Why In The News?

• The Rajasthan government launched the Rajasthan Investment Promotion Scheme (RIPS) 2024.
• This initiative aims to boost private investment across various sectors. It is an important upgrade from the previous RIPS 2022.
• The scheme was introduced ahead of the ‘Rising Rajasthan’ Global Investment Summit, scheduled for December 2024 in Jaipur.

Objectives of RIPS 2024  :

=> RIPS 2024 seeks to attract more investment into Rajasthan.

=> The scheme offers enhanced financial incentives. It targets a broader range of sectors than its predecessor.

=> The government aims to support the establishment and operation of industries.

=> This includes both new and existing businesses.

Key Features of RIPS 2024:

1. Expanded Sector Focus RIPS 2024 includes new sunrise sectors.These sectors are crucial for future growth.They now encompass Aero & Space, Defence, Drones, Semiconductors, Agri-Tech, and Waste Recycling.

2. Increased Financial Incentives.The scheme provides additional incentives for businesses. The first three units in sunrise sectors can receive a 25% additional sunrise booster.This is on top of existing subsidies and incentives.

3. New Manufacturing AreasThe scheme adds new areas in manufacturing. These include Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyser Manufacturing, and Metals.

4. Service Sector Enhancements RIPS 2024 also expands its focus on service sectors.New areas include Higher Education, Knowledge-based industries, and Vocational Training.

Support for Specific Business Types:

=> The scheme particularly supports certain types of businesses.

=> It enhances incentives for tourism businesses and IT/ITeS companies.

=> Additionally, it promotes women-led startups.

=> This reflects the government’s commitment to inclusivity and diversity in investment.

Investment Agreements:

=> Rajasthan has been proactive in securing investments.

=> Chief Minister Bhajan Lal Sharma announced that the state signed investment MoUs worth Rs 15 lakh crore.

=> This indicates strong investor confidence in Rajasthan’s potential.

Upcoming Global Investment Summit:

=> The ‘Rising Rajasthan’ Global Investment Summit will take place from December 9 to 11, 2024.

=> This event aims to showcase investment opportunities in the state.

=> It will gather investors, government officials, and industry leaders.

=> The summit is expected to further promote Rajasthan as an investment destination.