RAJASTHAN ATTRACTS OVER RS.2.86 LAC CRORE PROJECTS IN 2023-24, SAYS STUDY
Rajasthan has attracted new investment proposals of Rs.2,86,498 crore in 2023-24 as against Rs.1,59,233 crore during the previous year 2022-23, i.e., an increase of Rs.1,27,265 crore, according to the just conducted study on “Investment, Development & Growth in progressive Rajasthan 2020-21 to 2023-24” by the MSME Export Promotion Council.
Releasing here the findings of the study today, the chairman of the MSME EPC Dr D S Rawat said, according to the data by the Centre for Monitoring of Indian Economy (CMIE) on February 12th this year, in 2021-22 the new investment projects announced we’re worth Rs.2,81,106 crore. He further said, in 2023-24, investment projects completed were of Rs.51,780 crore as against the projects completed in 2022-23 of Rs.41,015 crore and underlined the need for bringing in efficiency for completion of the on-going projects.
However, total investment projects outstanding in 2023-24 were significantly high, as much as over Rs.13,81,294 crore. Therefore, the study has stressed the need for setting up a high powered committee to review each project and remove all hurdles within a stipulated time frame work. This is necessary to avoid escalation in the cost of the projects.
It was noted that the industry sector witnessed a growth of 12.43% for 2023-24 and contributed 28.21% in the state’s gross value added (GSVA). In Rajasthan, engineering goods, gems & jewellery, metal, textiles and handicrafts are the top five export items that account for more than 65% of exports from the state.
Infrastructure in the state is extremely conducive for creating a hub for “manufacture of shipping containers”, the sector globally registering a growth rate of over 15% and the State has already a successful unit in Bhiwadi which has increased its capacity to 10,000 containers against 8000 per annum.
When contacted, the director of diamond shipping solutions Mr Pankaj Kumar said, since a large number of global companies are evincing their interest for investment in the state to set up their manufacturing base, Rajasthan should attract at least 7/8 units to generate over 2 lakh direct job opportunities and one lac indirect jobs. In turn will boost the state’s economy, fuel exports, and become a pioneer in this sector and decrease India’s dependence on China.
The study has also pointed out that a large number of micro, small & medium units are struggling for survival due to swift changes in the technology, severe global competition, non-availability of affordable timely credit and lack of common marketing facilities.
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