PM Narendra Modi, currently in Fortalezza in Brazil for the BRICS summit, will start his first multilateral engagement with BRICS leaders. He is expected to give top priority for the BRICS development bank with an equal shareholding for all the five members. India is keen on equal shareholding since it does not to have a repeat of the distortions in Bretton Woods institutions like IMF, World Bank and the Asian Development Bank in which rich countries like the US and Japan enjoy a stranglehold.
Before the BRICS summit, Modi will meet the Chinese President Xi Jinping and Russian President Vladimir Putin to discuss the New Development Bank besides the possible outcomes of the summit on UN Security Council reforms and international financial architecture. The BRICS Development Bank, an idea conceived in Delhi and approved in Durban, will have an initial corpus of $ 50 billion (Re. 3, 00, 000 Crore), with a scope for expansion upto $100 billion with the addition of new members. For the initial corpus, India wants equal contribution from all five as India would not want it to suffer from the distorted ownership pattern of IMF and World Bank. India is concerned about about the presidency of the bank and its name, too. India would like it to call it New Development Bank, which is Modi's preferred expression. India looks forward to a successful conclusion of BRICS initiatives like the New Development Bank and the Contingent Reserve Arrangement.