The government of Rajasthan has introduced the Rajasthan Investment Promotion Scheme (RIPS) 2024, designed to enhance private investment across a variety of sectors. This initiative represents a significant advancement from the previous RIPS 2022. The launch of the scheme precedes the ‘Rising Rajasthan’ Global Investment Summit, which is set to take place in December 2024 in Jaipur.
Objectives of RIPS 2024
The primary goal of RIPS 2024 is to draw increased investment into Rajasthan. The scheme offers improved financial incentives and aims to encompass a wider array of sectors compared to its predecessor. The government is committed to facilitating the establishment and operation of both new and existing industries.
Key Features of RIPS 2024
Expanded Sector Focus: RIPS 2024 introduces new emerging sectors that are vital for future development, including Aero & Space, Defence, Drones, Semiconductors, Agri-Tech, and Waste Recycling.
Increased Financial Incentives: The scheme provides additional benefits for businesses, with the first three units in emerging sectors eligible for a 25% additional sunrise booster, supplementing existing subsidies and incentives.
New Manufacturing Areas: The initiative expands into new manufacturing domains, such as Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyser Manufacturing, and Metals.
Service Sector Enhancements: RIPS 2024 broadens its focus on service sectors, incorporating areas like Higher Education, Knowledge-based industries, and Vocational Training.
Support for Specific Business Types: The scheme particularly favors certain business categories, enhancing incentives for tourism and IT/ITeS companies, while also promoting women-led startups. This underscores the government’s dedication to inclusivity and diversity in investment.
Investment Agreements
Rajasthan has actively pursued investment opportunities, with Chief Minister Bhajan Lal Sharma announcing that the state has signed investment memorandums of understanding (MoUs) totaling Rs 15 lakh crore. This reflects a robust confidence among investors in Rajasthan’s potential.
