Rajasthan provides incentives to foreign investors, including from Qatar, GCC: Indian minister

The Indian state of Rajasthan is providing incentives and benefits to attract foreign investors, particularly from GCC countries including Qatar, noted Rajyavardhan Rathore, Minister for Industry and Commerce, Government of Rajasthan.

“A complete overhaul of the existing administrative order and policy framework has been undertaken by the Rajasthan government to make the state more business friendly. The government is cutting the regulatory red-tape and bringing the cost of doing business in Rajasthan substantially down in comparison to the other Indian states,” Rathore said in an interview with Gulf Times in Doha.

Rajasthan has launched online portal ‘Rajnivesh’ to eliminate the need of any physical interface with the officials and departments concerned. The single-window mechanism will ensure that the proposals are processed and approved digitally in a seamless, time-bound and transparent manner.

“Eight focus sectors under the Rajasthan Investment Promotion Scheme (RIPS) have also been provided a number of fiscal incentives that will bring the cost of setting-up business substantially down for the investors from around the world including the Qatar and other countries from the region,” Rathore said.

Highlighting flagship projects in Rajasthan that are geared towards foreign investment, he said over 58% of the state falls in the vicinity of Delhi Mumbai Industrial Corridor (DMIC), which is going to emerge as one of the biggest economic arteries of the country. Similarly, a large part of Rajasthan falls in proximity with the Western Dedicated Freight Corridor of the Indian Railways. Additionally, a refinery and petrochemical complex is also being constructed in Rajasthan’s Barmer district that is going to supplement the existing energy-based infrastructure in the state in a substantial manner.

The state hosts about 415 well-developed industrial areas across the state that are well connected to major infrastructural nodes. Rajasthan is also developing one of the largest solar parks in the world with a capacity of 2,245MW.

Rajasthan is going to get a major push with the incorporation of key growth drivers that are going to be developed in the coming years such as the proposed Medical Devices Park in Jodhpur and Fintech Park in Jaipur.

He said Rajasthan is among the largest state economies in India with an edge across several sectors that could prove extremely beneficial to the investors.

Rajasthan has the highest share in installed solar generation capacity in India with the state receiving over 320 days of sunshine.

It is the leading onshore producer of crude oil in India, second largest producer of natural gas in the country.

Asked whether Rajasthan was looking at corporate investments, such as Qatar’s sovereign wealth fund (SWFs) to invest in the state's industrial sector, Rathore said, “In an economy like Rajasthan, which has huge reservoir of natural resources, basic infrastructure and a young workforce, the foreign investment by sovereign wealth funds will give the required push to the domestic investors to collaborate with the foreign investors and boost the economic potential of the state.

“Foreign investment in any form reduces the pressure on the credit infrastructure in an economy and leaves the pool of credit available to the domestic and small-scale investors at an affordable cost.

“We have been trying to work out a series of engagements in Qatar including with a number of government dignitaries. We hope to fructify those engagements and invite government as well as private investors to visit Rajasthan for the ‘Rising Rajasthan’ Global Investment Summit 2024 in Jaipur from December 9”.

So far as the ‘Rising Rajasthan’ Global Investment Summit 2024 is concerned, he said, the government of Rajasthan is aiming at securing domestic and foreign investments in key sectors including renewable energy, chemicals and petrochemicals, agri-processing, real estate, health and pharma, tourism, textile, skill development and education among others.

Rathore explained that Rajasthan is improving its infrastructure, such as roads, ports, and airports, to support increased foreign investment and trade.

The state already hosts the third largest road network and fifth largest rail network in the country and seven airports that offer direct international and national connectivity. It boasts of about 20 Highways, nine inland container depots, one air cargo complex and close to 415 well-developed industrial areas across the states.

In addition to close proximity with the Kandla and Mundra ports of Gujarat, Rajasthan is also a major conduit between the commercial ports on the western coastline and northern part of India, noted Rathore, who was in Doha leading a delegation from his state to showcase foreign investment opportunities in his state.