Rising Rajasthan Global Investment Summit Inaugurated: Charting the Path Towards a Self-Reliant India and Developed Rajasthan

Jaipur: Prime Minister Narendra Modi inaugurated the Rising Rajasthan Global Investment Summit 2024 at JECC, Sitapura, Jaipur, highlighting India’s strides towards becoming self-reliant with a global vision and impact. He emphasized coordinated efforts across sectors to transform India into a developed nation while fostering industrial growth in Rajasthan.

Speaking at the grand opening, Modi stated that the government is working with a “whole of government approach” to promote progress across every sector, factor, and stakeholder. “By embracing the spirit of collective effort, we will build a developed India and a developed Rajasthan,” he said.

India’s Journey Towards Economic Transformation

Modi highlighted the rapid economic growth India has achieved in the last decade. Despite being the world's 11th largest economy for decades, India has now become the 5th largest. “In the past ten years, the size of our economy, total exports, and FDI inflows have nearly doubled. Infrastructure spending has risen from ₹2 trillion to ₹11 trillion,” he added.

He outlined the key pillars of India’s success—democracy, demography, digital data, and delivery—and predicted that these factors would drive the country's future growth. “India's young and skilled population, coupled with technological advancements and a robust digital ecosystem, has transformed the way we conduct business,” Modi remarked. He noted the fourfold increase in internet users and record-breaking digital transactions in the past decade.

Rajasthan’s Role in National Growth

Modi acknowledged Rajasthan's significant contribution to India’s development, emphasizing its vast landmass, natural resources, and cultural richness. He lauded the state’s people for their hard work, honesty, and unwavering dedication to national progress. “When Rajasthan scales new heights of development, the country also rises with it,” he said.

The Prime Minister praised the proactive governance under Chief Minister Bhajanlal Sharma, emphasizing the state's achievements in welfare, infrastructure, and public services. He noted that efforts to curb corruption and crime have instilled confidence among citizens and investors alike.

The ‘R Factor’ of Rajasthan

Highlighting Rajasthan’s “R Factor,” Modi described the state as rising, reliable, receptive, and reformist. He praised the government for adding a responsive and reform-driven approach to its governance. “The commitment and skill with which the Chief Minister and his team are accelerating development in Rajasthan is commendable,” Modi said.

Rajasthan as an Investment Destination

Modi showcased Rajasthan’s immense potential as an investment destination, citing its abundant natural resources, modern connectivity networks, skilled workforce, and cultural heritage. From engineering goods to agro-food products, Rajasthan has exported goods worth ₹84,000 crores in the past year. He encouraged investors to explore opportunities in automotive, electric vehicles, electronics manufacturing, and renewable energy.

He highlighted Rajasthan’s unique industries, including Jaipur’s blue pottery, Pratapgarh’s Thewa jewelry, Bhilwara’s textiles, and Makarana’s marble. “The state government is working to identify and promote the strengths of each district,” he said.

Towards a Self-Reliant Manufacturing Hub

Modi emphasized the importance of developing a resilient manufacturing base to meet global economic demands. “Through the Make in India program, we are focusing on low-cost manufacturing to achieve self-reliance in sectors like petroleum, electronics, and pharmaceuticals,” he said.

He discussed the success of the Production-Linked Incentive (PLI) scheme in boosting sectors such as electronics, specialty steel, and auto components. Highlighting Rajasthan’s role, Modi said the state’s zinc, lead, copper, and renewable energy potential would be critical to achieving India’s goal of 500 GW renewable energy capacity by the decade’s end.

Empowering MSMEs

Modi underscored the growing strength of the MSME sector in Rajasthan, which is among India’s top five states in the sector. With over 27 lakh MSMEs employing 50 lakh people, the sector is poised to drive Rajasthan’s growth. “By redefining MSMEs and easing access to credit, we have doubled credit flow to over ₹22 lakh crores,” he stated.

Tourism: A Key Economic Driver

Modi highlighted Rajasthan’s appeal as a global tourism destination, with its potential in heritage, eco-tourism, wildlife, and rural tourism. He noted the success of schemes like Udaan, Vibrant Village Program, and Prasad, which have enhanced the state’s tourism infrastructure. “Rajasthan is already among the most sought-after wedding destinations, and the ‘Wed in India’ initiative will further boost its appeal,” he added.

Modi concluded by inviting global investors and delegates to explore Rajasthan’s vibrant culture and opportunities, commending the state government for organizing the successful summit.