 "Rising Rajasthan")
The Rajasthan government has successfully brought memoranda of understanding (MoUs) worth ₹3.08 trillion in groundbreaking and implementation stages within just three months after its investment summit, said Ajitabh Sharma, principal secretary, industries and commerce, Rajasthan.
The ‘Rising Rajasthan’ Global Investment Summit 2024, held in December last year, resulted in MoUs in different sectors worth around ₹35 trillion, a record for the state.
“What is notable is that in just three months after the conclusion of the investment summit, intentions of investment worth around ₹3.08 trillion got implemented by March 31,” he added.
According to available data, the energy sector, with over 80 percent share, is the largest contributor in this ₹3.08 trillion.
According to Sharma, the investment summit has had an unprecedented impact and fuelled Rajasthan’s economic transformation.
The Bhajan Lal-led government in the state decided to organise the investment summit in its very first year. This decision triggered a long chain of firsts that have paved the way for an economic turnaround, Sharma said.
The state government organised a one-day Impact 1.0 event last month where it revealed that out of the ₹35 trillion of MoU intent, MoUs worth ₹3.08 trillion have been implemented, which is almost 10 per cent of the total investment amount.
From devising a three-tier review mechanism to categorising the MoUs based on their feasibility and investors’ interest, the government front-loaded the MoUs that could be implemented expeditiously, he said.
“The three-tier review mechanism, effective monitoring and direct supervision of the implementation process by the chief minister resulted in this feat,” Sharma added.
The state government trifurcated the investment MoUs signed during the summit into A, B and C categories.
According to the government’s plan, the chief minister reviews MoUs exceeding ₹1,000 crore, the chief secretary is focused on MoUs ranging from ₹100 crore to ₹1,000 crore, and investment proposals below ₹100 crore are handled by the principal secretary, industries.
Sharma pointed out that the deployment of technology and data analytics played a pivotal role in the swift grounding of the investment proposals.
“On the policy front, key departments entrusted with the implementation of the MoUs have demonstrated deftness and policy nimbleness by amending the existing policies and not shying away from launching new policies altogether,” Sharma said.
“The Rajasthan State Industrial Development & Investment Corporation (Riico), an agency under the industries department, recently launched the direct land allotment policy through which available industrial land parcels will be allotted to the investors at a reserved price through an online lottery process,” he added.
The creation of an online land bank of allottable government land parcels and the use of GIS-based industrial plot mapping by Riico have made the crucial task of land allotment easy and fast-paced, he further said.
