Prime Minister Narendra Modi today left for Brazil to attend a summit meeting of the BRICS nations that will address regional crises and security threats to restore a climate of peace while advancing global economic stability. Modi left Berlin this morning for Fortaleza, Brazil after an overnight stopover.
Usually, Indian Prime Ministers transit through Frankfurt for further journeys across the Atlantic.
Berlin was preferred to Frankfurt for a transit halt on Germany's request for a possible bilateral meeting with Chancellor Angela Merkel but she flew to Brazil to watch the FIFA World Cup final between Germany and Argentina.
In a departure statement in New Delhi, Modi said that India looks forward to the BRICS initiative for setting up the New Development Bank and Contingent Reserve Arrangement.
Modi is visiting Brazil at the invitation of Brazilian President Dilma Rousseff to attend the Sixth BRICS Summit being held in Fortaleza and Brasilia on 15-16 July. The Prime Minister is accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser A K Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.
The other priority for India are about the presidency of the bank and the name to be given for it. Apparently, India would like it to be called the New Development Bank, an expression used by Modi in his departure statement yesterday. "I also look forward to our discussions to further advance intra-BRICS economic cooperation and our collective efforts to advance global economic stability and prosperity. In particular, I look forward to the successful conclusion of major BRICS initiatives like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in New Delhi in 2012," Modi said in the statement. "These initiatives will support growth and stability in BRICS and also benefit other developing countries," he said.
India wants the modalities for the establishment of the bank through a simple route and not a complicated one. It wants to avoid the pitfalls of the Bretton Woods institution of one who pays more calls the tune.
During his meetings with Chinese and Russian presidents, bilateral issues may also come up but no big ticket items are likely to be decided since it would be a get to know meeting.
Both Xi and Putin are likely to visit India in September and November-December respectively this year. While with Xi it will be Modi's first meeting, he has already met Putin on earlier occasions. With China, Modi may discuss the need for maintaining peace and tranquility along the border so that bilateral problems can be resolved in an amicable manner.
Bilateral trade will also come up for discussion with the Chinese leader and India is keen that the present imbalance in trade should be resolved. Modi is also keen on Chinese investment in India.
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It's a long journey ahead, but the dream is as big as big can be. Whether Modi can achieve it depends on a billion-plus fellow Indians and our friends in BRICS nations who constitute 40% of the world's population. The US and Europe watch with certain fear and sufficient, and perhaps justified, cynicism at this 'ragtag group' which right now looks like a heap of bricks rather than the fortress that BRICS nations hope to finally build. Prime minister Modi heads a nation known for a syncretic approach to world powers. President Xi Jinping's China holds the US economy by the scruff of its neck and the US can do little about the lopsided balance of trade. Russian President Vladimir Putin has been the US and Europe's pet hate for years. Jacob Zuma, president of South Africa, hopes to lead Africa in the new power equation. Will the US, the lone superpower in the world, allow these 'upstarts' to 'blitzkrieg' the economic system. Do these BRICS have the guts to challenge the present world system? Neither is possible or desirable right now. What is needed is a 'more just system'. Read more
In the meeting with Russian leader, the continuance of good relations between the two countries be maintained. Russia would like India to continue the good trend in ties that was set up by earlier governments.
Russia is also keen to provide technology and is looking for a new site in India for setting up a civil nuclear plant because Haripur in West Bengal is not working out.
Already the nuclear liability issues over Kudankulam plant 3 and 4 units have been resolved. The BRICS summit theme, "Inclusive Growth; Sustainable Development", will enable India to shape the post-2015 Development Agenda being discussed in the United Nations.
The Prime Minister is accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser A K Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.
(With agency inputs)
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