Asian Infrastructure Investment Bank, New Development Bank and the Reshaping of Global Economic Order: Unfolding Trends and Perceptions in Sino-Indian Economic Relations.

While much of the literature is preoccupied with China's leading role in reshaping the rules of global economic governance through various mechanisms such as the Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB) among others, the significance of India in these efforts is considered secondary to China. In comparison to China, India not only provides a democratic aperture but also facelifts institutional values and make the institutions more multilateral to be approached by developing countries which are otherwise skeptical of China's rise. In addition, India's membership also reinforces the foundations of these institutions where sustained economic growth is the key principle. The paper attempts to examine how India and China contribute to the success of these mechanisms in terms of monetary funding and the role of public financial entities from respective countries and negotiations. With slowing down of economies of major developing countries like Brazil, South Africa and Russia, China and India are left with major responsibility to keep the pace of multilateral economic cooperation undeterred. It is interesting to see how stable, participative and transparent this transformed economic governance would emerge in the coming decades. The paper also looks at possible setbacks it may face in terms of competitive trends between India and China's economy for resources such as energy in the countries involved in these negotiations. The institutions like AIIB and NDB need to overcome the biases deep rooted in bilateral relations, and seek wider cooperation needed to outperform the sense of competitiveness. [ABSTRACT FROM AUTHOR]