【New Delhi】The Centre is pitching for the headquarters of the proposed Brics bank to be based in India as well as for its first president to be an Indian citizen.
The move – if accepted by the five-country grouping of Brazil, Russia, India, China and South Africa – could be seen as yet another major foreign policy accomplishment by Prime Minister Narendra Modi after the praise he earned for inviting the leaders of Saarc member countries for his swearing-in ceremony.
The development bank is likely to be officially launched during the July 15-17 Brics Summit at Fortaleza in Brazil. The visit to Brazil is likely to be Modi's first foreign trip as the Prime Minister. The countries are yet to come to a consensus on three main aspects: funding, headquarters and the first president, finance ministry sources told FE.
○Rajan extends olive branch to Modi
【New Delhi】Does Reserve Bank of India (RBI) Governor Raghuram Rajan have a reformist ally in Narendra Modi? Only time will tell if India's new Prime Minister Modi can scale up his fabled 'Gujarat Model' to revitalise Asia's number three economy. But there already are signs Rajan, India's central bank governor, is extending an economic olive branch to the new leader, which should cheer global markets.
The RBI is independent and Rajan, a respected University of Chicago professor, is no pawn. Nor can he afford to be a monetary pushover, given how India's eight per cent-plus inflation rate exacerbates the nation's crushing poverty. But Rajan seems willing to believe Modi's pledges to bring down inflation, and is willing to reciprocate the generosity. He did so this week by holding the benchmark repurchase rate at eight per cent and hinting he's willing to ease policy if inflation pressures wane.
【News source】
Modi govt’s pitch: India for Brics bank HQ, Indian as its president
When Rajan met Modi
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