visit. He will travel to Namibia on the last leg of his tour.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
26 minutes ago
- Time of India
'It is difficult to find ... ': DK Shivakumar's 'chair' remark sparks fresh buzz; day after Siddaramaiah's leadership change denial
Karnataka deputy chief minister DK Shivakumar (Image credits: PTI) NEW DELHI: Karnataka deputy chief minister DK Shivakumar on Saturday triggered fresh political speculation with a cryptic comment involving "chairs" just a day after chief minister Siddaramaiah dismissed any possibility of a leadership change and reaffirmed that he would serve a full term. Shivakumar made a metaphor-laced statement that drew attention while speaking at the Nadaprabhu Kempegowda Jayanti celebrations organised by the Bangalore Bar Association. "There are so many chairs, come and sit. It is difficult to find a chair. When you find a chair, you have to come and sit on the raft," he said, addressing a gathering of lawyers. "If you look at yourself, you all look like tyagis (those who renounce)," he was quoted as saying by news agency ANI. The remark, delivered with a touch of humour, is being widely interpreted as a veiled reference to the ongoing buzz around a potential power shift in Karnataka, an issue that has resurfaced despite repeated denials from the Congress high command. "It seems many of you are very sacrificial by nature. Such a good building has been made with great chairs, make use of the opportunities when you get them," he added. The light-hearted remarks were seen by many as a veiled reference to the long-rumoured power-sharing arrangement within the ruling Congress, under which Shivakumar was expected to succeed Siddaramaiah halfway through the five-year term. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Prijenosni laserski pištolji za zavarivanje, 50% popusta Saznajte više Undo Reports of such an informal agreement have persisted since the Congress formed the government in May 2023, with speculation that Siddaramaiah would lead for the first two-and-a-half years before Shivakumar took over. However, both leaders have publicly denied any such deal. During the event, Shivakumar also announced several initiatives to support the Bar Association, including the allocation of 10 acres of land, financial assistance, and annual awards in the name of Kempegowda. He said that the Greater Bangalore Authority (GBA) would provide Rs 5 crore for the association's development, and Rs 5 lakh annually would be allocated for Kempegowda Jayanti celebrations. Additionally, two lawyers will be honored each year with the Kempegowda Award. Speaking about infrastructure, Shivakumar mentioned that the solar grid system for the association's building would be inspected within a week. On the issue of land, he promised 10 acres of revenue land, depending on availability, and encouraged the association to identify suitable land within 20 km of the city for the government to allocate. Reaffirming the state's commitment to Kempegowda's legacy, Shivakumar highlighted the role of the Greater Bangalore Authority in preserving the founder's vision. He also announced plans for a Rs 1 lakh crore investment in upcoming urban development projects in Bengaluru, with cooperation from the governor and opposition leaders. He emphasised Kempegowda's planning and contribution to Bengaluru's early growth, saying, "Bangalore is not a planned city. But Kempegowda was the one who built the city in a planned manner. He implemented Krishnadevaraya's ideas here. He built and lit up this town to promote trade and commerce.' Shivakumar also reflected on his personal journey, stating, ' I have my own dreams for this city. Speaking at a media conference after coming out of Tihar Jail, I said that I was born a farmer, then a businessman, accidentally an education lover, and a politician by choice. I dreamed of becoming a politician in my school days. From there, I organised and raised it.'


Time of India
27 minutes ago
- Time of India
"What has Gandhi family ever done apart from looting in greed of power?" BJP's Ram Kadam hit back at Rahul Gandhi
Mumbai (Maharashtra) [India], July 12 (ANI): Bharatiya Janata Party ( BJP ) MLA Ram Kadam on Saturday hit back at Rahul Gandhi 's statement, accusing the Gandhi family of "looting in the greed of power" and claiming that the Congress is "bound to lose" in Bihar and is already preparing excuses for its likely defeat. Speaking to ANI, Ram Kadam said, "What has the Gandhi family ever done apart from looting in the greed of power? They were slammed by the court, every evidence presented... They are bound to lose in Bihar and thinking of what excuse to tell people after losing..." Kadam's remarks come after Rahul Gandhi accused the Election Commission of India of "hatching a conspiracy" for " chunav chori (election theft)" in Bihar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If you have a mouse, play this game for 1 minute Navy Quest Undo While addressing Samvidhan Bachao Samavesh in Bhubaneswar on Friday, Congress MP Rahul Gandhi accused the Election Commission of India of "hatching a conspiracy" for "chunav chori (election theft)" in Bihar, referring to the poll body's decision to revise electoral rolls in the state ahead of the assembly election there. Gandhi said that ECI is "working as a BJP wing" and alleged that similar attempts to "steal election" are being made in Bihar, just like they were made in Maharashtra. Live Events "BJP is attacking the constitution. Yesterday I was in Bihar. Just like 'chunav chori' was done in Maharashtra, similar attempts are being made to do "chunav chori" in Bihar. EC has hatched a new conspiracy for 'chunav chori'. EC is working as a BJP wing, it is not doing its own job," Rahul Gandhi said. Referring to the Maharashtra Assembly election in which Mahavikas Aghadi suffered a staggering loss last year, Rahul Gandhi said that over 1 crore new voters were added then. Congress MP added that the same "theft" is being done in Bihar. "In Maharashtra, between Lok Sabha and Vidhan Sabha elections, one crore new voters were added. Nobody knows who were these voters and where did they come from. We told EC several times to provide us with the voter list and videography. But EC does not provide us with the same. They are going to do the same 'chori' in Bihar, that was done in Maharashtra. I went to Bihar yesterday and with INDIA alliance leaders, I said that we will not let EC and BJP do a 'chori' of Bihar elections ," he said.


India.com
28 minutes ago
- India.com
India's Rafale Jets now missile-proof? This country to provide ‘decoy system' that will protect it by…, the country is.., nightmare for Pakistan due to…
India's Rafale Jets now missile-proof? This country to provide 'decoy system' that will protect it by..., the country is.., nightmare for Pakistan due to... After Operation Sindoor, Pakistan has often claimed that it can shoot down India's Rafale fighter jets, but India has always strongly denied this claim. Now, a new move by India might make Pakistan even more worried. The Indian Air Force is planning to make Rafale jets safer by adding a special system called a 'decoy system.' This system will help protect the jets from enemy missiles, especially during missions deep inside enemy areas. For this, India has ordered the X-Guard Fiber Optic Towed Decoy System from Israel. This system can trick enemy radars and pull missiles away from the real jet, helping to keep the Rafales out of harm's way. Already tested on Rafale Jets According to reports, this decoy system has already been tested successfully on Rafale jets in India. However, due to supply issues and the ongoing tensions in the Middle East, there has been a delay in the delivery. Now, the Indian government is working hard to get this system as soon as possible. Once installed, it will be a huge boost to the safety and strength of the Air Force's Rafale fleet. When Economic Times asked the Indian Air Force about this, there was no official response. The Israeli company Rafael, which makes the system, also refused to comment.