Rajasthan is positioning itself as India’s rising hub for investment and innovation, particularly at the recently concluded Rising Rajasthan Global Investment Summit 2024, held from December 9 to 11 at the Jaipur Exhibition Convention Centre. This pivotal event attracted significant attention from startups, investors, and government officials, all gathered to explore the state’s offerings and potential for growth.
Prime Minister Narendra Modi inaugurated the summit, emphasizing the importance of entrepreneurship and technological advancement for India's economic development. "Every investor in the world is excited about India," Modi stated, underlining the country’s increasing global stature and inviting international partnerships.
One of the standout announcements at the summit was by Avaada Group, which committed $12 billion to transform Rajasthan’s renewable energy sector. This ambitious project is aimed at establishing Rajasthan as a global leader in green energy, particularly through initiatives involving green hydrogen and ammonia.
During the summit, the Avaada Group's Chairman, Vineet Mittal, noted the state's abundant solar and wind resources, stating, "Avaada’s commitment of $12bn will also create millions of jobs, shaping a sustainable and inclusive future." This pledge aligns with Rajasthan's pro-business policies, including the Rajasthan Investment Promotion Scheme 2024, which has already attracted investments totaling $78 billion.
Rajasthan's geographical advantages are significant. The state boasts over 142 GW of solar potential and enjoys more than 325 sunny days each year, setting the stage for extensive renewable energy projects. Avaada’s investment plans include several pivotal initiatives such as:
- A $700 million Pumped Storage Project (PSP) aimed at enhancing energy storage and grid stability.
- Various utility-scale solar and wind projects across Jhalawar, Kota, Barmer, and Bikaner.
- Green hydrogen and ammonia projects aligned with global decarbonization goals.
Not merely confined to renewable energy, the summit also highlighted the importance of digital transformation within Rajasthan's entrepreneurial ecosystem. The iStart Startup Pavilion showcased 20 innovative startups, emphasizing the state's commitment to nurturing new businesses. Launched in 2017, iStart has grown to become one of India’s largest startup initiatives, providing support mechanisms for over 5,100 registered startups, including more than 1,700 women-led ventures. This program has sanctioned over Rs 35 crore to aid entrepreneurs across various sectors.
During one thematic session focused on unlocking entrepreneurial potential, industry leaders spoke passionately about how technology empowers business growth. Vijay Shekhar Sharma from Paytm asserted, "The world is looking up to each one of us to solve the problems of the world. The West is not the best; the East is the new best." This echoed the summit's goal of fostering innovation and securing Rajasthan’s place on the global business map.
Ritesh Agarwal, CEO of OYO Rooms, spoke to budding entrepreneurs, emphasizing the need for resilience and persistence. “What matters at the end is not the college degree; what matters is how much you want it,” he stated, highlighting the grit required for success. Amit Jain, co-founder of GirnarSoft (CarDekho), advised aspiring entrepreneurs to prioritize progress over perfection, saying, "We never discuss competition at any meeting. The goal is just to always be ourselves."
The summit culminated with the MSME Conclave, acknowledging the importance of micro, small, and medium enterprises as pivotal players for economic growth. This conclave facilitated discussions on the challenges faced by MSMEs and provided actionable insights for their development. Col Rajyavardhan Rathore, Rajasthan's Minister for Industries and Commerce, pointed out the need for investment not just financially but also emotionally by stating, "First we must invest in our dreams; then we must invest in our teams." This emphasizes the holistic approach necessary for cultivating entrepreneurial success.
Rajasthan’s forward-thinking initiatives, such as the iStart program and various investment commitments, position the state as not just a participant but as a leader on the backend of India’s growing startup ecosystem. PM Modi’s closing remarks at the summit encapsulated this vision, stating, "This is just the beginning; together we will build a prosperous future for Rajasthan." With such momentum, Rajasthan's prospects for significant growth and innovation seem more promising than ever.
