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Issue #06 | December 2024
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December 2024 marked a pivotal month for India and Rajasthan, showcasing significant advancements in renewable energy, textiles, global capability centres, semiconductors, and strategic manufacturing. These developments cemented Rajasthan’s reputation as a global leader in key sectors.
The Government of Rajasthan (GoR), in collaboration with CUTS International, led unprecedented international engagements, hosting high-level delegations from over 30 countries, including Australia, Brazil, Germany, Indonesia, Italy, Oman, Saudi Arabia, Spain, Switzerland, the Netherlands, and the UAE. These discussions highlighted Rajasthan’s potential as a preferred destination for global investment and strategic partnerships.
At the Rising Rajasthan Global Investment Summit, a session on Indo-German cooperation explored mutual opportunities in renewable energy, focusing on green hydrogen and solar and wind energy. Discussions centred on Rajasthan’s ambitious target of achieving 90 GW of renewable energy capacity by 2030, leveraging Germany’s green sector expertise. Key areas for collaboration included economic and technical feasibility and sustainable financing to foster leadership in renewable energy.
Another session, involving U.S.-based companies, emphasised Rajasthan’s emergence as a defence manufacturing hub, emphasising its strategic advantages and the potential for SME growth. Discussions included opportunities in bilateral collaborations across defence, manufacturing, and sustainability sectors, leveraging Rajasthan’s strategic location and growing economic capabilities.
The Rajasthan Employment Manufacturing Investment and Trade (REMIT) project achieved a major milestone with its Project Advisory Committee (PAC) meeting. Key areas of focus included improving MoU conversion rates, streamlining land allocation process, and addressing coordination and implementation challenges. Proposals were made to categorise investments by sectors, prioritise actionable outcomes, and resolve systemic issues, such as red tape and regulatory inefficiencies.
The PAC meeting underscored the importance of consistent leadership, robust monitoring, and effective follow-up mechanisms to ensure successful investment realisation. Recommendations included promoting sustainable industrialisation, fostering green jobs, and enhancing underdeveloped areas to drive inclusive growth.
December 2024 highlighted Rajasthan’s growing stature as a hub for innovation, strategic partnerships, and sustainable development, laying a strong foundation for its continued economic transformation.
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Pradeep S Mehta as a speaker in “Supply Chain and Manufacturing” at Rising Rajasthan Global Investment Summit, Jaipur |
The second REMIT PAC meeting (virtual)
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Frontier
For updates on cutting-edge developments and future opportunities in employment, manufacturing, and investments
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 PM Modi inaugurated the Rising Rajasthan Global Investment Summit, praising Rajasthan's potential, resources, and tourism leadership. He emphasised reforms driving India's growth, Rajasthan's ₹84,000 crore exports, manufacturing opportunities, and tourism schemes like "Wed in India."
Rising Rajasthan Summit: MoUs worth ₹35 Lakh Crore Await Execution
Rajasthan secured ₹30 lakh crore in investment commitments at the Rising Rajasthan Global Investment Summit. Key investors include the Adani Group (₹7.5 lakh crore) and Aditya Birla Group (₹50,000 crore), focusing on sectors like renewable energy, cement, and telecom.
Saudi businesses explore energy, tourism opportunities in Rajasthan
The Saudi Ministry of Investment showcased "Invest Saudi" and promoted bilateral investment opportunities. Discussions included sustainable projects like smart cities and green energy. Saudi companies, including HAP Experience Co., plan initiatives in Rajasthan, such as a desert resort blending cultural elements. The summit aims to double Rajasthan's GDP to $350 billion in five years.
Gadkari Unveils ₹30,000 crore Road Projects for Rajasthan
Nitin Gadkari announced nine road projects worth ₹30,000 crore in Rajasthan, including the Northern Jaipur Ring Road and Kotputli-Agra Expressway. Shivraj Singh Chouhan highlighted the construction of 341,620 houses and initiatives for mechanised farming and sustainable agriculture.
निवेश गारंटी के लिए 60+ आईएएस तैनात
सरकार ने 23 ऐसे देश, जिनकी बड़ी कंपनियों का निवेश यहां आ रहा है या आने की संभावना है, उनके लिए एक-एक आईएएस को उनके सेवाकाल तक के लिए जिम्मेदारी सौंपी। यही नहीं, इनकी नजर निवेश आने से काम शुरू होने तक का भी है और उसके बाद रनिंग के दौरान आने वाली दिक्कतों को दूर करने का भी रहेगा।
Competition Policy to Moderate Economic Inequality
On World Competition Day, experts discussed the role of competition policy in addressing economic inequality. They highlighted its potential to create inclusive economies, protect MSMEs, and adapt to digital challenges. Key topics included market monopolies, gig work, and income inequality.
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Denmark to Assist Rajasthan with Urban Water Challenges
At the Rising Rajasthan Global Investment Summit, Danish delegates offered expertise in tackling Rajasthan's urban water challenges. Collaborations include piloting 24/7 water supply in Jaipur, Udaipur, and Nawalgarh and discussions on smart water management, investment, and industrial partnerships.
राजस्थान की निवेश यात्रा में बाधा है कठोर नौकरशाही
The bureaucratic hurdles are obstructing Rajasthan’s investment potential. It stresses the need for streamlined processes, addressing inefficiencies, and leveraging the state's industrial capabilities to attract investments. Focus areas include infrastructure, governance reforms, and fostering a business-friendly environment.
Rajasthan Aims ₹1.5 Lakh Crore Exports With New Policy
Rajasthan's new export policy targets ₹1.5 lakh crore by 2029, building on strengths in gems, textiles, and engineering goods. Key measures include improving infrastructure, reducing logistics costs, streamlining compliance, and providing training to enhance competitiveness.
Vedanta to Set Up World's 1st Zinc Park in Rajasthan
A major highlight of the summit was the announcement of the world's first Zinc Park by Vedanta Chairman Anil Agarwal, which Vedanta's Hindustan Zinc will set up. Set to be one of the largest industrial ecosystems, the Zinc Park will be established in Rajasthan, near Hindustan Zinc's advanced zinc plants.
PM Modi Launches ₹46,300 Crore Development Projects in Rajasthan
These projects will provide a befitting solution to the obstacles being faced concerning water in Rajasthan and also make it one of the most well-connected states in India. These development works will invite more investors, create umpteen job opportunities, strengthen the tourism sector, and benefit the farmers, women, and youth of Rajasthan.
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Green Gains
Focusing on sustainable and eco-friendly economic activities.
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Serentica to invest ₹50,000 crore for 10,000 MW renewable energy projects in Rajasthan. The announcement was made at Rising Rajasthan 2024, an event promoting the state's growth and investment opportunities.
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A USSC report emphasises diversifying Australia's solar supply chain from China via global engagement. It suggests aligning Solar Sunshot investments with import diversification, targeting export-focused niches, fostering links with global manufacturers, and enhancing diplomatic and educational networks.
Oriana Power Pledges ₹10,000 Crore Investment in Rajasthan
Oriana Power plans a ₹10,000 crore investment in Rajasthan for solar, floating solar, green hydrogen, and ESS projects across six locations. Signed at the Rising Rajasthan Global Summit 2024, these projects aim to boost energy independence, create jobs, and enhance green credentials
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Innovative Edge
Highlighting advancements in technology and their impact on industries.
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Trump 2.0 administration would learn from past mistakes and operate with a well-defined team and execution plan. The approach would involve clear timelines of 30, 60, and 90 days for effective implementation. This shift aims to steer the administration towards a more focused and efficient direction, avoiding previous uncertainties.
GCCs May Get SOPs for Units in Tier-2 & 3 Towns
The policy being prepared by the Ministry of Electronics and Information Technology is likely to offer incentives in addition to those currently provided by the respective state governments where the GCCs are located.
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The U.S. imposed new export restrictions to limit China's advanced semiconductor development, targeting AI and military applications. Measures affect Chinese firms and allies like ASML. Beijing condemned the move, pledging to defend its interests, amid escalating US-China tensions.
Competing with Qualcomm, MediaTek focuses on India's 5G adoption, plans chip sourcing from local fabs, expands automotive solutions with Jio, Tata, and Nvidia partnerships, and targets smart cockpits by 2027.
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Workforce Pulse
Focused on job creation, workforce development, and skill-building initiatives.
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India's PLI scheme has created 5.84 lakh direct jobs, achieving 36 percent of its five-year 16.2 lakh target. Sectors like food processing, pharmaceuticals, and mobile phones contributed 75 percent, while visited, reflecting growth ambitions and hiring demand.
PMKVY 4.0 addresses India’s skill gaps by focusing on high-growth sectors like AI, cybersecurity, and green jobs while promoting inclusivity for marginalised groups. It emphasises demand-driven training, sector-specific skilling, vocational education revamp, and strong industry partnerships.
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Indian GCCs Increase Fresher Hiring for Talent Pool
Startups and e-commerce firms, including Zomato, Flipkart, and Meesho, are aggressively recruiting from top engineering colleges, offering ₹8-50 lakh packages. Companies like Battery Smart and Gameskraft are expanding campuses visited, reflecting growth ambitions and hiring demand.
Urban unemployment in India decreased to 6.4 percent in July-September 2024. Female unemployment dropped to 8.4 percent, and male unemployment to 5.7 percent. Labour force participation rose to 50.4 percent.
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Service Spectrum
Covering developments in the services sector and its contribution to growth.
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India and three other nations oppose the China-led Investment Facilitation for Development (IFD) agreement at the WTO, citing a lack of consensus. India is also evaluating its stance on the EU's Carbon Border Adjustment Mechanism (CBAM) as FTA negotiations continue.
FTAs Legally Valid Forever, Require Detailing
Commerce Secretary Sunil Barthwal emphasised that free trade agreements (FTAs) require detailed negotiations due to their long-term impact. He highlighted the importance of mobility for service sector growth, promoted Mutual Recognition Agreements (MRAs) for professional services, and discussed the need for comprehensive SOPs in FTA negotiations.
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Ahead of the 2025-26 Union Budget, exporters urged the finance ministry for a ₹750 crore US-focused marketing scheme to boost exports, tax deductions for R&D, and the continuation of the interest equalisation scheme. They also sought financial support for MSMEs and compliance with energy audits and carbon border tax.
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