New Delhi: – India supported the proposal to consider expansion in the number of members, in the New Development Bank (NDB) established by Brazil, Russia, India, China and South Africa, the BRICS countries. Currently, only five countries are members of the bank. The bank was established in 2014, as an alternative to the World Bank and the International Monetary Fund, which are under the US influence and India had an important role in this. In the last four years, the bank has provided funding for important infrastructure development projects in developing countries. Against this background, this proposal for expansion of the bank and the Indian support to the proposal becomes important.
On Monday, the first meeting was held between the Finance Ministers and Central Bank Governors (FMCBG) of the BRICS countries. While speaking at this meeting presided over by Russia, Indian Finance Minister Nirmala Sitharaman stressed on the expansion of the NDB. Sitharaman said that India would agree to increase the number of members in the NDB.
The G-20 countries had prepared an action plan to counter the Coronavirus crisis. This was also discussed in the meeting. All these countries are members of G-20. Sitharaman said that therefore, the BRICS countries have worked for relieving the developing countries from the concerns regarding the economy, through this medium. Sitharaman stressed that the BRICS countries should play an important role in maintaining regional balance.
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