Rajasthan govt introduces new scheme 'RIPS 2024' to attract investment

Jaipur: The Rajasthan government has implemented the Rajasthan Investment Promotion Scheme (RIPS) 2024, providing enhanced financial incentives across various sectors to encourage private investment. According to an official statement, the latest flagship program launched prior to the 'Rising Rajasthan Global Investment Summit 2024' enhances the previous RIPS 2022 initiative by expanding to more sectors and providing greater financial benefits to assist industries in setting up and operating within these sectors.

RIPS 2024 to Include Enhanced Incentives for Tourism, IT, and Women-Led Startups

Ajitabh Sharma Principal Secretary (Industries) stated that RIPS 2024 will now cover emerging sunrise sectors, as well as manufacturing and services thrust sectors, with increased incentives for tourism businesses, IT/ITeS companies, and women-led startups. 

RIPS 2024 has expanded the list of sunrise sectors by including several new sectors in addition to the ones already identified in the previous policy. Additional industries now included are Aero & Space, Defence, Drones, Semiconductors, Agri-Tech, and Waste Recycling. The initial three units in the sunset sectors, labeled as mega or ultra mega projects, will qualify to receive an extra 25 per cent sunrise booster in addition to the capital subsidy, turnover-linked incentive or investment subsidy. 

New sectors to receive extra 10 per cent incentive

The new industries can now receive an extra 10 per cent incentive on top of the asset creation incentive already received by the company. In manufacturing, the new additions include Construction Equipment, Pumped Hydro Storage Manufacturing, Electrolyser Manufacturing, and Metals. 

Also, the Service's Thrust Sectors' list now includes Higher Education, Knowledge-based industries, Vocational Training, and Skilling in addition to other new areas. Lately, Chief Minister Bhajanlal Sharma announced that Rajasthan has inked investment Memorandums of Understanding totaling Rs 15 lakh crore during the 'Rising Rajasthan' Global Investment Summit 2024. The upcoming Rising Rajasthan summit is scheduled to take place in Jaipur from December 9 to 11.

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