Rajasthan Investment Promotion Scheme (RIPS) 2022

Rajasthan Investment Promotion Scheme (RIPS) -2022

Considering the success of Rajasthan Investment Promotion Scheme (RIPS) -2019 , RIPS-2022 has also been released, in which more provisions have been made to attract investments.

To promote rapid, sustainable and balanced industrial development in the state, ‘Rajasthan Investment Promotion Scheme-2019’ was implemented from 17th December 2019. 

In this, 75% recharge of 7 years SGST, electricity tax stamp duty is also being recharged for new investment in manufacturing and service sector industries. Along with this, concessions like 100 percent in market fee are being given.

Government launched the Rajasthan Investment Promotion Scheme- 2022 during the Invest Rajasthan Summit on October 7, 2022. In this, industries which generate employment on a large scale in the state will be encouraged. Under RIPS- 2022, provision has been made for various types of subsidies and IGST recharge for such industries.

RIPS -2022 Summary

Rajasthan shares its borders with the States of Haryana, Punjab, Gujarat, Madhya Pradesh, and Uttar Pradesh. This unique geographical advantage allows enterprises based in Rajasthan to directly access 40% of the markets in India.

Nearly 39% of the Dedicated Freight Corridor (DFC), connecting Delhi to Mumbai, passes through the State. Further, the Golden Quadrilateral and East West Corridor pass through Rajasthan.

The State has one multimodal logistic park which is operational at Khatuwas in Alwar while 4 more are in the pipeline at Kisangarh (Ajmer), Kota, Jaipur, and Pali. The requirement of a port has been effectively covered by the development of 9 Inland Container Depots (ICDs) and 2 Container Freight Stations at strategic places in the State along with an Air Cargo Complex.

Rajasthan is the second largest mineral producing State of the country in terms of value. Producing 82 major and minor minerals, the State offers rich opportunities in mining, extraction, and value addition. Rajasthan is the sole producer of Zinc and Lead in India and the largest producer of Limestone, Rock Phosphate, Selenite, Gypsum, Silver, Copper Ore, Potash, Sandstone, and Marble. Makrana region is a world-famous center for marble mining.
Separately, Rajasthan is the largest onshore producer of Crude Oil and second largest producer of Natural Gas, after Assam, in
India.

Objectives

To establish and implement a progressive investment policy for the period 2022-27, designed to enable the following:
• Achieve an annual growth rate of 15% for both manufacturing and services.
• Foster balanced and inclusive regional development by uplifting industrially underdeveloped areas.
• Create employment opportunities for 10 Lakh people by 2027.
• Attain leadership in sunrise sectors such as green hydrogen, alternative energy, medical devices etc.
• Become a pioneer in climate & sustainability by incentivizing green initiatives.

Operative Period

The Policy shall come into effect from the date of issuance of this order and shall remain in force up to 31st March 2027. The policy may be periodically revised from time to time.

RIPS 2022 has Identified and harmonized 8 priority categories

• Manufacturing
• Services
• Sunrise sectors
• MSMEs
• Startups
• Logistics Parks, Warehousing & Cold Chains
• R&D, GCC & Test Labs
• Renewable Energy Plants

*Sunrise sectors are areas of emerging economic potential.

Rajasthan Investment Promotion Scheme (RIPS) -2022 has different incentive packages for different categories.

Source: SUJAS RAJASTHAN

Subscribe For Rajasthan Current Affairs in English
Subscribe For Rajasthan Current Affairs in Hindi

Download Monthly Current Affairs Pdfs

BY RASBABA TEAM