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Rajasthan is driving industrial expansion and economic growth through strategic initiatives, aiming to become a USD 350 billion economy in five years and achieve "Viksit Rajasthan 2047". The "Rising Rajasthan" Global Investment Summit (Dec 2024) secured INR 30 lakh crore (USD 400 billion) in MoUs, with major investments in renewable energy, including Tata Power's INR 1.2 lakh crore pledge. The government is focusing on land banks for industrial zones, infrastructure development, and digital services. With 17% GDP growth projected and FDI inflows of INR 1.97 trillion (2019-2024), Rajasthan is emerging as a key investment hub with global partnerships.
Rajasthan is actively pursuing industrial expansion and economic growth through strategic initiatives aimed at attracting significant investments and achieving comprehensive development by 2047. Chief Minister Shri Bhajan Lal Sharma has directed the Rajasthan State Industrial Development and Investment Corporation (RIICO) to identify potential locations for new industrial zones. This initiative includes collaborating with district collectors to establish a land bank, facilitating seamless access for investors. The focus is on proactive land identification to support industrial growth and investment facilitation. Advertisement
The "Rising Rajasthan" Global Investment Summit, held from December 9-11, 2024, resulted in MoUs valued at approximately INR 30 lakh crore (about USD 400 billion). These agreements span various sectors, with a notable emphasis on renewable energy, including solar, wind, and green hydrogen projects. Major corporations, such as Tata Power, have committed substantial investments, with Tata Power pledging INR 1.2 lakh crore over ten years. These investments are projected to generate around 678,000 jobs, primarily in renewable energy, education, and cement sectors.
Aligning with the national vision of "Viksit Bharat @2047," Rajasthan has formulated its own "Viksit Rajasthan 2047" plan. This comprehensive document outlines sectoral policies and macro-level goals to be achieved by 2047, aiming to enhance infrastructure, human resources, and overall development across the state. The plan emphasizes strengthening primary healthcare, improving service delivery through digital platforms, and increasing the average life expectancy from 69 to 84 years by 2047.
Chief Minister Sharma has reiterated the state's commitment to transforming Rajasthan into a USD 350 billion economy within the next five years. The government is actively working to ensure that the MoUs translate into tangible developments, with many investors already initiating groundwork. The focus is on holistic development, ensuring that progress reaches every region, from urban centers to rural villages, aligning with the "Viksit Rajasthan 2047" vision.
The summit witnessed participation from 32 countries, including 17 partner nations such as Japan, Switzerland, Singapore, Denmark, and South Korea. Over 5,000 industry leaders, investors, and dignitaries attended, engaging in sectoral sessions covering topics like water security, sustainable mining, agri-business innovations, inclusive tourism, and women-led startups. These discussions aimed to foster collaborations and explore opportunities for sustainable development in Rajasthan.
Rajasthan's GDP for 2023-24 is estimated at INR 16 trillion (USD 190 billion), making it the seventh-highest among Indian states. The per capita GDP is projected at INR 1.67 lakh, with an expected growth of 17% from 2023-24 to 2024-25. The state is a leading producer of minerals, contributing significantly to the national economy. Between October 2019 and June 2024, Rajasthan attracted foreign direct investment inflows totaling INR 1.97 trillion, reflecting its growing appeal as an investment destination.
These initiatives and achievements underscore Rajasthan's strategic efforts to position itself as a leading investment hub, driving economic growth, job creation, and sustainable development in line with its vision for 2047.
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