The Department of Finance, Government of Gujarat and Indian Institute of Management Ahmedabad (IIMA), successfully organised a high-level Strategic Dialogue on the Viksit Gujarat Fund on 22nd April, 2024 at Gift City, bringing together senior government officials, industry leaders, financial institutions, and academia to deliberate on innovative financing strategies for achieving the vision of Viksit Gujarat @2047.
The Strategic Dialogue on the Viksit Gujarat Fund was inaugurated by Shri Manoj Kumar Das, Chief Secretary, Government of Gujarat, Prof.Satish Deodhar, Dean and Acting Director-IIMA, Dr. T. Natarajan, Additional Chief Secretary, Finance Department and Shri Sandeep Kumar, Secretary (Expenditure), Finance Department
Dr. T. Natarajan has highlighted Gujarat’s strong fiscal foundation and its readiness to achieve the twin goals of “earning well and living well.” He introduced the Viksit Gujarat Fund as a catalytic financing mechanism aimed at mobilising large-scale investments through public-private participation and innovative financial models.
In his keynote address, Shri Manoj Kumar Das, Chief Secretary, Government of Gujarat, outlined the State’s long-term development vision aligned with Viksit Bharat @2047, targeting a GSDP of over USD 3.5 trillion by 2047. He emphasised Gujarat’s ambition to emerge as a global leader in manufacturing, services, and sustainable development.
Shri Manoj Kumar Das appreciated the efforts and leadership of Dr. T. Natarajan and Shri Sandeep Kumar in successfully conceptualising and organising this Strategic Dialogue on the Viksit Gujarat Fund.
The Viksit Gujarat Fund, with a proposed corpus of ₹50,000 crore, will serve as a strategic lever to crowd-in private and institutional capital for transformative projects worth 5,00,000 crore.
Shri Sandeep Kumar, Secretary (Expenditure), Finance Department, presented the detailed framework of the Fund, highlighting blended finance, outcome-driven investments, and flexible financial structures across priority sectors including infrastructure, energy, urban development, tourism, technology, and social sectors.
Academic Perspective and Institutional Strengthening
Addressing the gathering, Prof. Satish Deodhar, Dean and Acting Director, Indian Institute of Management Ahmedabad (IIMA), underscored that the Viksit Gujarat agenda goes beyond capital mobilisation to designing credible institutional frameworks and ensuring execution at scale. He reaffirmed IIMA’s commitment to support the Government of Gujarat in PPP framework design, innovative financing models, project preparation, and institutional capacity building.
Key Highlights from the Dialogue
- Catalysing ₹5,00,000 Crore Investment Emphasis on developing a strong pipeline of bankable projects through robust studies, preparation, project structuring via PPP models (VGF & HAM), predictable revenue streams, and innovative financing mechanisms.
- Financing High-Impact and Iconic Projects Strategies discussed included monetisation of land value appreciation, phased financing, and asset pooling to reduce risks and attract investors.
- Strengthening Institutional and Contractual Frameworks Focus on robust concession agreements, efficient dispute resolution, and alignment of risk profiles with investor expectations.
- Strategic Sectoral Focus Discussions highlighted port-led development, ecosystem-driven infrastructure, and adoption of global best practices in infrastructure financing.
