With the success of ‘Rising Rajasthan Investment Summit 2024,' the state is poised for an economic transformation

Sone ri dharti jathe-ar chandi ro aasman - translates to “Where the earth is made of gold and the sky is built with silver.” This cherished folk song beautifully captures the essence of Rajasthan's Thar Desert. Today, these words remain as relevant as ever, reflecting the state’s unique charm and its emergence as a hub of global investment opportunities. Rajasthan, India’s largest state, is rich in minerals, endowed with vast solar and wind energy resources, and brimming with potential for investors worldwide.

The Rajasthan Government has successfully hosted the 'Rising Rajasthan Investment Summit 2024' in Jaipur this week. Throughout the event, memorandums of understanding (MOUs) totalling over Rs 35 lakh crore were signed, highlighting the immense investment potential of the state. Actually, very few places can match Rajasthan's allure.

It boasts nine UNESCO World Heritage Sites, iconic palaces and forts, 320 sunny days a year, powerful winds, and expansive land. Combined with excellent law and order and robust rail connectivity, these factors place Rajasthan in a league of its own as a destination for investment. Currently, the state is undergoing an economic transformation. The government aims to propel Rajasthan’s economy from $180 billion to $350 billion by enhancing the Ease of Doing Business and creating employment opportunities for the youth.

Over the next five years, the administration seeks to generate one million jobs across private and public sectors, with a focus on attracting significant investments. Chief Minister Bhajan Lal Sharma envisions Rajasthan as a pivotal player in India's economic growth. His administration is fostering a pro-business environment across industries, recognising that Rajasthan's development is integral to achieving the vision of a “Developed India” by 2047. Rajasthan's rich natural resources, skilled workforce, and outstanding connectivity make it a magnet for investments.

Over 58 per cent of the Delhi-Mumbai Industrial Corridor (DMIC) and 39 per cent of the Dedicated Freight Corridor (DFC) pass through the state. This infrastructure connects Rajasthan to domestic and export markets, while its proximity to northern states and western ports ensures seamless trade access. With the third-largest national highway network and second-largest rail network in India, along with nine inland container depots, seven airports, and an air cargo complex, Rajasthan is a logistical powerhouse.

Rajasthan’s investment prospects span diverse sectors: petroleum infrastructure, food processing, education, chemicals, electronic systems, automotive, electric vehicles, and renewable energy. Traditional industries like tourism, and emerging fields like startups, also offer immense potential.

For instance, in agriculture and agro-processing, Rajasthan is a top producer of mustard, millet, guar gum, fenugreek, isabgol, and medicinal crops. The sector contributed 29 per cent to the state’s Gross State Value Added (GSVA) in 2022-23.

The state also ranks second in livestock population and milk production and is a leader in spices, organic farming, and coarse wool. With these advantages, the agriculture sector presents vast opportunities in agri-food parks, warehousing, and cold chain facilities.

Rajasthan's journey from a cultural and historical treasure to a thriving investment hub reflects its unparalleled potential and forward-looking vision. The state’s abundant natural resources, excellent infrastructure, and strategic location make it an ideal destination for investors across various sectors, from renewable energy and agriculture to manufacturing and technology.

With an ambitious economic transformation underway, Rajasthan’s government is committed to creating a pro-business environment that will not only attract global investments but also create employment opportunities for its youth.

As the state continues to capitalise on its diverse strengths, the “Rising Rajasthan” initiative stands as a testament to its growing prominence on the global stage.

The government's efforts, backed by strategic partnerships and forward-thinking policies, position Rajasthan as a key player in India's economic future, driving growth, prosperity, and development.

The initiative seeks to bolster Rajasthan’s industries, create jobs, and amplify its economic potential, ensuring the timeless folk song “Sone ri dharti jathe-ar chandi ro aasman” resonates on a global stage.

(The writer is Executive Member, National Institute for Locomotor Disabilities, Kolkata. Views expressed are personal)