Jaitley to address BRICS seminar on corporate bond market tomorrow

Eyeing deepening of corporate bond market in India, Finance Minister Arun Jaitley will tomorrow address a session on ways to develop it and possibilities of sharing the best practices followed by BRICS countries.

Jaitley will deliver the valedictory address at the one day BRICS Seminar on 'Challenges in Developing the Bond market in BRICS' in Mumbai tomorrow, a finance ministry statement said.

"The seminar will provide a platform to share the best practices from BRICS countries and also explore the global best practices which may be adopted to develop this market," the statement added.

The seminar will be attended by Sebi Chairman U K Sinha, RBI Deputy Governor R Gandhi, Economic Affairs Secretary Shaktikanta Das and experts from BRICS nations, multilateral organisations, financial institutions and the corporate sector.

The BRICS (Brazil, Russia, India, China, South Africa) summit will be held in Goa between October 15-16 and as a lead-up to that, India has initiated a number of events.

Building Responsive, Inclusive and Collective Solutions is the core theme for the BRICS Chairmanship with a special focus on institution-building, implementing past commitments, and exploring innovative solutions in a spirit of continuity with consolidation, the statement said.

"A key agenda is to foster cooperation among BRICS in the development of financial markets. One of the areas which have been identified as a priority is the development of bond markets. The need to develop robust domestic bond markets has been increasingly felt the world over post the global financial crisis," it added.

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

Against this backdrop, DEA is organising this one-day seminar in collaboration with industry chamber CII.