ICC President David Morgan, who presented Kapil with his hand-crafted Hall of Fame cap at the ceremony at ICC headquarters in Dubai, was glowing in his praise for the latest inductee.
"Kapil was an all-time great player," said Mr Morgan.
"He did everything. He batted, bowled and he was a fine fielder. I remember the great catch he took to dismiss Viv Richards in the 1983 World Cup final - he was on the run and the ball came over his shoulder, possibly the most difficult of catches.
"It gives me enormous pleasure to award this commemorative cap to Kapil Dev and formally induct him into the ICC Cricket Hall of Fame," he added.
Lloyd, who was in attendance at the cap presentation and played against Kapil in the 1983 World Cup final said: "Kapil is a thoroughly deserving induction into the Hall of Fame. He was a fantastic cricketer and he was a great asset for Indian cricket during his time at the helm.
"He set the pace for them early on and he came to the fore and did wonderfully well - he played like a true champion and was a brilliant leader."
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