Apropos the report “BRICS to set up development bank parallel to World Bank” (March 27), the summit has tried to portray a lofty picture whereby the five developing nations could pool their resources in the interest of every other country. India has been the victim of inadequate infrastructure, trade and investment in the normal process. But the country possesses the educated manpower and agricultural produce, which is not potentially utilised and could be exchanged with the other nations in terms of the other commodities. At every stage, the principle of substitution is likely to work efficiently in the formation of a conglomerate. Even funding projects could be possible if the nations become specific about their needs to augment finance and trade.
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R K Arya Faridabad
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number