India backs multilateral financial instutions in promoting global growth

India has offered full backing to the multilateral finance institution in promoting global growth. This was announced by Prime Minister Narendra Modi at the BRICS Business Council meeting in Brasilia. He urged the Council to create a roadmap to achieve the 500 billion dollar intra-BRICS trade target by the next summit. Prime Minister said the identification of economic complementarities among member countries will be important in this effort. Mr Modi called for an early opening of the Regional branch of the New Development Bank in India.

BRICS joint statement, says, building upon the core functions of the bank’s headquarters, its Regional Offices shall contribute to expanding its operations and striving for a more robust project portfolio for all member countries.

Prime Minister Modi, also requested BRICS countries and the NDB to join the global Coalition for Disaster-Resilient Infrastructure.

The Prime Minister underlined the need to address the challenges facing the universal health coverage. He said that the BRICS Business Council may consider organising a hackathon in India on the use of digital health applications. Referring to several agrotech start-ups that have emerged in the five countries, Mr Modi said that their network will be useful for sharing experiences and taking advantage of BRICS’ large markets.

The Prime Minister has since left for New Delhi after attending the BRICS summit in Brazil. In a tweet, Mr Modi described the BRICS Summit a very productive one. Prime Minister said BRICS leaders had fruitful dialogues on cementing ties in trade, innovation, technology and culture. He said the focus on futuristic subjects will surely lead to deeper cooperation that will benefit the people of our respective nations.