Unilateral sanctions hurt global economy, PM Modi's message to West

In a direct message to the West, PM Narendra Modi on Thursday said that unilateral sanctions against countries were hurting global economy. Modi's remarks at the BRICS business council came shortly after his bilateral meeting with Iranian President Hassan Rouhani who is here to attend the SCO summit where Teheran is an Observer. 

"Unilateral sanctions are hurting the global economy," said Modi. "So it is very essential that BRICS economies deepen their cooperation. BRICS should also work with other developed regions," he said Financial Astrology

Modi, in fact, led the BRICS charge against sanctions as the 5-nation group condemned unilateral military interventions and economic sanctions in "violation of international law and universally recognized norms of international relations". 

"Bearing this in mind, we emphasize the unique importance of the indivisible nature of security, and that no state should strengthen its security at the expense of the security of others," said the BRICS 2015 Declaration. 

Elaborating further on the PM's remarks, MEA secretary (multilateral and economic relations) Sujata Mehta said sanctions imposed by any country needed to be approved by the UN and there is no need to adhere to those which don't have the approval of the world body Personal Numerology

The Declaration came down heavily on the US for holding up IMF reforms saying BRICS was deeply disappointed with the prolonged failure by the United States to ratify the IMF 2010 reform package "which continues to undermine the credibility, legitimacy and effectiveness of the IMF". 

"This prevents the increase in the institution's quota resources and the revision of quotas and voting power in favour of developing countries and emerging markets as agreed by an overwhelming majority of members, including the United States in 2010. We expect the United States to ratify the 2010 reforms by mid-September 2015 as agreed in the IMF," it said Share Market Astrology

Talking about the new BRICS development bank, Modi said he wanted it to start functioning by first funding a project in clean energy. 

Modi also proposed a 10-point programme for BRICS which included initiatives like establishing research centres in agriculture and railways. MEA spokesperson Vikas Swarup described the initiative as 'Das Kadam': Ten Steps for the Future. 

As a part of the initiative, Modi also announced the launching of a BRICS trade fair and India's intention to hold it next year Indian stock market astrology prediction