BRICS DEVELOPMENT BANK

A new entry into the world of development banks

With the end of BRICS Summit 2013, the third world countries have come up with the idea of establishing the "BRICS Bank". This development bank, something similar to the World Bank or IMF, would use $50 billion (CRA) of seed capital which will be shared equally among Brazil, Russia, India, China and South Africa. The first question that arises with this announcement is that will these countries work efficiently and have enough shared goals as a counterweight to the west.

What has come up as a surprise is that the idea of formation of development bank was proposed by the Indian government. Although, all the development banks are formed with various purposes, they are largely extensions of economic policies of powerful nations. The World Bank and IMF are influenced mainly by US and European Union and Japan has its influence on the Asian Development Bank. So, now its China's turn to have a development bank under its influence.

Now, if the arrangements are made such that the power of vote of the nations would depend on the amount of money contributed in its capital, then clearly China, being wealthier than any other nation, would enjoy the luxury of the most powerful nation in the BRICS association. If they decide to equally contribute in the bank, this may lead to problems with South Africa, since its the poorest among all nations and may not be able to cope up with the amount. Also this may lead to very limited capital of the development bank. Although the BRICS leaders couldn't finalize on the capitalization of the new bank due to the issue of voting rights.

Taking a look at the global response of this declaration, US has expressed its hope that the BRICS development bank will work closely with other existing banks. On the other hand, IMF said that it has been following all the updates with great interest and World Bank has welcomed the development bank and said is ready to work with a new bank to end poverty and spread prosperity all over the world. 

With all these twists and turns, it will be interesting to see the  establishment of BRICS development bank and how it finalizes its capitalization issues and above all how much support will it receive from the west and other development banks.  

SO WHAT DID WE LEARN?

The memories of the most brutal Delhi gang-rape case are still alive in our mind. And why not should it be in our mind, after all had any such heinous crime come into such a limelight earlier? Had anyone been aware of such inhuman and unnatural crime earlier? Nirbhaya case had shaken the whole world and had brought shame to the whole nation. The whole nation had fought against it and had struggled to bring justice to the victim. So what did we learn from this painful incident?

Women grew more worried regarding their safety. There were growing concerns to ensure the safety and security of the women. But did it change the situation of society? Women are still being raped, assaulted and harassed in the hands of the men. Crime rate has not decreased in the city. Even the six people who were held guilty are still on trial, although one of them committed suicide and the one who was the most brutal claims to be a juvenile and hence is being tried in juvenile court.

 Various departments or countries or organisations did try to show their respect towards the braveheart “Nirbhaya” through various actions. The United States had honoured the victim for the International Women of Courage Award. On 8th March, the award to 'Nirbhaya' was presented by the First Lady Michelle Obama and the Secretary of State John Kerry. Railway Ministry is about to make a formal announcement of naming the Chhapra-Anand Vihar Express (weekly) either 'Nirbhaya' or 'Beti'.

Government is trying to make country safer for women by clearing the new anti-rape bill and implementing it as soon as possible. According to the new draft stalking and voyeurism have been made non-bailable offences and provision for punishment for giving false evidence has been dropped. Age for consensual sex in rape cases has been decreased from 18 years to 16 years and this amendment has raised eyebrows of many. The bill contained the provision that if rape leads to death of the victim or leaves her in a vegetative state, it can lead to death penalty. Also the word 'sexual assault' has been replaced by 'rape', thus making the bill women-centric.

This clearly potrays that government to a great extent has tried to make women feel safe and has made possibilities that even an indecent comment can lead to people being held for non-bailable offences. But this bill has to be implemented and the result is awaited. But do women feel safe? Has the society learnt from the past experiences? Is there any change in the way women are treated in the hands of men? These questions remain unanswered as well as the question with which we started “So what did we learn?”

-         PRISHA