BRICKS TO CREATE DEVELOPMENT BANK - INDIA LIKELY TO GET FIRST PRESIDENCY OF BRICKS BANK

The BRICS summit, Prime Minister Narendra Modi's first multilateral engagement, commenced here on Tuesday amid an understanding that the five member nations will have equal shareholding in the proposed $50 billion BRICS Development Bank Presidency of which is likely to go to India first.

(From left to right) Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma join their hands during the official photograph of the 6th BRICS summit in Fortaleza(Brazil). 

The bank's headquarters is likely to be located in Shanghai, China's financial hub, although India was pressing for New Delhi. However, the first rotational presidency of the bank is likely to go to India.

The new Indian leader joined Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil at the grouping's sixth summit at this seaside Brazilian city to deliberate on global economic, political and strategic issues.

Senior officials from member countries had prepared the ground for their leaders to agree on details of the bank which will finance infrastructure and development projects in BRICS nations.

Indian sources said that there was an understanding that each country would have a shareholding of $10 billion. India had been insisting that the shareholding should be equal so that no one country dominates as was the case of institutions like the World Bank and the IMF where the US and Japan enjoy considerable clout.

Now lets have a hope of good happenings in India with this BRICKS summit 2014.If you have any views about these announcements at summit, then share your views in the comment section below.