Rajasthan Launches RIPS 2024 to Attract Major Investments

The Rajasthan government has introduced the Rajasthan Investment Promotion Scheme (RIPS) 2024, with expanded incentives for high-growth sectors, manufacturing, and services, aiming to attract significant investment at the ‘Rising Rajasthan’ Global Investment Summit 2024.

Rajasthan’s New Investment Scheme: RIPS 2024

In a move to increase private sector investment and stimulate economic growth, the Rajasthan government has rolled out the Rajasthan Investment Promotion Scheme (RIPS) 2024. This ambitious new initiative is designed to offer enhanced financial incentives, specifically targeting emerging sectors, and will serve as a focal point for the upcoming ‘Rising Rajasthan’ Global Investment Summit 2024.

Key Improvements in RIPS 2024

RIPS 2024 builds upon its predecessor, RIPS 2022, by broadening its scope to encompass a wider variety of sectors and offering greater financial incentives to support both the establishment and ongoing operations of industries across these areas. According to the Principal Secretary of Industries, Ajitabh Sharma, the scheme expands incentives for priority sectors, including new sunrise industries, manufacturing, services, and tourism, as well as for IT/ITeS companies and startups led by women.

New Sunrise Sectors and Enhanced Incentives

To keep pace with modern industry demands, RIPS 2024 has expanded its focus on sunrise sectors, adding areas such as Aero & Space, Defense, Drones, Semiconductors, Agri-Tech, and Waste Recycling. These high-potential sectors are now eligible for additional incentives. Mega and ultra-mega projects within these sunrise sectors will receive a 25% additional booster incentive, applicable to capital subsidies, turnover-linked incentives, or investment subsidies.

Businesses operating in these newly-added sectors can also benefit from an additional 10% incentive on asset creation incentives, offering them a more substantial foundation for growth and expansion in the state.

Expanded Incentives for Manufacturing and Services

In addition to sunrise sectors, RIPS 2024 targets high-potential areas within manufacturing and services. New manufacturing industries eligible for incentives include Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyzer Manufacturing, and various metal industries. Within the services sector, the focus expands to Higher Education, Knowledge-Based Industries, Vocational Training, and Skilling, areas that are essential for strengthening Rajasthan’s workforce and future industrial base.

Rising Rajasthan Global Investment Summit 2024

Scheduled for December 9-11, the ‘Rising Rajasthan’ Global Investment Summit 2024 in Jaipur will be a platform to showcase these new policies and attract major investment commitments. Rajasthan’s Chief Minister, Bhajanlal Sharma, recently announced that the state has already signed Memorandums of Understanding (MoUs) totaling Rs. 15 lakh crore in preparation for the summit, reflecting the substantial interest from investors in the state’s growth-oriented policies.

RIPS 2024: Aiming to Drive Economic Growth and Innovation

RIPS 2024 signals Rajasthan’s commitment to economic progress by offering incentives that encourage innovation, support new industries, and expand the role of private investment. By nurturing these high-growth sectors, the state is positioned as an attractive destination for both domestic and international investors, driving economic growth and creating new opportunities across Rajasthan.

Conclusion

With the launch of RIPS 2024, Rajasthan has set the stage for transformative growth, positioning itself as a competitive destination for investment. The state’s proactive approach to expanding incentives in key sectors and its commitment to fostering innovation make Rajasthan a central player in India’s economic landscape. The upcoming ‘Rising Rajasthan’ summit will further amplify these opportunities, drawing in investment to fuel the state’s ambitious growth agenda.