The Government of Rajasthan on October 07, 2022, issues Rajasthan Investment Promotion Scheme 2022.
The following are the highlights of the scheme-
•This is a progressive policy that aims to generate large-scale employment opportunities. There is an additional impetus to promote our rural and backward areas to enable inclusive and distributed development across the State.
•The Objectives of the Scheme are-
1. Achieve an annual growth rate of 15% for both manufacturing and services
2. Foster balanced and inclusive regional development by uplifting industrially underdeveloped areas
3. Create employment opportunities for 10 Lakh people by 2027
4. Attain leadership in sunrise sectors such as green hydrogen, alternative energy, medical devices, etc.
5.Become a pioneer in climate & sustainability by incentivizing green initiatives
•Eligibility of the Policy is-
1.New and existing enterprises investing and establishing new units
2.Existing enterprises investing in expansions as defined in Annexure (14.1)
3.Eligible existing enterprises as per clause 3.6
4.The enterprise needs to commence commercial production or operation during the operative period of the Policy unless otherwise specified in the Policy. The detailed procedure has been laid out in the Annexure.
5.If an enterprise or Agro Cooperative or Producer Organization or Special Purpose Vehicle has availed the applicable benefits in this Policy as a Logistic Park or MultiModal Logistics Hub and if any other individual enterprise further purchases a smaller part or takes on lease/sub-lease of land and/or building in the park/hub, such individual enterprise shall be eligible for all the applicable benefits under this Policy as a new enterprise.
6.Only investments made and employment generated by an enterprise in Rajasthan will be considered eligible investments/employment for applicable incentives and boosters under this policy.
•The eight focused categories of the scheme are-
1. Manufacturing
2. Services
3. Sunrise Sectors
4. MSMEs
5. Startups
6. Logistic Parks, Warehousing & Cold Chain
7. R&D, GCC & Test Labs.
8. Renewable Energy Plants
•Provisions for Exemptions in Case of Expansion of Enterprise are also mentioned in the scheme they are-
1. Electricity Duty Exemption
2. Mandi Fee Exemption
3. Land Tax and Conversion Charges Exemption
•The Scheme also provides a section highlighting the incremental benefits provided under this policy compared to the RIPS 2019. Case studies are illustratively mentioned in the document attached.
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.
[Notification No.12(32)FD/Tax/2022-49]
