PSUs need freedom from bureaucratic control: PM

Singh called for fostering competition in public procurement,which entails substantial state spending in most emerging economies,by removing unnecessary restrictions and designing tenders in a better way.

Noting that though the BRICS Brazil,Russia,India,China and South Africa are emerging as economic powerhouses,the Prime Minister warned the nations against speculative capital flows.

The statement comes amid huge volatility across global markets mainly on account of talks of tapering of quantitative easing by US Federal Reserve.

While observing that the BRICS countries have a combined population of over three billion with a total GDP of nearly 14 trillion and around 4 trillion of forex reserves,Singh listed out structures of cooperation being worked out among the member nations,including setting up of a development bank and a contingency reserves fund.