Leaders from the BRICS countries and members of the Shanghai Cooperation Organization (SCO) are arriving in Ufa, Russian Federation for their twin summits.

With regard to BRICS, Modi said that it is an “important pillar” in the world of challenges. “Modi strongly took up issue of China blocking the resolution and he conveyed India’s concerns over the release of Lakhvi”.

“Friends, I am in Ufa along with several world leaders. In the near future, we expect to finalize all the remaining issues and we will be able to use this Bank’s potential to realize major projects in our countries”, he said.

The Modi-Rouhani meeting comes as India is moving fast ahead with developing the strategic Iranian port of Chabahar, seen by India as offering an alternative route to landlocked Afghanistan and beyond to resource-rich Central Asia.

UFA, Russia, July 9 (Reuters) – The BRICS emerging nations said on Thursday they were anxious about the volatility of global financial markets and oil prices and agreed to coordinate efforts to keep their economies stable. In September 2014 and May 2015, Xi and Modi visited each other’s country, respectively.

“The bank is an instrument for development, for economic growth”, Siluanov said, while ruling out any bailout loans to Greece.

The Spokesperson said the meeting would have positive impact at bilateral, regional and worldwide levels.

The BRICS New Development Bank will consider the feasibility of new infrastructure projects by the end of the year, and the acceptance procedure will be clear and transparent, Russian Finance Minister Anton Siluanov told RT. The sanctions imposed by the European Union and the United States over the country’s involvement in the conflict in Ukraine continue to bite, and Russian Federation is looking to strengthen its economic ties elsewhere.

China is now conducting feasibility study to build a high-speed rail between Chennai and New Delhi.

He also proposed to explore ways to effectively connect China’s Belt and Road initiative with India’s relevant development plans, in a bid to achieve mutually beneficial cooperation and common development. “These reforms are urgently required, if the global institution is to retain its role and relevance in the 21st century”, he said.

As the BRICS (Brazil, Russia, India, China and South Africa) summit kicked off in Ufa in Russia earlier this week, with a clear signal of a China-Russia bond, Modi tried to make the best of the situation by extending a veiled support to Russia.

“India will be happy to host the first BRICS trade fair”, Modi said in his remarks at the BRICS Business Council meeting at the seventh BRICS Summit. “I think that more meetings may be arranged”, he said.