BRICS by BRICS

Recently the whole of India witnessed two huge celebrations back to back with humongous fervour and zeal. First one was the Brazil 2014 FIFA world cup and the second one was the BRICS summit, in Brazil’s Fortaleza. Although the football aficionados were not quite happy with the result of the coveted FIFA World Cup as Indians’ two most favoured teams Brazil and Argentina could not grab the chance to hold the world cup trophy but this season gave the nation yet another surprise, the surprise of the relishing success of the BRICS summit 2014, Brazil that just carved out history with golden world and gave the world a signal that the BRICS houses world’s upcoming leaders in every field.

This 6^th BRICS (Brazil, Russia, India, China, and South Africa) can be declared as the best of all its previous versions concluded. Despite of being haunted by the situation of dead lock when nations like China continuously refute to change their stance, this summit was marked by the alacrity of the members of the summit to help each other move forwards and to provide a helping hand in the development of the whole planet. The BRICS forum which was till now considered just as a talking forum transmuted its reputation around the whole in this 6^th summit after the announcement of decisions to erect New Development Bank (NDB) and the Contingency Reserve Arrangement (CRA).

BRICS nation account for almost half of the world’s population but still was not able to take up desired results due to the reluctance of its members to expedite the work of upliftment of this vital summit but now as the gravity of different members towards the group aggravated, the summit has not started retaining enormous importance and the blooming results which were rolled out were the fruition of the tenacity being shown by the members of the group in this 6^th summit.

The group discussed and pondered many issues of world security, United Nation, conflicts between its members and the talks this time produced marvellous and unprecedented results. One of the most prominent of them is the decision to set up New Development Bank. Although the proposal was there, pending in front of the BRICS nation, but this time no stone was unturned in making this dream come true and finally the BRICS group reached the consensus. Compromise on the size of capital was also reached. $50 billion are to be tentatively allocated to the bank and subsequently the money would be doubled up to $100 billion and Shanghai was chosen as the bank’s location. The bank will help the developing economies in infrastructural and development projects and will help needy countries to cope with the liquidity pressure.

After so many futile summits which resulted in no major breakthroughs, finally the BRICS summit has commenced evolving into a major world powerhouse and the proclamation of new decisions marks the will to mull over various issues with constructive help to each other.

This is the first time in the BRICS summit when the vision of the elite group remains clear. This time this world’s powerhouse seems to be taking a real initiative to effect an overhaul completely transforming the image of the BRICS group which was till now considered to be just like a group which convened to waste each other’s time making no significant decision but now after such stern decision by these BRICS nation, the probability of BRICS turning into a major world powerhouse has incremented by manifold proving the whole of the BRICS a robust support base to grow up and metamorphose itself into a reputed institution.

This is also a very good omen for the new BJP government at the Centre and I believe that Mr Narendra Modi deserves his credit also in representing India at this important world forum.

JAI HIND, JAI BHARAT

JAI MA BHARTI