Construction Industry News
The Bharatiya Janata Party government in Rajasthan has announced plans to host an investment summit in Jaipur later this year, aimed at supporting industries and promoting solar energy development.
Sources within the Industries Department and the Bureau of Industrial Promotion (BIP) said preparations for the summit had begun on a significant scale. BIP, the nodal agency responsible for promoting investments and facilitating single windows in Rajasthan, is actively involved in the planning.
According to insider information, it is expected that the responsibility of organizing the summit will be delegated to a company based in Mumbai.
BIP has also made preparations and is considering collaborating with a national business chamber such as ASSOCHAM, FICCI or CII for the event. The agenda of the summit, as revealed by sources, would include discussions on investments in more than 30 sectors, including energy, chemicals and petrochemicals, cement, medical and healthcare, mines and minerals, pharmaceuticals, handicrafts and tourism.
The 2022 Rajasthan Invest Summit was held under the leadership of Congress leader Ashok Gehlot's government, who was subsequently voted out of power the following year.
During the 2022 summit, companies signed over 4,000 memoranda of understanding (MoU) with the state government, pledging investments of over Rs 10.44 trillion. At the time, it was stated that the state had attracted a total of Rs 1.93 trillion in investments over the years, promising employment opportunities for 200,000 individuals.
For this year's summit, the BIP, in collaboration with the Industry Department and the Rajasthan State Industrial Development and Investment Corporation, plans to extend invitations to prominent Indian and multinational companies.
Organizers are expected to begin investor outreach activities in June, and there are plans to draw up a schedule detailing locations for roadshows and meetings.
Despite sustained efforts to promote industrial growth in Rajasthan, progress has been limited. The main obstacle identified is the state's dependence on external sources for electricity. Accordingly, the summit is expected to emphasize solar energy as a solution to this challenge, according to sources.
