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The partnership with China "should and will flourish" said the Indian Prime Minister in Shanghai.
The two sides have set a bilateral trade target of $100 billion by 2015.
The Bank will have its headquarters in China with India holding its first rotating presidency.
The two leaders will acknowledge the increasing clout of developing economies in the new global financial architecture.
Russia-India ties are expected to receive a significant boost by twin visits by Prime Minister Narendra Modi to Russia in July and November.
High on the agenda of talks are the BRICS Bank, bilateral ties, the trade deficit, China’s Silk Route revival and India’s manufacturing drive.
This was the first time Indian and Chinese soldiers participated in a Russian Victory Day parade.
On May 9, Russia commemorates the sacrifice of the millions who fought and died to bring down the Third Reich.
The Indian Prime Minister also rejected the US charge of “increased assertiveness” of China in the region.
