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SHOCKING: The new development bank - What They Never Told You

'Breakthrough', 'good move': Several foreign journalists covering BRICS Summit welcome New Delhi Declaration

Foreign journalists covering the BRICS Summit in Delhi welcomed the New Delhi Declaration. Some called the consensus document a breakthrough while others described it as a good move. The declaration addressed global governance and promoting peace through dialogue and diplomacy. It also highlighted practical cooperation and the role of the…

The Economic Times

BRICS Summit 2026: NDB crucial institution for promoting sustainable development, say bloc members

BRICS countries on Saturday backed the New Development Bank as a crucial institution for sustainable development, reducing inequality and strengthening resilience in emerging economies. The New Delhi Declaration urged the NDB to expand resource mobilisation, local-currency financing, innovation and infrastructure investment, while supporting wider membership and stronger governance.

The Economic Times

De-dollarisation: BRICS takes a measured route, focuses on payments and not on common currency

There is no mention of a common BRICS currency or a formal call for replacement of the US dollar. Instead, the document sticks to the more incremental, technocratic language the bloc has used since Rio and Kazan: interoperable payment systems, local-currency settlement, and voluntary cooperation among members who "respect national…

The Economic Times

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BRICS 2026 calls for bigger emerging-market voice in IMF, World Bank; criticises unilateral tariffs

BRICS finance leaders urged greater emerging market representation in global financial institutions. They also advocated for increased local currency use in trade and investment activities. The bloc criticized unilateral tariffs and trade measures, supporting a rules-based multilateral trading system. Work continues on cross-border payment systems and strengthening the New Development…

The Economic Times

Elephant, Dragon & Bear: Modi, Xi and Putin may converge at BRICS for a big power play

Prime Minister Narendra Modi will host Chinese President Xi Jinping and Russian President Vladimir Putin this weekend. Xi's visit marks his first trip to India in nearly seven years. Modi meets Putin on Friday, and a Modi-Xi meeting is widely expected. India's chairship focuses on practical economic cooperation and resilience.…

The Economic Times

Ahead of BRICS, Congress recalls 2012 summit where former PM Manmohan Singh proposed development bank

Congress highlighted BRICS' origins and India's 2012 summit hosting. Then Prime Minister Manmohan Singh proposed the BRICS Development Bank idea. This institution later became the New Development Bank headquartered in Shanghai. India has since borrowed approximately ten billion US dollars from the NDB.

The Economic Times

BRICS Climate Agenda: Focus on Global South as India pushes for sustainable future

India's BRICS presidency prioritizes climate action and energy transition for developing nations. Discussions will cover critical minerals and access to essential climate finance. The grouping aims to translate economic influence into a stronger collective voice. Cooperation on adaptation and technology transfer will also be central themes. BRICS seeks practical mechanisms…

The Economic Times

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India steering BRICS towards practical, decentralised agenda amid global disruptions: Expert

India leads BRICS toward a decentralized development agenda focusing on agriculture and startups. This approach aims to insulate Global South economies from international economic shocks. The grouping's growing appeal is evident through its recent expansion and numerous membership applications. BRICS has evolved into a significant intercontinental organization over two decades.…

The Economic Times

BRICS by BRICS: India's journey from seeking reforms to shaping global order

India's BRICS engagement has shifted from seeking a voice to offering indigenous solutions. The nation now actively shapes global order with scalable innovations and partnerships. Digital Public Infrastructure, like UPI, offers a blueprint for inclusive growth across emerging economies. BRICS facilitates exchange, allowing countries to adapt technology to their specific…

The Economic Times

China supports India in hosting BRICS Summit, highlighting importance of cooperation

China supports India in hosting the BRICS summit, according to Chinese Foreign Ministry spokesperson Mao Ning. While attendance details remain unannounced, the 18th summit in New Delhi will mark two decades of the bloc, focusing on trade, development, and Global South priorities.

The Economic Times

India set to host expanded BRICS summit as global trade, finance and governance take centre stage

India will host the 18th BRICS Leaders’ Summit in Delhi on September 12 and 13. Leaders will discuss trade, finance, technology, and energy security during the meeting. The summit marks BRICS' 20th anniversary and follows the bloc's significant expansion. India's chairship theme is "Building for Resilience, Innovation, Cooperation and Sustainability."…

The Economic Times

Iran to join BRICS development bank soon, central bank governor Abdolnaser Hemmati says

Iran plans to join the New Development Bank soon. This move comes as the nation faces international sanctions and seeks alternative financial channels. Iran joined BRICS in 2024 and desires shareholder status in the NDB. The bank was established by BRICS nations to finance development projects. BRICS members aim to…

The Economic Times

Iran to join BRICS bank soon as Trump claims US controls Tehran’s frozen assets

Iranian central bank governor Abdolnaser Hemmati said in a state media report on Wednesday that Iran will soon join the New Development Bank, the multilateral lender established by the BRICS group of nations. This comes ahead of a BRICS finance meeting scheduled to be held in India.

The Times of India

Iran-US war latest: Tehran rejects Trump’s claim of ‘total control’ over Hormuz as traffic nears 3-month low

Donald Trump argued the Iranian navy has been destroyed and they cannot enforce the closure of the strait

The Independent UK

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Euronews

Tashkent turns 120 investor proposals into economic reform roadmap

Recommendations submitted by international investors during meetings held alongside the Tashkent International Investment Forum will be incorporated into a government reform roadmap covering banking, energy, artificial intelligence, capital markets and corporate governance.

The Economic Times

NPS gets new investment option: Pension body allows NPS funds to invest in these rupee bonds

The PFRDA has updated NPS investment guidelines, effective May 13, 2026, to include rupee-denominated bonds issued by the New Development Bank (NDB). This expands investment options for both government and private sector NPS funds, previously limited to bonds from IBRD, IFC, and ADB. Other conditions like credit rating and maturity…

The Independent UK

Colombia seeks to join China-based development bank as Latin America drifts away from Washington

Colombia’s government has applied to join a China-based development bank

The Conversation

Nigeria’s Brics partnership: economist outlines potential benefits

During its 16th annual summit in Kazan, Russia, Brics – a group of emerging economies determined to act as a counterweight to the west and to whittle down the influence of global institutions – invited Nigeria and eight other countries to join it as “partner” countries. Nigeria formally accepted the…

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The Conversation

Brics expansion: six more nations are set to join – what they’re buying into

One key outcome of the 15th Brics summit, hosted by South Africa, is the decision to invite six more countries to join the group with effect from January 2024. They are Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates. All six had applied for membership. The enlargement…

The Conversation

South Africa's role as host of the BRICS summit is fraught with dangers. A guide to who is in the group, and why it exists

South Africa will host the BRICS summit in August 2023. The event could offer the country an opportunity to exercise leadership in the BRICS’ efforts to reform the arrangements for global economic governance and in supporting sustainable and inclusive development in Africa and the Global South. However, the opportunity has…

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