BRICS agrees on $100 bn fund, India to give $18 bn

Battling stunted growth and devaluing currency values, the five nation BRICS grouping, including India, on Thursday decided to launch a $100 billion currency reserve fund which is expected to help them navigate through an imminent phase out of the US stimulus package. India will contribute $18 billion to the contingent reserve arrangement, while China will contribute the largest chunk of the fund making a commitment of $41 billion.