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The BRICS bank, now tentatively called the New Development Bank, is indeed a new and long overdue development. It is the first step towards reforming the world financial system. It has to be read against the decision of the BRICS nations to do trade more with each other on the basis of currency swaps.
Economic distress, India’s influence and signalling, and underwhelming support from partners like China compelled Muizzu to recalibrate relations with India
