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BRICS bank is all set to challenge global order.

THE BRICS business forum has agreed in principle to set up a development bank that could have an initial corpus of $ 100 billion but delegates are still debating the amount. The intention is to direct development in a manner which reflects social and economic priorities of the member nations.

South Africa's finance minister Pravin Gordhan said after meeting with his counterparts from Brazil, Russia, India and China that " good progress" was made on the bank, which is likely to focus on infrastructure financing, a direct challenge to seven decades of dominance by the World Bank. It is the first time since the inaugural BRICS summit four years ago that the group matches rhetorical demands for a more equitable global order with concrete steps.

Together, the BRICS account for 25 per cent of global GDP and 40 percent of the world's population.

Meanwhile, despite the excitement and hope of BRICS forums on business opportunities, industry has given thumbs down to the government. In a candid admission, Indian business delegates admitted that China has stolen the march on the issue of investment in Africa. " Elections and uncertainty of reforms is affecting the business atmosphere," said Onkar S. Kanwar, vice- president, Federation of Indian Chambers of Commerce and Industry ( Ficci).

Naina Lal Kidwai, president, Ficci, also admitted that inconsistency plagues the environment.

" I wouldn't say that nations have given up on India. I would say that they have pressed the pause button and are waiting for India to get back on its knees. But patience is running thin," said Kidwai. These statements come at the backdrop of aggressive Chinese companies signing three memorandum of understandings with their African counterparts.

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Publication:Mail Today (New Delhi, India)
Geographic Code:9INDI
Date:Mar 27, 2013
Words:292
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