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India's finance minister also announced further liberalisation of Foreign Institutional Investment (FII) norms last week.
A notice of over $383 million has been issued to Finnish mobile firm Nokia for alleged tax violation.
In 2010, India and China set a target to reach $100 billion in bilateral trade by 2015.
By 2020 the total GDP for African countries will reach $2.6 trillion, according to forecasts.
Human resource development and capacity-building assistance are at the core of India’s cooperation with Africa.
The five leaders were combined in their resolve that there is no going back from the BRICS agenda.
Heads of state established a Business Council, pledged a $100bn currency fund, and agreed to set up the BRICS Bank.
The Russian president says his country is ready to boost cooperation in the space industry, science and the hi-tech sphere.
The leaders announced the establishment of a contingency reserve arrangement of $100 billion for BRICS nations.
The BRICS Business Council will consist of 25 members with five from each nation.