CURRENT AFFAIRS
CURRENT AFFAIRS
Description
To stimulate private investment and boost economic growth, the Rajasthan government has announced the Rajasthan Investment Promotion Scheme (RIPS) 2024. This new flagship project aims to provide more financial incentives in a larger range of sectors. RIPS will be introduced shortly before the 'Rising Rajasthan' Global Investment Summit in 2024.
Objective
The Rajasthan government created the Rajasthan Investment Promotion Scheme (RIPS) 2024 to attract private investment by providing significant financial benefits across multiple sectors, building on the preceding RIPS 2022.
Launch Timing
The plan was launched ahead of the 'Rising Rajasthan' Global Investment Summit 2024, which will be held in Jaipur from December 9 to 11, with the aim of attracting both domestic and foreign investors.
Expanded Focus
RIPS 2024 provides assistance to rising industries (sunrise sectors) such as aero and space, defense, drones, semiconductors, agri-tech, and waste recycling.
In the manufacturing sector, further support is provided for construction equipment, pumped hydro storage manufacture, electrolyzer manufacturing, and metals.
Higher education, knowledge-based industries, and vocational training are among the services provided by the system.
Increased incentives are available for IT/ITeS enterprises, tourism-related businesses, and female-led startups, demonstrating a commitment to diverse growth.
Enhanced Incentives
The first three mega or ultra-mega projects in the sunrise industries can receive a 25% additional incentive on top of the capital subsidy and turnover-linked or investment subsidies.
Businesses in new industries can receive an additional 10% incentive on top of the asset creation subsidy they are eligible for.
Economic Goals
Rajasthan has inked investment Memorandums of Understanding (MoUs) worth Rs 15 lakh crore under the 'Rising Rajasthan' Summit program.
RIPS 2024 aims to position Rajasthan as a top investment destination by developing both conventional and emergent sectors in the state.
Static Points About Rajasthan
Capital: Jaipur
Chief Minister: Bhajanlal Sharma
Governor: Haribhau Kishanrao Bagade
Largest state in India (by area)
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