Banking big at BRICS, PM leaves for home

RSTV Bureau

modi_bricsPrime Minister Narendra Modi left for home on Thursday after a three day visit to Brazil for attending the BRICS summit in the coastal city of Fortaleza.

On Thursday in Brasilia, the BRICS leaders met with leaders of South America invited by Brazilian President Dilma Rousseff.

He will have a brief technical halt in the Frankfurt before reaching Delhi late in the night.

This tour brings the first major victory for PM Modi on the international arena as the BRICS Summit decided to establish the New Development Bank on Tuesday, with an initial authorised capital of USD 100 billion for which the initial subscribed capital of USD 50 billion will be equally shared by the founding members, a point India emphasised to prevent the dominance of any one member.

During the tour, Prime Minister also demanded the reform of the UNSC and international financial organizations. He also said that the WTO regime should be reformed as an open trading regime is necessary for a strong global trading arrangement which would address the aspirations of the developing world.

The  name of the bank was given by the PM Narendra Modi. The first President of the bank would be from India.

During his tour, PM also met Chinese President Xi Jin Ping and discussed various issues including the need to resolve the boundary question in an amicable manner.

Prime Minister Narendra Modi pressed for a solution to the boundary question, saying if the two sides could amicably resolve the vexed issue, it would set an example for the world on peaceful conflict resolution.The discussions centred on all aspects of the bilateral relations, regional and international matters.

During the meeting, Modi also suggested the addition of one more route for the Kailash-Mansarovar Yatra in Tibet, keeping in view the terrain difficulties which President Xi “accepted this as a suggestion for consideration”.

The Prime Minister also met the Russian President Vladimir Putin during the BRICS Summit which strengthened the relationship between both the countries as Prime Minister called Russia the best friend of India and it had been with India in times of crisis.

Prime Minister Narendra Modi had also favoured broadening of the special and privileged strategic partnership with Russia in nuclear, defence and energy sectors and invited President Vladimir Putin to visit Kudankulam atomic power project during his trip in December.

Prime Minister was able to achieve major BRICS initiatives, which included the establishment of the New Development Bank which had seen significant progress since its launch in New Delhi in 2012 but successfully met its end in this Summit.