India not pursuing any agenda for expansion of BRICS

Tags: News
India today said it will not pursue any agenda for expansion of Brazil-Russia-India-China- South Africa (BRICS) bloc during the upcoming summit in July in Brazil.

Noting that the interest of Argentine and various other countries to join BRICS is well-known, official sources here said currently there was no proposal in any way on the agenda of the BRICS to expand its membership.

They also dismissed as "speculative" the reports that India was in talks with Brazil and South Africa and supporting Argentina's bid to join the BRICS grouping.

"There is no consideration at the present juncture of any expansion of the BRICS. New Delhi is not thinking of BRICS expansion during the forthcoming summit in Fortaleza, Brazil, scheduled for 15th July 2014. Hence there is no intention at all amongst Indian officials to pursue the agenda of expansion of the BRICS," the sources said.

The BRICS countries are currently working on setting up a BRICS development bank as an alternative to the Western- dominated World Bank and the International Monetary Fund. The idea was proposed by India at a 2012 meeting of the organisation's finance ministers in Mexico.

The grouping, an association of five major emerging national economies, had its first summit in 2009 in Russia. As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of nearly USD 16 trillion.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture