Hindu : 1 Apr - Editorial : BRICS bank in the making

Article starts with a pleasant mock over the formation of BRICS which have only one thing in common that is the being the ones left out from other group which formed out of necessity and status. Though article started with few satires on the formation of BRICS and its prime purpose to run, Author strategically make his point with the development BRICS is going through every year and Author seems to take interest on the latest resolution taken by BRICS to form an International bank on their own. With such an idea being put forward, the whole world seems to now take BRICS seriously as they indeed constitute to 40% of population and higher percentage of contribution by GDP. Till now we have had banks which were run by the western and Europe countries and how they managed to run the world is clearly seen by the economic melt downs in recent times. forming a new bank would immediately rule out on the hits these developing nations would indirectly take by the mistake committed by developed nations. More over this third nation bank can become the most important once since largest nations like China and India are involved.

However Author explains that setting up the bank itself is a difficult task and the norms to run the bank will be a Herculean task because though all the five countries are commonly termed as Developing nations, their economies differ a lot. China will immediately turn into major power of these five countries if a Bank is to select one country in terms of investments and savings their economy seems to be more safer and less threatening to collapse. so Author feels that banks regulations should be clearly written keeping in mind the survival of the remaining nations in terms of Debts to world bank their current GDP rate and future development in pipeline to improve their respective economy

Author ends the article with the good note that such an idea was least expected of BRICS and it was a good start in terms of implementing such ideas which would eventually result in a better growth. He points out that BRICS took the initiative to show to the world that they no longer are a group who form to keep their status with periodic conferences to show off but are a serious representative who are putting in the best minds to grow at a faster pace with feasible ideas.

                                                                                                                                     - Vamshi Regalla