India participates in first meeting of BRICS Finance Ministers and Central Bank Governors
New Delhi, Apr 21 (KNN) In a bid to strengthen cooperation along economic lines, India participated at the BRICS Finance Ministers and Central Bank Governors meeting in Washington DC.
The meeting was held along the sidelines of the IMP/World Bank Spring meetings.
India was represented by Subhash Chandra Garg, Secretary, Department of Economic Affairs (EA).
During the meeting with BRICS counterparts, Garg highlighted that India has been a constructive participant to the discussions on NDB’s membership expansion.
He expressed that a more careful and cautious approach on the value and addition/ benefits new member will bring to the Bank would be desirable rather than setting deadlines which are practically difficult to achieve.
With regard to the issue of expansion of NDB’s project pipeline across member nations evenly, Garg said that the objective has to be balanced with member country’s requirement for infrastructure financing. On the proposal for setting up the Working Group on Illicit Financial Flows and BRICS PPP Task Force, Secretary (EA) expressed India’s appreciation on the proposal.
However, he suggested that NDB already has a Project Preparation Fund hence a separate similar preparation fund for PPP will not be desirable. This Project Preparation Fund also will be able to serve projects preparation of PPP projects as well.
In view of the India’s experience to develop brownfield infrastructure projects as asset class, Garg Secretary (EA) suggested that the BRICS may consider this more readily available infrastructure asset class for getting finances from pension funds, sovereign wealth funds etc. as sources of financing. He also sought the support of the Presidency in building consensus amongst the BRICS membership on the BRICS Rating Agency proposal.
He requested the Presidency to receive and take forward the Report to be submitted by Expert Group set up under the aegis of BRICS Business Council to study the feasibility of the BRICS Rating Agency.(With PIB Inputs)