Letter: Let’s be part of Resurgent Rajasthan

Follow-up on the Resurgent Rajasthan initiatives, the state, along with India, offers a huge investment potential in a wide range of industries that are strategically located across the state and would form the early base of “Make in India”.It is notable that Silicon Valley-based groups have set up offices in Singapore to invest in a large number of projects in Asia, including China and India. But within that Indian market, Rajasthan is taking early leads by offering facilities and fiscal incentives.

These industries will see some US$30-$40 billion investment over the next five years, going by the investors’ positive energy seen in the Resurgent Rajasthan held November 19-20, 2015.

The first day of the Rajasthan Resurgent Summit concluded with 295 proposals worth Rs 3.3 lakh crore, noted Chief Minister Vasundhara Raje.

“These proposals are just the tip of the iceberg. A lot of work has to be done,” assured Raje said in her inaugural speech at the summit.

The Chief Minister highlighted the state’s efforts on a raft of economic and industry reforms to create an investment-friendly image.

Finance Minister Arun Jaitley lauded the investment base prepared by Raje’s government, having led the state in reforms, and continuing its work on improving business environment, especially with the ease of doing business programmes.

“Taxation should be reasonable and the policy should not be so aggressive that it deters investors,” said Jaitley in his advise to the state administrators.

Kumar Mangalam Birla, chairman of the Aditya Birla Group, has made the biggest commitment at the two-day summit. He assured of nearly Rs 11,000 crore, including Rs 7,000 crore for setting up two new cement plants and Rs 3,000 crore for establishing a 500 MW solar power plant in the state.Gautam Adani, head of the Adani Group, has announced an additional sum of Rs 10,000 crore over four years for the expansion of thermal power plants and generation of solar power in the state.

Businesses are also taking opportunities to advise the government, one of which came with a cautious note from Hero Motocorp chairman Pawan Munjal, calling on the state government to ensure speedy clearance of projects.

“We need speedy clearances for setting up our industries,” said Munjal whose company is setting up a state-of-the-art Research and Development Centre on the outskirts of Jaipur.

Uday Kotak, chief executive officer of Kotak Mahindra Bank, shared his bank’s lending ratio which is more than the deposit in the state. The bank lends Rs250 against a deposit of Rs 100.

Kotak has assured: “We plan to double our lending from Rs 5,000 crore to Rs 10,000 crore in the next three years…” to help small, medium-scale industries and farmers in the state.

The central government has announced Rs 10,000-crore of projects. This includes setting up a National Institute of Pharmaceutical Education and Research in Jhalawar district in two years, upgrade of the Central Institute of Plastic Engineering and Technology in Jaipur, and setting up a plastics park and a medical devices park, a first in the country.

The Railways Ministry is to set up 24 modern railway stations in the state.

Tourism sector is also on the mind of foreign investors led the Central government. These investors were from Singapore, Japan, Italy and Australia.

Singapore Home Affairs Minister K Shanmugam said Singapore Airlines has decided to operate a direct flight from Singapore. “The airlines knew that it might not be earning profit in one or two years, but it is a long-term partnership,” he said.

It is now time for NRI’s and especially the Rajesthani diaspora to respond to a state call and form partnerships, consortiums and ventures and show their business acumen and enterprising philosophy.

Among the ideas, we feel, is coming forward and helping the large pool of students coming from educational institutions in the state. Let’s show them the way forward by helping them in the Research & Development work especially contribute our knowledge of being global players as businessmen and top ranking executives in multi-national corporations.

Let share our knowhow, expertise and be part of the Resurgent Rajasthan. fii-news.com