Rajasthan as a Global Investment Hub: A New Era of Growth and Opportunities

Rajasthan, with its glorious traditions and diverse cultural heritage, is advancing toward new horizons of growth and investment. The three-day Rising Rajasthan Global Investment Summit, held in Jaipur, not only showcased the state as a global investment hub but also positioned it as a centre of New India’s development. Through this summit, Rajasthan presented its immense potential to the nation and the world. It is anticipated that the summit will open a new chapter in the state’s journey of investment and development.

INSPIRATIONAL ADDRESS BY THE PRIME MINISTER

On December 9, 2024, PM Narendra Modi inaugurated the Rising Rajasthan Global Investment Summit 2024 and the Rajasthan Global Trade Expo at JECC, Jaipur. In his address, he described the summit as a historic step in Rajasthan’s development journey and lauded the efforts of the Bhajan Lal Sharma government over the past year.He stressed the optimal utilization of the state’s rich mineral resources such as zinc, copper, marble, and potash. He acknowledged Rajasthan’s pivotal role in renewable energy, especially solar power, and highlighted its status as one of India’s top five states with over 2.7 million micro and small enterprises.

The PM also emphasized Rajasthan’s potential as a tourism hub, citing its heritage, wildlife, and eco-tourism. Destinations like Ranthambore, Sariska, Jaipur’s palaces, and Makrana marble add unique charm to the state. He advocated for the promotion of heritage, film, and rural tourism. Additionally, he appreciated Rajasthan’s growing role in the automobile and electronics sectors, facilitated by the Delhi-Mumbai Industrial Corridor. The PM praised the state’s resilience in overcoming challenges & achieving new heights.

VISIONARY LEADERSHIP OF THE CHIEF MINISTER

CM Bhajan Lal Sharma demonstrated visionary leadership by organizing this event within the first year of his tenure. He assured that his government would strive to realize the investments proposed at the summit during the remaining four years of its term. In the inaugural session, CM highlighted the summit’s objective: to present Rajasthan’s economic, social, and industrial potential on a global stage and establish the state as a hub of investment, innovation, and sustainable development. This initiative is expected to unlock new dimensions in industry, trade, and tourism in Rajasthan.

NEW MILESTONES IN HOLISTIC DEVELOPMENT

The Rising Rajasthan Global Investment Summit 2024 served as a significant step toward ensuring economic and social development with active participation from the private sector.

The summit recorded new investment benchmarks, with MoUs worth over Rs 35 lakh crore signed. Eight international investor meetings were held, with participation from 17 partner countries and 15 other nations.

PARTICIPATION OF INDUSTRY LEADERS

In the inaugural session, Vedanta Group’s founder, Anil Agarwal, emphasized the proper utilization of Rajasthan’s abundant natural resources. Mahindra Group’s Chairman, Anand Mahindra, highlighted the state’s tradition of innovation and entrepreneurship. Kumar Mangalam Birla, Chairman of Aditya Birla Group, stressed the importance of focusing on minerals, infrastructure, tourism, and renewable energy for Rajasthan’s rapid growth. Karan Adani, Managing Director of Adani Ports and SEZ, announced an investment of Rs 7.5 lakh crore in the state.

FOCUS ON SOCIAL INVESTMENT

The convention also emphasized social investment. Ajay Piramal of Piramal Group stressed the importance of contributing to social development and pledged to collaborate with Rajasthan govt in education and healthcare sectors. Participants in convention stated that it marked a transformative step, rebranding Raj from desert state to land of opportunities. They praised CM’s leadership & policies for successfully attracting investors.

ANNUAL CELEBRATION OF PRAVASI DIVAS

During the Pravasi Rajasthani Conference, the Chief Minister announced the annual observance of December 10 as Pravasi Divas and the establishment of a dedicated department for non-resident Rajasthanis. This initiative aims to enhance their involvement in state’s development. The CM declared plans to host another Rising Rajasthan Summit in 2 years.

RAJASTHAN HAS A MORAL CLAIM OVER ITS DIASPORA

Governor Hari Bhau Bagde, in his address, highlighted the success stories of Non-Resident Rajasthanis (NRRs), emphasizing their role in strengthening the economies wherever they have settled. He stated that Rajasthan has a moral claim over its diaspora, whose participation can ensure the state’s development.

Sikkim Governor Om Mathur praised the dedication and hard work of Rajasthanis, urging them to stay connected to their roots and visit their villages annually.

RAJASTHAN: THE LAND OF OPPORTUNITIES

CM Sharma declared that Rajasthan has transformed into the “Land of Opportunities.” With an extensive network of highways, railways, and airports, the state has become a hub for business and transport.

EXPANDING THE ECONOMY TO $350 BILLION

The CM committed to elevating Rajasthan’s economy to $350 billion within next 5 years. Addressing infrastructure session, he highlighted Rajasthan Investment Promotion Scheme 2024, which has laid a robust foundation for industrial growth. Sectors such as mining, automobiles, electronics, textiles, and food processing offer extensive investment opportunities.

ANNOUNCEMENT OF “SHRI ANN PROMOTION AGENCY”

The CM announced the establishment of “Shri Ann Promotion Agency” to boost the production and marketing of coarse grains. He stated that Rajasthan’s climate & geography make it ideal for agriculture and food processing investments. The state govt is developing warehouses and cold chain facilities to ensure safe storage and transportation.

In the education and skill development session, he emphasized that investing in education and reforms is a state priority. Policies have been implemented to provide quality education and establish a world-class higher education system. The introduction of technical and vocational courses in local languages and the establishment of finishing school centers will enhance job opportunities for the youth.

SIGNIFICANT SESSIONS OF RISING RAJASTHAN SUMMIT

The summit featured discussions on inclusive development, women empowerment, and renewable energy. The CM highlighted initiatives like distributing bicycles and scooters to over 1.25 lakh and 21,000 female students, respectively. Programs like “Lakhpati Didi” and revolving funds for women self-help groups were also announced.

PARTICIPATION OF UNION MINISTERS

Union Minister Nitin Gadkari announced that from January 5, the Delhi-Jaipur Expressway would reduce travel time to just two and a half hours. He also announced nine road projects worth Rs 30,000 crore for Rajasthan, which will strengthen the road network and boost economic growth.

Union Minister of Commerce and Industry Piyush Goyal encouraged global companies to invest in Rajasthan, citing its skilled workforce and vast market. Union Agriculture Minister Shivraj Singh Chouhan emphasized promoting food processing and value addition, highlighting Rajasthan’s leading position in producing millet, mustard, and oilseeds.

In the session on “Regional Water Security: Technology and Governance,” Union Minister Gajendra Singh Shekhawat praised Israel’s technological solutions for water conservation. Agreements were signed between Rajasthan and Israel for collaboration in water management. Union Mines Minister G. Kishan Reddy referred to the mining sector as a crucial part of India’s $5 trillion economy, noting Rajasthan’s prominence in potash, gypsum, copper, and natural stone reserves.

In concluding session, Union Minister Dharmendra Pradhan lauded the Chief Minister’s initiative to organize an investment summit in his first year, terming it remarkable. He commended the entrepreneurial spirit of Rajasthanis, who are driving state’s progress through hard work.

THE VIEWS EXPRESSED BY THE AUTHOR ARE PERSONAL

Dr Govind Pareek, The writer is Additional Director DIPR (Retd)