UAE-based Indians join investment drive worth Dh2.7 billion for Indian state of Rajasthan

Dubai: The Indian state of Rajasthan has signed Dh2.7 billion worth of memoranda of understanding (MOUs) with non-resident Indians, including some living in the UAE, seeking investment in the state. Key sectors earmarked for investment include real estate, energy, tourism, agriculture, petroleum and information technology (IT) among others.

Investors will be eligible for government subsidies and rebates.

Rajasthan is showcasing its immense business opportunities available in the state to global investors during its participation at India Pavilion in Expo 2020 Dubai. As part of the ‘Rajasthan Week’ at India Pavilion, the state is showcasing its business capabilities along with its tradition and culture through a series of events.

Shanti Kumar Dhariwal, Minister for Urban Development and Housing, Government of Rajasthan, said: “There is a lot of scope and business opportunity available in Rajasthan especially in the priority sectors, including tourism and real estate. The state government has taken a series of measures and enabled a 180-degree change in how business is done in Rajasthan.”

A delegation from Rajasthan government will visit Indian blue-collar workers in UAE, particularly carpentry workers based in Dubai.

Parsadi Lal Meena, Minister, Industries and Commerce, State Enterprises, in Rajasthan, told Gulf News: “Rajasthan government will offer an investment subsidy of 75 per cent on state tax due for deposits. The rebate will be offered for seven years. For non-resident Indians (NRI) generating employment in the state, a rebate is on offer that amounts to 50 to 75 per cent of the employer’s contribution towards Employees’ Provident Fund (EPF) and Employees’ State Insurance (ESI). There will also be 100 per cent exemption on stamp duty, conversion charges and change of land use. For the next seven years, there will also be 100 per cent exemption on electricity duty and land tax among others.”

Emergency funding and services

Meena said areas where manufacturing enterprises are looking for investment include start-ups, solar industries, electric vehicle, food processing agro processing among others. “Among the service enterprises, industrial parks, IT parks, logistics and infrastructure are looking promising,” the minister said.

Meena said a total of 700,000 Rajasthani non-resident Indians reside in the UAE, of which, half a million are blue-collar workers. “We want to connect with them and urge them to register themselves with the local community so we can provide them with emergency funding and services. The idea is to raise awareness.”

Rajasthan has launched an investment summit, titled ‘Invest Rajasthan — 2022’, at the Expo 2020 Dubai.

‘Showcasing vibrant art and culture’

“Rajasthan government has launched a one-stop shop to ensure ease of doing business in the state,” Meena said, adding: “The ‘Rajasthan Weekend’ at Expo 2020 Dubai has given the state an opportunity to showcase its vibrant art and culture and its rich heritage, apart from the giant strides that the state has taken in the fields of tourism, solar mines, petrochemicals and electric vehicles under the visionary and dynamic leadership of Chief Minister Shri Ashok Gehlot.”

Dhiraj Srivastava, Commissioner, Rajasthan Foundation, said : “Until now, the entire world saw Rajasthan as one of the best tourist destinations in India. However, now there is a scope to show that Rajasthan is much beyond tourism.”

According to Srivastava, the high-level delegation sent by the government of Rajasthan to UAE was accorded a rousing welcome by the expatriate Indian community in UAE through the Rajasthan Foundation.”