With New Development Bank (NDB) up and running, the BRICS leadership is focusing on developing a vibrant bond market, seeing it as essential for infrastructure building.

Finance Minister Arun Jaitley is expected to emphasise this whe he addresses a BRICS (Brazil, Russia, India, China and South Africa) seminar on ‘Challenges in Developing the Bond market in BRICS’ in Mumbai on Tuesday.

"The one-day seminar is to provide a platform to share the best practices from BRICS countries and to explore the global best practices which may be adopted to develop this market," Jaitley said in a statement here on Monday.

A key agenda is to foster cooperation among BRICS in the development of financial markets, the statement said.

India has assumed the chairmanship of BRICS during 2016.

The need to develop robust domestic bond markets has been increasingly felt the world over after the global financial crisis.

A deep and vibrant bond market provides governments and corporate with an alternative and cost-effective source of debt-funding which is vital for economic growth and stability.

Earlier known as the BRICS Development Bank, the New Development Bank was founded on July 15, 2014.