In Pics: 5 reasons why BRICS is good for India

As the sixth five-nation BRICS Summit 2014 is scheduled to take place in Brazil from July 15th to July 16th , let's take a look at why the summit is important for India.

In a pre-departure statement, PM Narendra Modi had said he looks at the BRICS Summit as an opportunity to discuss with his BRICS partners "how we can contribute to international efforts to address regional crises, address security threats and restore a climate of peace and stability in the world".

"I also look forward to our discussions to further advance intra-BRICS economic cooperation and our collective efforts to advance global economic stability and prosperity. In particular, I look forward to the successful conclusion of major BRICS initiatives, like the New Development Bank and the Contingent Reserve Arrangement, which have seen significant progress since their launch in New Delhi in 2012. These initiatives will support growth and stability in BRICS and also benefit other developing countries," he had said.

Modi said the "Summit theme, "Inclusive Growth; Sustainable Development", will enable us to shape the post-2015 Development Agenda being discussed in the United Nations".

He had said the Summit "will also be an occasion for my first meetings as Prime Minister with the leaders of our important global partners - Brazil, China, Russia and South Africa. I look forward to meaningful meetings with them to intensify bilateral relations and exchange views on global and regional developments".

Here are the 5 reasons why BRICS Summit 2014 is good for India:

Prime Minister Narendra Modi to attend BRICS for the first time

The BRICS Summit provides Modi his first opportunity during the multilateral engagement at meeting the world leaders in an international gathering, which is expected to finalise the setting up of a development bank and seek reforms of the United Nations and international financial organisations.

As the nation has already seen the PM Narendra Modi's magic and charismatic governance skills, the BRICS Summit will act as a catalyst for Modi to show his leadership qualities at the global level in discussing the bilateral issues like economic ties, etc.

India is hoping for an endorsement of the need for UN Security Council reforms and also those of the Bretton Woods institutions like the World Bank and IMF.

Modi will also meet the heads of governments of South American countries, including Argentina, Bolivia and Venezuela, who have been invited by host Brazil.

Modi is accompanied by a high-level delegation that includes Minister of State for Finance Nirmala Sitharaman, National Security Adviser A K Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram.

India-China ties:

In his first meeting with Chinese President Xi Jinping on the sidelines of BRICS summit, PM Narendra Modi is expected to discuss bilateral, economic, trade and strategic issues.

Their maiden meeting likely to be held on July 15 is taking place in the backdrop of signing of MoU to facilitate Chinese Industrial Parks in India during last month's visit of Vice President Hamid Ansari.

India looks to China to come up with a big investment commitment to translate its promises to address the ballooning trade deficit, which in the five month of this year climbed to nearly USD 13 billion.

According to the January-May data released by the Chinese customs, China's exports to India amounted to USD 20.18 billion, while Indian imports to China totalled to just USD 7.992 billion.

Indian official say that the annual trade deficit in the last few years is averaging around USD 35 billion, making bilateral trade unsustainable. China while acknowledging the trade deficit has promised to step up its investments from the present USD 1.1 billion, mostly in Gujarat.

The Chinese industrial parks which were in the pipeline for some time could become a reality as the MoU provide the framework for their functioning.

The new Indian government sees the Parks as important initiative to bring in the much needed FDI into the economy.

India wants more proactive support from China to its push for better market access to IT and Pharmaceuticals, which Indian official see better prospects in Chinese markets.

Besides the two key trade issues, India's concerns over incursion of Chinese troops along LAC, operationalisation of last year's Border Defence Cooperation Agreement (BDCA) on the ground as well as its aspiration to become permanent member of the UN Security Council were expected to figure in the talks.

India-Russia ties:

PM Narendra Modi and Russian President Vladimir Putin are likely to talk on hydrocarbons pipeline from Russia to India.

The two leaders are also set to review defence ties between the two nations and stress ways to improve cooperation between two old allies in international politics.

India is said to have shown interest to join the $400-billion gas deal project so that the gas supply can be extended to India.

A formal announcement on India's joining the project could be made in December when Putin visits India.

Modi is also likely to convey to the Russian President New Delhi's concern over Moscow's decision to withdraw embargo on supplying weapons to Pakistan.

India- Brazil ties:

As the PM Modi is set to prove his mettle in Fortaleza, his maiden visit to Brazil as the country's PM India will resurrect the bilateral ties between India and Brazil at an altogether new level.

In the creation of new Development Bank, India and Brazil along with Russia are contributing $18 billion each.

India and Brazil bilateral relationship holds significance as the two nations's common interests are to promote international trade and development, environment, reform of the UN, the UNSC expansion, cultural and economic relations.

India-South Africa ties:

The maiden meeting between the PM Narendra Modi and the South African President Jacob Zuma will open a new window of the commencement of more stronger ties between India and South Africa.

Since 1994, both the nations already share close strategic, cultural, economic, military, sporting ties and extensive energy partnership.