Rajasthan Prominent Investment Destinations In India
Rajasthan is located in between the northern and western frontiers of India
. This strategic location of Rajasthan provides easy access to the consumer markets on both sides. So, it is fast emerging as one of the prominent destinations in India.Rajasthan is flanked by the Aravali hills. Parts of Rajasthan, namely the northwestern and western parts, consist of arid deserts and are not very inhabitable. The rest of Rajasthan attracts many foreign tourists every year. The huge palaces and forts of Rajasthan have proven to be major tourist attractions.
The advantages of investing in Rajasthan are numerous because the government has provided many financial benefits to attract investors in the state in sectors, such as IT and Tourism. The Mining, Minerals, Oil, Gas, and Electricity generation sectors also offer possibilities.
Industries in Rajasthan that offer tremendous scope:
1) Agriculture: Rajasthan ranks second in the production of barley. It also has high contributions in crops, such as bajra, cumin seeds, rabi oil, and mustard. It is also a large producer of wool and cotton. Thus, this sector can prove to be very useful.
2) Mining and minerals industry: Rajasthan boasts of huge mineral reserves. It produces 25 minerals, such as clay, copper, silver, zinc, garnets, granite, and many others. Another reason to foray into this field is that the government has reduced royalty charges to facilitate further exploration of its mineral wealth.
3) Cement: Rajasthan hold the capacity for production of about 13 million tonnes. It has 2,500 mt cement reserves. It is third in cement production. As the demand is going to rise domestically by 89%, it can be a major gross earner.
4) Tourism: It is a major tourist attraction, and it constitutes more than 15% of Rajasthan's economy. Lots of foreign tourists go to Rajasthan for its palaces, forts, and museums. It also comprises sanctuaries and holds exhibitions, such as the Pushkar fair, which are of international repute. The luxury train Palace of Wheels is also a major attraction. Both domestic as well as foreign tourism has started to rise in the state. The government has also brought down the luxury taxes to boost this industry further and attract more investors.
5) Jewelry and Gems Industry: Jodhpur and Jaipur are the prominent centers for jewelry. Rajasthan leads in the production of colored stones and gems. The plus of this industry is that it has many skilled professionals and offers growth with the possible setting up of a SEZ in Jaipur.
6) Oil and Gas: The discovery of gas reserves and oil deposits in Rajasthan offers a definite opportunity. As a large part of the state is still unexplored, the scope is tremendous. The exploration of these reserves provide further avenues of oil refining, gas distribution, power stations, and other petrochemicals.
7) Software Industry: This sector holds a lot of potential. The BPO and IT sectors are amassing huge returns and growing at a rate of about 15%. Rajasthan has parks in Jaipur and Jodhpur. The government offers huge incentives to encourage more IT industries to set up shop in Rajasthan, including reduced land rates, stamp duty exemption, and easy labor regulations.
8) Electricity Generation: Rajasthan has many reserves for electricity production. Enactment of new laws has permitted trading to other states and has led to private participation. This will open up an array of opportunities for businesses.
These are a few areas one can look at for investing in Rajasthan.
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