The BRICS Summit, Prime Minister Narendra Modi's first multilateral engagement, commenced here on Tuesday amid an understanding that the five member nations will have equal shareholding in the proposed $50 billion BRICS Development Bank presidency of which is likely to go to India first.
The new Indian leader joined Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil at the grouping's sixth summit at this seaside Brazilian city to deliberate on global economic, political and strategic issues.
The bank's headquarters is likely to be located in Shanghai, China's financial hub, although India was pressing for New Delhi. However, the first rotational presidency of the bank is likely to go to India.
Modi, wearing a light maroon bandh gala suit, was received at the Convention Centre by Rousseff with a warm handshake. The two chatted briefly before posing for photos.