New BRICS for old - Business Line

New BRICS for old - Business Line

My online comments:


It may be recalled that the idea to set up a new development bank was 
mooted by India at last year’s BRICS summit in Delhi. Dr Manmohan 
Singh could sell the ‘idea’ which may change the way the rich look at 
the poor. Whatever view one may have about Dr Singh’s capabilities in 
politics and diplomacy, he is the one person who has successfully 
guided the management of both monetary and fiscal policy in India 
during trying times. It was not the critics who are once again active 
these days, who guided India on the correct trajectory during early 
1990’s. A strong BRICS Development Bank will change not only the fate 
of economic development in the so called third world, but bring about 
a change in attitude and the way in which developed countries treat 
the geographical areas, which, now they believe will perennially 
remain poor and beg for their mercy for all time to come. That the 
World Bank took note of the proposal for ‘BRICS Development Bank’ 
without loss of time,is significant.
from:  M G WARRIER
Posted on: Apr 7, 2013 at 19:04 IST  

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