JAIPUR — Unveiling its blueprint for a high-skilled, semiconductor-driven future, the state cabinet has approved a new industrial policy that will propel the region into the modern era by reimbursing 75% of state taxes for heavy manufacturing conglomerates.

Effectively repackaging the 2019 Industrial Policy and 2022 Investment Promotion Scheme under the new banner of a "talent economy," the government outlined its strategy to reach a $350 billion GDP by 2028-29. "We are laser-focused on aerospace, defense, and advanced microchips," said a ministry spokesperson, reviewing documents that detailed immediate land allotments in Jaisalmer for Dalmia Cement and JK Cement. "Nothing drives the knowledge economy quite like capital subsidies and stamp duty exemptions for limestone processing."

While large corporations secure guaranteed tax reimbursements and electricity duty exemptions for seven years under the scheme, small businesses looking to participate in the high-tech revolution will be supported through a streamlined new initiative. According to the ministry's presentation, MSMEs will be given the opportunity to acquire commercial land through a randomized lottery system.