India’s Modi does the BRICS Okamanetti

India may not be known for its soccer exploits but that did not stop Indian premier Nerandra Modi from striking the Okamanetti pose this week in Ufa, Russia, 800 kilometres from the capital Moscow, when heads of state of the so-called BRICS countries, Brazil, Russia, India, China and South Africa came together for a summit.

The brief meeting provided a breather for president Xi Jinping as markets in China lost as much as US$3.2 trillion in two weeks, and for Zuma following the release of the contentious Farlam and Nkandla reports as well as comments by leading economists that South Africa was staring down a Greek road. High on the agenda at this year’s summit was the laying of the BRICS for a development institution which will mimic the International Monetary Fund and World Bank, with plans to raise as much as US$100 billion over the next five years.