ET Business Growth Summit, Jaipur: Entrepreneurs highlight new growth opportunities

Rajasthan is emerging as a more diversified and entrepreneurial economy, with micro, small, and medium enterprises (MSMEs), exports, tourism, manufacturing, and technology increasingly shaping the state’s growth story, industry leaders and policymakers said at the ET Business Growth Summit in Jaipur.

The summit brought together government officials, entrepreneurs, manufacturers, start-ups, financial institutions, and industry representatives to discuss the opportunities and challenges confronting Rajasthan’s business ecosystem, with a focus on entrepreneurship, employment, technology, exports, tourism, skilling, and access to finance.

Opening the summit, P.N. Sharma, Additional Commissioner, Industries & Commerce (ODOP, Infra and Salt issues OIC), Industries Department, Rajasthan, said the government could facilitate growth but not substitute for entrepreneurship and market forces.


“Real economic growth is driven by entrepreneurs, businesses, innovation, and markets, not just the government. The government’s role is to create the right conditions,” Sharma said.

He highlighted the state government’s One District One Product (ODOP) initiative, saying it had helped give “wings to thousands of small entrepreneurs” and was driving economic growth from the bottom up.

The session was followed by a fireside chat with Ramakrishna Eda, Chief General Manager, IDBI Bank. Eda, who leads the MSME vertical of the bank, focused on the role of banking and finance in supporting businesses.

Then followed a special address by K. L. Jain, President, Rajasthan Chamber of Commerce and Industry, who said Rajasthan had undergone a significant economic transformation.

“Rajasthan has come a long way from being primarily an agriculture economy to one dominated by MSMEs, helped by government policies and the hard work of entrepreneurs here,” Jain said.

The shift has created a wider entrepreneurial base across sectors, ranging from traditional handicrafts and jewellery to food and beverages, tourism, exports and technology-led businesses, he added.

The panel discussion brought together representatives from tourism, exports, handicrafts, food and beverages, jewellery, and venture capital (VC) spaces to examine how Rajasthan’s established business strengths can be transformed into scalable growth opportunities.

Participants included Kuldeep Singh Chandela, former President, Federation of Hospitality and Tourism of Rajasthan (FHTR); P.R. Sharma, Director, Global Trade Promotion Corporation (GTPC), Jaipur; Mahavir Pratap Sharma, Founder, Oscar Exports; Akshay Kedia, Co-Founder, Nothing Before Coffee; Astha Katta Sirohiya, Co-Founder, Shyle; and Rishabh Dev Bajaj, Founder & CEO, Volt Capital.

Mahavir Pratap Sharma said Indian businesses, particularly in handicrafts and carpets, had made considerable progress over the past two decades.

“I think in the past 20 years, our products and timely delivery have far improved. We are not looked down upon for products and services from India. We command a role, especially in handicrafts and carpets,” he said.

Akshay Kedia said the company identified an opportunity emerging from changing digital consumption patterns and the growing exposure of young consumers to global food and beverage trends. “In 2016, digital content consumption was increasing. We found a huge gap in the trial of global flavours that we saw on social media, and the youth wanted quick consumption of that product,” Kedia said.

Shyle’s Astha Katta Sirohiya said Jaipur’s traditional silver jewellery ecosystem offered a strong foundation for a new generation of businesses, provided it was combined with digital capabilities.

“Silver jewellery is the ‘adda’ of Jaipur. The distinctive space in the field could only be made if we merged it with digital. Social media is the best marketing tool. We strategised to be a digital-first brand,” she said.

P.R. Sharma of GTPC said the state had a major opportunity to emerge as a logistics and export hub, leveraging its location and connectivity with the Delhi-Mumbai Industrial Corridor (DMIC) and dedicated freight corridor.

“The development of inland container depots (ICDs), export centres, and last-mile infrastructure would be critical to increasing Rajasthan’s exports. For a landlocked state, efficient logistics can significantly influence the competitiveness of its manufacturers and exporters. Better connectivity can reduce transportation costs, improve delivery timelines and make it easier for smaller businesses to access international markets,” added Sharma.

This is particularly important for MSMEs, which often lack the scale to absorb high logistics costs or manage complex supply-chain operations independently.

Kuldeep Singh Chandela of FHTR said Rajasthan’s tourism potential was “huge”, but the sector needed a greater share of the state’s budget to fully realise that potential.

“The sector can also create significant employment across hospitality, transportation, food services, handicrafts, retail, and local experiences, making it particularly relevant to the MSME ecosystem,” Chandela added.

Rishabh Dev Bajaj, CEO of Volt Capital, said the state could use AI to transform sectors ranging from engineering and mining to agritech and tourism.

“In the age of artificial intelligence (AI), Rajasthan has an opportunity to transform sectors ranging from engineering and mining to agritech and tourism by creating the right platforms for its young minds,” Bajaj said.

The panel discussion was followed by a fireside chat with Manoj Bohara, Chief Regional Manager, Jaipur Regional Office, The New India Assurance Co. Ltd, who discussed the importance of insurance and risk protection for businesses.

The discussions at the summit pointed to a broader transition underway in Rajasthan. The state is seeking to move beyond traditional economic strengths and create a more diversified growth model built around MSMEs, exports, tourism, manufacturing, entrepreneurship, and technology.

The ET Business Growth Summit Jaipur concluded on a strong note, with industry leaders emphasising greater collaboration among businesses, policymakers, and institutions to unlock the region’s growth potential. The event was sponsored by IDBI Bank as the Banking & Lending Partner and The New India Assurance Co. Ltd (NIA) as the General (Non-Life) Insurance Partner.