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Wednesday, 21 October 2015 11:49

THE ‘BRICS’ DEVELOPMENT BANK

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Abstract: The creation of the BRICS Development Bank is being regarded as a tectonic shift in the global strategic landscape. Its creation can launch us into a Post-Western world where the agenda of development will be decided by the major stakeholders of the developing nations and not dictated by the World Bank and the IMF. In the following sections, we first review the feasibility of this new Development Bank politics and the roadblocks that might thwart its smooth emergence. The paper will further focus on the prospect of potential rivalry among the five BRICS nations. The paper will also provide a brief agenda for the future development of BRICS as a major development institution. The paper conclude that the whole world, especially the BRICS countries desire India to perform extraordinarily in economic growth, but the country is deeply enmeshed in its domestic political and social churning which would act as constrain against its galloping growth for decades.

Keywords: BRICS, Development Bank, India, China.

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Read 52094 times Last modified on Thursday, 29 October 2015 09:42