Rajasthan, renowned for its rich history and vibrant culture, is now stepping confidently onto the global investment stage. The recently concluded Rising Rajasthan Global Investment Summit held from December 9 to 11, 2024, at the Jaipur Exhibition and Convention Centre, positioned the state as not only a cultural hub but also as the centerpiece of India's economic future. Over the course of three days, the summit unveiled Rajasthan's extraordinary potential to domestic and international investors, promising to write a remarkable new chapter in the story of the state’s growth and development.
Prime Minister Narendra Modi made the grandeur of the event palpable by inauguratively addressing the summit, calling it a historic stride for Rajasthan. He passionately emphasized the optimal utilization of the state's rich mineral resources, including zinc, copper, marble, and potash. Modi also acknowledged Rajasthan's significant role in renewable energy, particularly solar power, noting the state is one of India’s top performers with more than 2.7 million micro and small enterprises setting up operations here. He also highlighted tourism as another burgeoning sector—encouraging international investors to explore Rajasthan's potential as a travel destination with legendary wildlife reserves and historic cities packed with palaces.
Adding more to the narrative, Chief Minister Bhajan Lal Sharma assured attendees and investors of the Rajasthan government’s commitment to turning the promises of the summit's agreements—worth over ₹35 lakh crore—into tangible results during his administration’s tenure. During his address, Sharma underlined the summit's purpose: to present the state’s multifaceted economic, social, and industrial capabilities to the world.
The summit marked new heights not only with its ambitious investment benchmarks but also by hosting eight international investor meetings, which welcomed representatives from 17 partnering countries and others from 15 different nations. Business leaders chimed in during the event, with Anand Mahindra of Mahindra Group praising Rajasthan’s legacy of innovation. Kumar Mangalam Birla of the Aditya Birla Group highlighted the necessity of leveraging the state's rich mineral deposits and infrastructure to accelerate growth. Notably, Karan Adani announced plans for investment worth ₹7.5 lakh crore, indicating confidence from major industrial players for investments aimed at bolstering the state’s economy.
The summit also featured ambitious goals around social investment. Ajay Piramal of the Piramal Group extended his reach beyond traditional corporate responsibilities, stressing the importance of contributing to social development. His commitment to collaborating with the Rajasthan government on education and healthcare projects underlined the growing sentiment among investors to prioritize comprehensive development alongside economic advancement.
Reflecting the wisdom of collaboration, the annual Pravasi Rajasthani Conference saw the announcement of December 10 as “Pravasi Divas.” This new observance aims to reconnect the state with its diaspora creating opportunities for non-resident Rajasthanis to contribute to local development. Governor Hari Bhau Bagde, during his remarks, highlighted how successful Non-Resident Rajasthanis (NRRs) can bolster Rajasthan's economic growth, asserting the state has a moral claim to these community members.
CM Sharma's enthusiasm for Rajasthan’s transformation from ‘a desert state’ to ‘a land of opportunities’ resonates with the recent launch of development projects aimed at enhancing infrastructure. The state now boasts extensive transport networks, including highways, railways, and airports necessary for attracting and facilitating investments. Sharma set ambitious targets for the state, vowing to grow the economy to $350 billion within the next five years, encouraging investments particularly in sectors such as mining, automobile, electronics, textiles, and food processing.
The establishment of the “Shri Ann Promotion Agency” was announced by the Chief Minister to encourage the production and marketing of coarse grains. Sharma laid out plans for the development of cold storage and warehouse facilities to bolster the agricultural sector, envisioning Rajasthan as not just economically viable but also as agronomically strategic.
Focus was placed on improving education and vocational training during the summit, with several initiatives launched to provide quality education through the localization of technical courses. Emphasizing the youth's role as future content creators, the emphasis on skill development stood high on the agenda, ensuring students are equipped with the skills required for tomorrow's job market.
Throughout the summit, several sessions on women empowerment, renewable energy, and inclusive development drew attention to the role of women within the workforce. Initiatives like distributing bicycles and scooters to over 1.25 lakh and 21,000 female students respectively were are also part of the CM's commitments. Programs aimed at financial stability for women, such as “Lakhpati Didi” and revolving funds for self-help groups, charted out clear paths for enhancing women's contributions to the local economy.
Union ministers also graced the event, reinforcing the central government’s support for Rajasthan’s investment plans, as strategic partnerships were formed to drive progress. Their participation not only signifies governmental backing but also amplifies the mission of collaborating with private sectors to fuel economic boost through joint efforts.
So, what does this mean for Rajasthan? It looks like the state is ready for massive economic evolution, seeking to redefine its identity on the global stage. The Rising Rajasthan Global Investment Summit proved to be more than just talk; it’s setting the groundwork for actionable change across various sectors. With hope mingled with determination, the leaders of Rajasthan are writing their new story—one marked by resilience, innovation, and opportunities awaiting to be seized.
