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In a first for India, sovereign wealth funds and pension funds from across the globe will congregate on Indian soil to explore investment avenues in infrastructure.
The upcoming Vibrant Gujarat Global Summit is likely to host nearly 20-25 global sovereign wealth funds and pension funds for an interactive session with the policymakers. Prime Minister Narendra Modi is likely to chair the high-profile meet of the heads of these funds, which carry trillions of dollars in their kitty.
Different format
Rajkumar Beniwal, Managing Director, iNdextb, told BusinessLine: “Instead of a CEOs’ conclave that we did in previous editions of Vibrant Gujarat, this time we are conducting a meeting of global sovereign funds and pension funds during the three-day event. We are still working out the details of the programme but we expect about 20-25 heads of such funds to be part of it.”
The 9th edition of the Vibrant Gujarat Global Summit will be held on January 18-20 next year at Mahatma Mandir in Gandhinagar.
Focus on infra projects
Underlining the objective of the meet, Beniwal said, “These are the agencies that fund infra projects in other countries. The Vibrant Gujarat is a platform and they can choose to invest anywhere in India in any project available to them. It is for the overall benefit for the country.”
Investors perceive this development as a confidence-booster.
Hailing the effort, Kishor Ostwal, CMD, CNI Research, said, “Sovereign funds and pension funds are credible source of funds and boost investor confidence. We had experienced policy paralysis in the past. Business confidence was lost. But in last 15 months, we’ve been seeing revival of confidence and increased participation of the private sector.”
Financial institutions
There is also a large number of financial institutions from Asian and West European nations that are likely to be part of Vibrant Gujarat Summit.
FIs and fund houses from countries such as Japan, China, Taiwan, and Singapore besides some West Asian nations have shown keen interest in exploring investment avenues in India.
The Gujarat International Finance-Tec city (GIFT) and the International Financial Services Centre (IFSC) in GIFT is emerging as a top attraction for the financial institutions. With global financial hubs such as Hong Kong and Singapore showing signs of near saturation, prospects are considered to be bright for IFSC at GIFT.
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