Govt aims to double Rajasthan's economy to Rs 30 trillion in five years: CM

Rajasthan will hold a three-day global investment summit which Prime Minister Narendra Modi is scheduled to inaugurate on December 9. The summit is held to attract investment across sectors and revitalise the state's industrial network. Rajasthan Chief Minister Bhajan Lal Sharma, in an online interview with Anil Sharma, spoke about the government’s preparations and expectations from the event. Edited excerpts:  

 

With hardly 5-6 days remaining for the ‘Rising Rajasthan Global Investment Summit 2024’, what do you think will be the outcome of the summit?

 

Our government has set an ambitious target of doubling the state’s economy from its current size of Rs 15 trillion to Rs 30 trillion in the next five years. The Rising Rajasthan Global Investment Summit 2024 (RRGIS 2024) is an opportunity to attract investment across sectors and breathe new life into the state's industrial network.

 

We are doing a regulatory overhaul, taking pro-business policy reforms and transforming Rajasthan into one of the most preferred investment destinations. In addition to that, the government also has to ensure that the word about Rajasthan’s immense investment potential spreads worldwide. Hence, we undertook an extensive investor outreach at key commercial centres by organising investor roadshows in Delhi, Mumbai, South Korea, Japan, the UAE, Qatar, Singapore, the UK, Germany, and Saudi Arabia. The government is committed to converting the signed memoranda of understanding (MoUs) into running projects in the next 3-4 years and creating new employment opportunities for the youth of the state.

 

Investment proposals of over Rs 25 trillion have already been signed. What measures will the government take to ensure the on-ground implementation of all the investment proposals, unlike in the past when results were not good?

 

The previous government used to organise investment summits in the 3rd or 4th year of the term, this BJP government took the bold decision to hold an investment summit in the very first year. My government intends to ensure that the signed investment MoUs are converted into running projects. We were very clear at the onset that the investment MoUs of only those investors whose projects are viable should be signed.

 

For foreign investors, we have appointed 23 senior IAS officers as single Point of Contact (PoC) with the responsibility to ensure that the investors do not face any hurdle. Continuous monitoring and handholding of investors at all stages of the project will play a key role in the on-ground implementation of the signed investment proposals.

 

What are the key measures and policy decisions taken by the government to attract investment and enhance the ease of doing business in the state?

 

The ease of doing business and the reduction of production costs are the mantras of our government. We want to project Rajasthan as one of the most competitive states. The signing of MoUs worth Rs 25 trillion ahead of the summit resulted from our hard work and policy decisions in the last 9 months.

 

We have classified several sectors as focus sectors under the Rajasthan Investment Promotion Scheme (RIPS) whose latest version was recently launched. RIPS 2024 offers various fiscal incentives, including investment subsidies, turn-over-linked incentives, capital subsidies, exemption from taxes, green incentives, and employment generation incentives, among others.

 

To enhance ease of doing business, the government has launched an online portal RajNivesh to eliminate the need for any investor to have any physical interface with the officials concerned. The single-window mechanism ensures that the proposals are processed and approved digitally, seamlessly, and transparently in a time-bound manner. Delicensing and deregulating the process of setting up industries is another area the government has aggressively worked towards.

 

Which key dignitaries/countries have confirmed their participation in the summit?

 

The response to RRGIS 2024 has been exceptionally positive from investors, business groups, foreign governments, and international organisations. So far, 32 countries have confirmed their participation, with 14 agreeing to become summit partners. Additionally, 13 ambassadors and over 50 international organisations have confirmed their attendance, with more expected to join. As the summit approaches, further confirmations are likely. RRGIS 2024 aims to provide a global platform for experts and business leaders to find solutions to critical challenges, emphasising technological collaboration and stakeholder dialogue.

 

What have been the significant outcomes of the extensive investor roadshows undertaken in India and abroad?

 

The roadshows undertaken in India and in different countries worldwide have been very productive and contributed to such widespread participation from investors and other stakeholders in the summit. In South Korea, we had a very fruitful discussion with companies such as POSCO International, Hanwha Solution, SG Corporation, LX International, Samsung Healthcare, Korea Stone Association, and Orion, among others.

 

In Japan, a productive round of talks was conducted with JETRO, Kai Group, Nippon Steel Trading, Hitachi, Yamashita Rubber, E&H Precision, Takahata Precision, Honda, Wafuku Group, Daikin and NIDEC, among others. The Japanese Investment Zone in Alwar’s Neemrana region continues to attract Japanese businesses, and many companies have discussed their expansion plans in Rajasthan.

 

In Germany, we signed a few MoUs with Albatross Projects, Flixbus Partex NV, Veauli Techniks GmbH & Ingo Schmitz among the defence, mobility, artificial intelligence, automobile and skill development sectors. Similarly, in the UK, MoUs were signed with UK Royal Multisport Pvt Ltd (owner of the Rajasthan Royals cricket team), Indo-UK Institute of Health, and ReNew Power, among others.

 

The industries department will reveal more details about the consolidated information about the signed MoUs during the summit.