.........This edition of BRICS is significant as it is expected to witness the creation of BRICS development bank whose formation has been delayed over differences between China and India over its holding pattern. China, the biggest economy in the BRICS, wanted majority stake in the bank that would be a counter to the IMF dominance. The bank will have $100 billion capital within seven years. The highlight of the meet will be the creation of a $100 billion fund with contribution from all five members that would tackle liquidity crisis that any member country may face in future............
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