Rajasthan Emerges as a Key Player in India’s Economic Landscape: PM Modi

“Today marks another milestone in Rajasthan's journey toward success,” PM Modi stated, congratulating the Rajasthan government for organizing the event.

Prime Minister Narendra Modi inaugurated the Rising Rajasthan Global Investment Summit 2024 and the Rajasthan Global Business Expo at the Jaipur Exhibition and Convention Centre (JECC) in Jaipur, Rajasthan. Addressing industry leaders, investors, and dignitaries, the Prime Minister hailed Rajasthan's role in India's development, emphasizing its transformation into a hub of opportunity and innovation.

“Today marks another milestone in Rajasthan's journey toward success,” PM Modi stated, congratulating the Rajasthan government for organizing the event. He applauded the business-friendly climate in India, which has propelled the nation to become the fifth-largest economy globally, a leap from its eleventh position a decade ago.

India's Economic Resilience and Rajasthan’s Role

PM Modi highlighted India's economic strides, noting the doubling of the economy and exports over the last decade. Foreign Direct Investment (FDI) has surged more than twofold, while infrastructure spending has quintupled, reaching ₹11 trillion from ₹2 trillion in 2014.

“India’s success is powered by democracy, demography, digitalization, and delivery,” he remarked. The Prime Minister underscored India’s tech-driven economy, citing a fourfold increase in internet users and record-setting digital transactions facilitated by platforms like UPI, Government e-Marketplace (GeM), and the Open Network for Digital Commerce (ONDC).

Rajasthan: A Beacon of Growth and Opportunity

As India's largest state by area, Rajasthan was praised for its industrious people, rich heritage, and abundant natural resources. PM Modi described Rajasthan as a “rising and reliable state,” capable of adapting and innovating over time.

The Prime Minister commended Chief Minister Bhajanlal Sharma and his team for implementing significant reforms, enhancing infrastructure, and fostering youth and farmer welfare within their first year in office. He also lauded the government’s proactive stance in tackling crime and corruption, which has bolstered investor confidence.

Rajasthan’s Investment Potential

PM Modi emphasized Rajasthan’s unique strengths in infrastructure, tourism, and manufacturing:

• Natural Resources: Rajasthan boasts vast reserves of zinc, lead, copper, marble, limestone, and potash, contributing to India’s energy security and the 500 GW renewable energy target.
• Connectivity: The Delhi-Mumbai Industrial Corridor and a 300 km modern rail freight network position Rajasthan as a logistics hub. Two air cargo complexes and industrial parks are also under development.
• Heritage and Tourism: With its historic forts, vibrant culture, and wildlife sanctuaries like Ranthambore and Sariska, Rajasthan is a premier destination for heritage, eco-tourism, and destination weddings.

The Prime Minister also highlighted Rajasthan's advancements in agriculture, including olive and jatropha cultivation in its arid regions, and its global reputation for handicrafts like blue pottery, Theva jewellery, and Makrana marble.

Manufacturing and MSME Growth

PM Modi urged investors to leverage Rajasthan’s manufacturing potential, particularly in automotive components, electric vehicles, and electronics. He spotlighted the success of India’s Production-Linked Incentive (PLI) scheme, which has driven ₹1.25 lakh crore in investments, ₹11 lakh crore in production, and ₹4 lakh crore in exports, creating new job opportunities.

Rajasthan is home to over 27 lakh MSMEs, employing more than 50 lakh people. The state recently introduced a new MSME policy, complementing national initiatives like the Credit Linked Guarantee Scheme, which has doubled credit flow to ₹22 lakh crore since 2014.

Tourism: A Key Driver of Rajasthan’s Economy

PM Modi emphasized Rajasthan’s global appeal as a tourism destination, with opportunities in wildlife, adventure, and cultural tourism. He noted that the UDAN Yojana, Vande Bharat trains, and Prasad scheme have significantly enhanced connectivity to Rajasthan's tourist spots.

The Prime Minister also invited global investors to explore opportunities in film tourism, border area tourism, and rural tourism, underscoring Rajasthan’s potential to strengthen India’s tourism sector.

Commitment to a Self-Reliant India

Highlighting the need for a robust manufacturing base amid global supply chain challenges, PM Modi reiterated India’s commitment to Atmanirbhar Bharat. He underscored India’s role as a reliable supplier of pharmaceuticals, vaccines, and technology during crises, urging investors to make India a manufacturing hub for global markets.

A Vision for Rajasthan’s Future

Concluding his address, PM Modi called on investors to support Rising Rajasthan and contribute to its growth story. “A developed Rajasthan will drive India’s development,” he stated. The Prime Minister also invited international delegates to experience Rajasthan’s unique blend of tradition and modernity.

Dignitaries in Attendance

The event was attended by Rajasthan Governor Haribhau Kisanrao Bagde, Chief Minister Bhajanlal Sharma, and numerous ministers, MPs, and business leaders, reflecting the collective resolve to make Rajasthan a global investment hotspot.