December 2012

Rajasthan Rises as an Investment Destination

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“It has emerged as a preferred investment destination owing to  proactive measures taken by the government to develop better  infrastructure,” says RIICO  Managing Director Naveen Mahajan

 

Rajasthan is now stepping into the industrial limelight. What are the key reasons behind the state’s economic success?
Rajasthan State Industrial Development and Investment Corporation (RIICO has managed to create a huge industrial infrastructure across the state in record time. We are managing 323 industrial areas. Our endeavour is to manage infrastructure in a professional way. The success that RIICO has achieved is primarily due to the vision of the state’s political leadership. We have a unique single window clearance system. The law is implemented in a clear and transparent manner.

How big a role has Rajasthan Industrial & Investment Promotion Policy (RIIPP) played in the State’s development?
The RIIPP, 2010, is indicative of the new investment climate in the state. The Rajasthan Investment Promotion Scheme (RIPS), 2010, supplements the larger RIIPP with a package of financial incentives. Formulated on the basis of extensive consultation and inputs from trade and industry, the new scheme has given a fillip to industrialisation in the state. The state has a large pool of trained, Englishspeaking professionals. Over 50,000 engineers graduate from 122 engineering colleges every year.

What is the status of industrialisation in Rajasthan?
Most of the world’s top companies today have a presence in Rajasthan. These include Lafarge, Saint Gobain, Infosys, Deutsche Bank, Daikin, Mitsubishi and Mahindra & Mahindra. The presence is not limited to any particular sector, but across varied sectors including manufacturing, services, IT, solar, wind and biomass power generation, exploration, textiles, etc. Our auto zone in Bhiwadi will soon have a full-fledged assembly line for Honda cars. These examples can, of course, be multiplied. And things will only get better in the years to come.

What should be done to ensure that the people at grassroots levels benefit from all these development projects?
Special care is being taken to ensure that the fruit of this development percolates down to the people of the state. That is the vision of the Hon’ble Chief Minister. RIICO has taken special incentives for investors in industriallybackward districts to ensure balanced regional development. Investors can avail of concessions if they commence production in regions such as Karauli, Sawai Madhopur, Dholpur, Baran, Pratapgarh, Banswara and Sirohi. RIICO’s land acquisition policy is based on ensuring fair compensation to farmers so that they have a stake in industrial development. Special concessions are also given to women and physically handicapped individuals seeking to set up industries in the state.

How is RIICO gearing up to play a more proactive role in Rajasthan’s industrialisation?
Automation of various processes of RIICO is our topmost priority. We have already launched pilot projects at our Unit Offices at Neemrana and Sitapura. This will help streamline functioning and bring in efficiency, transparency and accountability in RIICO’s operations. Take, for instance, the existing business processes which are manual. They will be re-engineered into key fields such as land acquisition, allotment, plot accounting, information system and management system. A Financial Accounting System will track budgeting, including daily books and ledgers, trial balance, the balance sheet, profit and loss accounts, budget estimates, budgetary control, variance analysis and improve the overall Fund Management System. A Term Loan Accounting System will include appraisal, sanction and disbursement, follow-up and monitoring of recovery, etc. A Civil Project Management System will help track development and maintenance works.

 

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