New Delhi, Nov. 9 -- The Confederation of Indian Industry (CII) on Sunday proposed the creation of an India Development and Strategic Fund (IDSF), a sovereign-backed, professionally-managed financial institution aimed at financing the country's long-term growth and securing its strategic future.

The IDSF is envisioned by the industry body as a twin-arm national fund that would mobilize patient, long-term capital to strengthen India's productive capacity at home while securing critical economic and strategic interests abroad.

The CII said the IDSF could manage a corpus of $1.3-$2.6 trillion by 2047, placing it on par in scale and credibility with the world's leading sovereign wealth funds.

To be sure, the proposal comes on the heels of ...