India leading BRICS Bank bodes well for future says Samir Saran

BRICS Summit’s decision to establish a development bank gives a sense of achievement for India as well as fellow nations. India has invested the most in the Bank after much deliberation during the last years. Author and commentator Samir Saran says that with India having the bank’s stewardship, it is a welcome start to a financial institution such as the BRICS Bank. The Bank should not be seen as if it is in competition with other international financial institutions. Rather, it should be viewed as an additionality. BRICS Bank will cater to the scarcity gap, changing the ethos of financial institutions. The Bank’s headquarters being in Shangai should not deter India’s hopes as we will have the bank’s stewardship during these formative years and this will be fruitful to the economy.

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