Rajasthan govt's mining sector push gains momentum after investment summit

Following the Rising Rajasthan Global Investment Summit 2024 in December, which generated memoranda of understanding (MoUs) and letters of intent worth approximately Rs 35 trillion across various sectors, work is progressing rapidly on MoUs of more than Rs 30,000 crore in mining.

 

The state government’s focus can be gauged from the fact that the government aims to increase the sector’s contribution to Rajasthan’s gross domestic product (GDP) from 3.4 per cent to 5 per cent by the financial year 2029-30 (FY30) and up to 8 per cent by FY47.

 

Rich in minerals, Rajasthan produces 22 major and 36 minor minerals, including unique output like lead, zinc, wollastonite, and gypsum. In FY24, the state’s mining revenue exceeded Rs 7,460 crore.

 

T Ravikant, principal secretary of mines and petroleum, said that among the MOUs signed in the mining sector during the summit, there were 45 MoUs of more than Rs 100 crore. Of these, 20 were worth more than Rs 1,000 crore and 25 were between Rs 100 crore and Rs 1,000 crore.

 

He said he had directed the departmental officers to play a proactive role in taking steps to implement the investment agreements within the stipulated time frame.

 

Ravikant added that Chief Minister Bhajan Lal Sharma, who is also mines minister, is himself reviewing the progress of investment proposals of more than Rs 1,000 crore. The agreements of Rs 100 crore to Rs 1,000 crore are being reviewed at the chief secretary level.

 

Along with establishing direct communication between the investors and the department, regular virtual review would be done by district-level officers to clear any doubts of prospective investors, and to persuade them to invest in the state, Ravikant added.

 

“Field officers have been directed to coordinate with the investors at the local level by providing necessary support so that problems arising at the local level get resolved as soon as possible,” he added.

 

An official of the mining department pointed out that a slew of measures was announced recently, including new monetary incentives for the sector under the Rajasthan Investment Promotion Scheme (RIPS 2024) among others.

 

The government’s focus is to attract more investment in the mining sector, and about this, RIPS is a comprehensive package of attractive incentives for setting up businesses in the state.