Prime Minister Narendra Modi is in Brazil to attend the BRICS Summit. Meanwhile, the Congress on Sunday recalled the events before the formation of the BRICS and the summit held in India in 2012, in which the then Prime Minister Manmohan Singh proposed the establishment of the BRICS Vikas Bank.
Congress General Secretary Jairam Ramesh said, “After Ghana, Trinidad and Tobago and Argentina, the ‘Super Premium Frequent Flyer’ has now reached Brazil. Today the 17th BRICS Summit is starting at Rio de Janeiro.
Referring to the past, the Congress leader said that in 1998, Arabic-speaking and Russia’s Prime Minister Yavageni Primkov, who bowed towards Asia, presented the idea of a tripartite platform called RIC (Russia-India-China). Its purpose was to promote multiplicity in global affairs and it was at a time when the US was at the summit in terms of global power.
The Congress leader said in his post, “After this, in November 2001, Jim Onil of Goldman -based Goldman Sachs and his research team released a report titled ‘Building Better Global Economics Brick’, in which Brazili, Russia, India and China were recognized as four economic superpowers of the future. This report is still interesting to read today. ”
He said that after this, Russia, China, Brazilian presidents and the Prime Minister of India approved the formation of BRIC during July 2006 in St. Petersburg (Russia then part of the G-7 but was out after 2014).
The Congress leader said that “the first summit of the BRIC countries was held in June 2009 in Russia in which Dr. Manmohan Singh participated. The group became ‘BRICS’ with South Africa’s involvement in 2010. In the year 2024, Egypt, Ethiopia, Iran and United Arab Emirates also became its members and Indonesia has also been included this year. ”
He said that India had first hosted the BRICS Summit in March 2012. In this meeting, Dr. Manmohan Singh proposed the establishment of BRICS Vikas Bank.
The Congress leader said, “Three years later this bank was established in the name of ‘New Development Bank’, headquartered in Shanghai and India’s famous banking expert K.K. V. Kamath became the first president. ”
Ramesh said that so far India has taken a loan of about eight billion dollars from this bank for projects related to urban transport, water supply, renewable energy and other infrastructure.
He also shared a link to the report of Goldman Sachs’ Jim Onel and his research team report.
