In the first two months since the investment summit, held in December 2024, the state government has facilitated implementation of 5% of the memorandum of understanding (MoUs), worth a significant Rs 1.66 lakh crore investment, said Ajitabh Sharma, principal secretary (industries and commerce), Government of Rajasthan.
“These MoUs have already started translating into real projects on the ground. And our broad estimate is that in about the next two years, over 20% (Rs 7 lakh crore) of the MOUs should be able to achieve ground-breaking in the form of commencement of capital expenditure in the state,” Sharma told FE.
In December, a record Rs 35-lakh-crore worth MOUs were signed at the ‘Rising Rajasthan Global Investment Summit 2024’, held in Jaipur. Sharma said that this underscores the state’s strong commitment to turning investment promises into tangible results.
“This milestone reflects the government’s effective policies in facilitating investment across sectors such as renewable energy, infrastructure, manufacturing, and technology,” he said.
The state government has come out recently with various kinds of sectoral policies, such as in logistics, textiles, infrastructure, tourism, energy, exports etc. “In total, policies for 15 different sectors have been announced recently, which played a big role in signing of the MOUs,” said Sharma.
Of the total MOUs, about Rs 26-lakh-crore is in the renewable energy sector, which not only comprises solar & wind power plants but also includes newer forms of renewable energy such as battery manufacturing, solar cell manufacturing, pumped-hydro storage etc, said Sharma. Other important sectors where businesses have shown interest are manufacturing, mining, tourism, real estate, and infrastructure.
The major companies that have committed investment in the state, include Tata Power, Avaada Group, ReNew, Reliance Bio Energy, Adani New Industries, Cairn Oil & Gas, Coal India, Ambuja Cement, Tata Technologies etc.
Sharma further said that the Rajasthan government is willing to engage with Tesla to nudge them to set up a manufacturing facility in the state.
“A mix of both fiscal and non-fiscal incentives and support infrastructure on offer by the state and the Centre often determine the companies’ decision. We have offered big businesses several fiscal and non-fiscal incentives in the past, and we’re open to offering it to Tesla as well,” noted the principal secretary.