In a significant move aimed at strengthening the state’s infrastructure and development, the Rajasthan government has signed Memorandums of Understanding (MoUs) with Bank of Baroda and Bank of Maharashtra. The MoUs, signed at the Chief Minister’s residence in the presence of Chief Minister Bhajan Lal Sharma, will secure loans of Rs 30,000 crores annually for the next six years.
Loan Allocation Under MoUs For Key Development Sectors
Bank of Baroda will provide Rs 20,000 crores every year, while Bank of Maharashtra will contribute Rs 10,000 crores annually. This funding will be directed towards a range of government projects, primarily focusing on sectors such as electricity, renewable energy, roads, drinking water, and sanitation.
Commitment To Inclusive Development
Speaking on the occasion, Sharma emphasised the government’s commitment to inclusive development, grounded in the principle of ‘Sarvajan Hitaay’. This initiative is part of the state’s larger vision of ‘Viksit Rajasthan 2047’ under the Amrit Kaalkhand action plan, which sets a goal of developing infrastructure and strengthening the state’s economy to reach a $350 billion economy.
Sharma expressed pride in the collaboration with prestigious nationalised banks like Bank of Baroda and Bank of Maharashtra, highlighting that this partnership will significantly aid in enhancing the state’s infrastructure. He reiterated the importance of banks in driving personal and state development, urging them to ensure their services benefit the public.
The Chief Minister also pointed out that the state government is following the vision of Prime Minister Narendra Modi, who advocates for investing in strong infrastructure to secure a better tomorrow. Under this vision, the state has set ambitious goals, including increasing renewable energy production capacity to 125 gigawatts by 2029-30 and investing Rs60,000 crores to develop 53,000 km of road networks in the next five years. The government has also signed MoUs worth Rs 35 lakh crore during the Rising Rajasthan Global Investment Summit to further drive the state’s growth.
Diya Kumari Acknowledges Significance Of MoUs
Deputy Chief Minister and Finance Minister Diya Kumari also spoke on the occasion, acknowledging that the MoUs are a substantial effort to strengthen the state’s infrastructure. She highlighted that these initiatives align with the government’s vision of public welfare and will contribute to realising the goal of a developed Rajasthan.
