Rajasthan Government Launches Scheme to Lure Investments

To encourage private investment and boost economic growth, the Rajasthan government has launched the Rajasthan Investment Promotion Scheme (RIPS) 2024. This new flagship initiative is designed to provide enhanced financial incentives across a broader range of sectors. The introduction of RIPS comes just ahead of the ‘Rising Rajasthan’ Global Investment Summit 2024.

Objective

• The Rajasthan government launched the Rajasthan Investment Promotion Scheme (RIPS) 2024 to encourage private investment by offering substantial financial incentives across various sectors, enhancing the previous RIPS 2022.

Launch Timing

• The scheme was introduced ahead of the ‘Rising Rajasthan’ Global Investment Summit 2024, set to take place in Jaipur from December 9 to 11, where Rajasthan aims to attract both domestic and international investors.

Expanded Focus

• RIPS 2024 extends support to emerging areas (sunrise sectors) such as Aero & Space, Defence, Drones, Semiconductors, Agri-Tech, and Waste Recycling.
• Additional support for Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyser Manufacturing, and metals in manufacturing sectors. 
• In services, the scheme includes Higher Education, Knowledge-based industries, and Vocational Training.
• Increased incentives are provided for IT/ITeS companies, tourism-related businesses, and women-led startups, reflecting a commitment to diversified growth.

Enhanced Incentives

• The first three mega or ultra-mega projects within the sunrise sectors can avail of a 25% extra incentive on top of the capital subsidy and turnover-linked or investment subsidies.
• Businesses in new sectors can claim a further 10% incentive above the asset creation subsidy they qualify for.

Economic Goals

• Rajasthan has signed investment Memorandums of Understanding (MoUs) totaling ₹15 lakh crore under the ‘Rising Rajasthan’ Summit initiative.
• RIPS 2024 seeks to propel Rajasthan as a prime investment destination, strengthening both traditional and emerging industries within the state.

Static Points About Rajasthan

• Capital – Jaipur
• Chief Minister – Bhajanlal Sharma
• Governor – Haribhau Kishanrao Bagade
• Largest State in India (Area)