To promote private investment, the Rajasthan government has introduced the Rajasthan Investment Promotion Scheme (RIPS) 2024 to offer increased financial incentives to a wider range of sectors.
The new flagship scheme, which has been launched ahead of the 'Rising Rajasthan' Global Investment Summit 2024, improves upon RIPS 2022 by encompassing a wider range of sectors and offering increased financial incentives to support the establishment and operation of industries within these areas, an official release said.
RIPS 2024 expands its focus to include new sunrise sectors and manufacturing and services thrust sectors, while also enhancing incentives for tourism businesses, IT/ITeS companies, and women-led startups, Principal Secretary (Industries) Ajitabh Sharma said.
In addition to the existing sunrise sectors in the previous policy, RIPS 2024 has added a series of new sectors on the sunrise sectors' list. New sectors added to the list include Aero & Space, Defence, Drones, Semiconductors, Agri-Tech and Waste Recycling.
The first three units in the sunrise sectors, classified as mega or ultra mega projects, will be eligible to avail 25 per cent additional sunrise booster over and above the capital subsidy, turnover-linked incentive or investment subsidy.
The new sectors will now be eligible to avail additional 10 per cent incentive over the asset creation incentive secured by the business unit.
In manufacturing, the new areas added are Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyser Manufacturing and Metals. Similarly, the new areas added to the Service's Thrust Sectors' list include Higher Education, Knowledge-based industries, Vocational Training and Skilling.
Recently, Chief Minister Bhajanlal Sharma said that Rajasthan has signed investment MoUs worth Rs 15 lakh crore under the 'Rising Rajasthan' Global Investment Summit 2024.
Rising Rajasthan summit will be held in Jaipur from December 9 to 11.
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