India expects more weight on BRICS ahead of New Delhi summit

Affairs Ministry, said “the BRICS countries today present an opportunity as new growth poles in a multi-polar world, as demonstrated during the global economic crisis when they played a vital role that helped the world economy emerge from the shadows of the crisis.”
India has proposed to establish a BRICS development bank as the five countries have fast- growing economies and accumulated considerable foreign reserves in the BRICS think tank meeting early March.
The rationale behind the proposition is to reduce dependence on the US and European development aid which usually comes with strings attached, and put development projects in BRICS countries as a priority, therefore promoting the reform of international financial systems, and earn more space for developing countries.  
However, the much-touted idea of a BRICS Development Bank or South-South Bank still remains a work in progress and will take more time to come to fruition. “It’s still very much a thought that needs to be developed,” said Vyas.
Noting that two pacts for promoting intra-BRICS trade will be signed tomorrow, he said the pacts are expected to scale up intra-BRICS trade which has been growing at the rate of 28 percent over the last few years.
R V Kanoria, president of India’s second largest industry association FICCI, told Xinhua that these five countries together constitute US$4,5 trillion of trade while the intra BRICS trade is US$230 billion, therefore there is much room for intra BRICS trade to grow.
“If you look at BRICS in the true sense, the five economies have strength in what is relevant as a whole, each one for their own reason.”
He pointed out that China is a manufacturing hub of the world while India is a service hub especially strong in IT and other services.
South America has huge amount of natural mineral wealth and Brazil is largely an agrarian economy that has tremendous amount of agricultural possibilities including that of bio-fuels where Brazil is a leader.
“So, we need to concentrate on engaging in a more meaningful manner between the BRICS countries,” said Kanoria, adding that “ 
BRICS in Delhi is a very useful forum that will help these countries not only to increase trade between themselves but also to share these complementary best practices.”
Vyas said the summit will focus on a cluster of global issues, including finding ways of sustainable recovery from the festering global downturn, reforms of international financial institutions, the UN reforms, inclusive growth, food security and energy security. 
The BRICS report on synergies and complementarities between the economies of the five countries, which will serve as a reference guide for promoting trade and investment, will be released in the presence of the leaders.
“If you look at the UN or IMF or any other such institutions, they were based on the economic equations or the power equations of post World War II.
But in the last 60 years there has been dramatic change in the shifting economic power but that is not reflected in these organisations,” said Kanoria. — Xinhua.