Rising Rajasthan 2024: A landmark summit showcasing innovation, investment, and the power of startups

The Rising Rajasthan Global Investment Summit, held from December 9 to 11, 2024, at Jaipur Exhibition Convention Centre, marked a pivotal moment for the state's entrepreneurial ecosystem. Inaugurated by Prime Minister Narendra Modi, the event brought together startups, investors, and policymakers to discuss the future of business in Rajasthan. The summit aimed to position the state as a leader in digital transformation and investment opportunities.

The three-day summit featured a diverse array of activities, including thematic sessions, panel discussions, and an MSME conclave. One of the standout features was the iStart Startup Pavilion, which showcased 20 innovative startups. Launched in 2017, iStart is Rajasthan’s flagship programme aimed at supporting startups through incubation, mentorship, funding, and procurement opportunities up to Rs 25 lakhs without a tendering process. It stands as one of India’s largest startup initiatives available in every district and is open to startups from all states. With over 5,100 registered startups—including more than 1,700 women-led ventures—iStart has sanctioned over Rs 35 crore in investments to support these entrepreneurs. The programme also offers mentorship benefits specifically targeted at school startups and has conducted over 1100 events aimed at nurturing young entrepreneurs.

Some startups at the pavilion had the unique opportunity to interact with PM Modi, who emphasised the importance of nurturing entrepreneurship in India. He stated, “Every investor in the world is excited about India”, highlighting the country’s growing economic stature. 

In his keynote address, Modi underscored that this century is “tech and data-driven”, noting how India has demonstrated the power of democracy, demography, and data. He remarked on the democratisation of digital technology, showcasing platforms like UPI and Direct Benefit Transfer (DBT) as examples of how digital infrastructure can benefit all sectors of society.

Modi also addressed Rajasthan's potential for development: “Rajasthan is rising but also reliable... One more aspect has been added to Rajasthan's 'R' factor,” he said.

Thematic sessions on digital transformation

A key part of the summit were thematic sessions under "Digital Transformation: Shaping the Future of Startups". This series included four engaging discussions that highlighted various aspects of digital innovation.

Addressing the audience at Rising Rajasthan 2024, Archana Singh, Secretary and Commissioner of the Department of IT & Communication, Government of Rajasthan, acknowledged the role of iStart in fostering innovation in the state. "Through our hub-and-spoke model, we have been catering to the needs of startups," she said.

One prominent session was moderated by Ajay Data, CEO of Data Ingenious, featuring industry leaders like Vijay Shekhar Sharma from Paytm and Ritesh Agarwal from OYO Rooms. They explored how startups can harness digital technology for business growth. Sharma emphasised India's evolving role on the global stage, stating, “The world is looking up to each one of us to solve the problems of the world. The West is not the best; the East is the new best.”

Ritesh Agarwal echoed this sentiment while addressing budding entrepreneurs: “What matters at the end is not the college degree; what matters is how much you want it.” He further noted that companies across industries are leveraging technology to disrupt their markets but warned that such transformations require time: “This won’t happen over one year; we need to give it 10 years.”

In another insightful discussion, Amit Jain, Co-founder and CEO of GirnarSoft (CarDekho), shared his approach to competition: “We never discuss competition at any meeting. The goal is to just always better ourselves.” He encouraged entrepreneurs to avoid waiting for perfection before launching their products. Anurag Jain, Co-founder and COO of GirnarSoft (CarDekho), spoke about navigating failures in entrepreneurship: “The journey is never smooth but you need to have milestones that you measure yourself against.” 

Col Rajyavardhan Rathore, Minister for Industries and Commerce, IT&C, Skills & Entrepreneurship for Rajasthan, highlighted innovative steps taken to support small businesses during his address at Rising Rajasthan 2024. He stated, “First we must invest in our dreams; then we must invest in our teams.” Rathore also emphasised collaboration as a means to create new opportunities.

MSME Conclave

On December 11, the summit concluded with an MSME Conclave that focused on empowering micro, small, and medium enterprises as vital contributors to economic growth. The conclave served as a platform for discussing challenges faced by MSMEs and exploring solutions for their development. A session under the MSME Conclave was moderated by Shradha Sharma, Founder and CEO, YourStory Media. 

The Rising Rajasthan Global Investment Summit not only showcased the state's potential but also reinforced its commitment to becoming a significant player in India's startup ecosystem. With initiatives like iStart and a focus on digital transformation, Rajasthan is poised for substantial growth in the coming years. As PM Modi aptly put it during his inauguration: "This is just the beginning; together we will build a prosperous future for Rajasthan."