Synopsis
On January 20, Rajasthan Chief Minister Bhajan Lal Sharma announced initiatives aimed at creating a supportive environment for industrial and service sectors, targeting a $350 billion economy by 2025-26. With measures like MSME support and VAT adjustments, the government aims to enhance economic growth and employment.Key Takeaways
- Rajasthan CM Bhajan Lal Sharma emphasizes supportive measures for industries.
- Aim for a $350 billion state economy.
- 500,000 MSMEs registered in the last year.
- Significant rise in capital expenditure by 65.94%.
- Direct transfer of Rs 650 crore to farmers' accounts.
Jaipur, Jan 20 (NationPress) Rajasthan Chief Minister Bhajan Lal Sharma stated on Monday that his administration is actively fostering a supportive environment for the industrial and service sectors, aiming to achieve the ambitious goal of a $350 billion state economy.
He emphasized that after thoroughly reviewing the suggestions from various representatives, efforts will be made to incorporate them into the upcoming 2025-26 budget.
CM Sharma made these remarks during a pre-budget discussion held in two sessions with representatives from industry, trade, tax advisory associations, and the service sector at the Chief Minister's Office.
He noted that enhancing the economy through industrial growth also translates to increased employment opportunities.
In the first year of its term, the state government made significant decisions, such as organizing the Rising Rajasthan Summit, implementing new policies for the economic sector, and securing major investment agreements, which have revitalized the state's economic landscape.
CM Sharma highlighted that, due to the government's initiatives, Rajasthan is now recognized for its achievements in various fields including industrial development, investment, health, education, and tourism.
He mentioned that the state's investment-friendly policies have led to a rapid rise in MSME registrations.
In the past year alone, approximately 500,000 micro, small, and medium enterprises have been registered, placing Rajasthan fourth in MSME registrations.
Rajasthan, the largest state in India, is evolving into a hub of significant opportunities.
The state has emerged as a frontrunner in solar and wind energy production, with CM Sharma stating that "our government has bolstered the state's economy through effective financial management, resulting in a 12.56 percent growth rate in GSDP for 2024."
He noted that the state's capital expenditure has surged by 65.94 percent.
Additionally, the Rajasthan Investment Promotion Scheme-2024 has been introduced by the government to encourage balanced and inclusive development along with new employment prospects.
CM Sharma reiterated the government’s commitment to the comprehensive development of agriculture and farmers.
Recently, the government transferred an additional Rs 650 crore of Kisan Samman Nidhi directly into the bank accounts of 66 lakh farmers, marking a historic first for Rajasthan.
He shared that the government has initiated several steps towards industrial development, including financial approval for the establishment of 11 new industrial areas.
"Our government has adjusted the VAT rates on diesel and petrol, reducing them by 2 percent to create uniformity in rates, enabling the public to access oil at lower prices. Additionally, the VAT rates for CNG and PNG have been decreased from 14.5 percent to 10 percent," he added.
