BRICS success

Sir — The establishment of the New Development Bank is so far the best initiative taken by the BRICS grouping on economic cooperation and inclusive development. BRICS hopes the bank  will serve as an alternative to the International Monetary Fund and the World Bank. 

India had pitched Mumbai for the bank’s headquarters, and South Africa was lobbying for Johannesburg, but ultimately, the superior infrastructure of Shanghai won. It is good that the first chief of the bank will be from India. Give-and-take is part of multilateral negotiations, and one must not conclude that India has succumbed to China’s demands.

Finally, although it is fine for India to work towards strengthening the BRICS framework, reposing disproportionate faith in BRICS to revive the economy may not work to India’s advantage. New Delhi must continue to improve bilateral trade relations with Europe, the US, Africa and other Asian countries.