New Generation Entering Traditional Business in Rajasthan Depends Heavily On Technology

New Generation Entering Traditional Business in Rajasthan Depends Heavily On Technology

Rajasthan economy is unique in nature. What happens to the state not only impacts the state alone, but the entire nation. This is thanks to the presence of traditional business houses spread across the country. Predominantly the investments made in Rajasthan are through properties and jewellers by both natives of Rajasthan staying inside and outside of the state. While the first and second generation businessmen are in the retirement stage, the next-generation is all set to take over the entities which are family-run. The new generations entering the family business of Rajasthan are adopting technology as their biggest supportive tool for their business.

Key challenges

According to industry experts, the export of jewellery is down by 30%, cement by 10-15%, garments by 30% and 15% to 20% of minerals. Another challenge is that there is no large investment that has come to the state. With such a situation, money from Rajasthanis outside the state which is supposed to enter the state is struck.

Some of the key expectations of the business owners are to reduce the dependency from China. Suresh Agarwal, President of Federation of Rajasthan Trade and Industries (FORTI), says “The state has excellent road connectivity and the infrastructure is also commendable. However, the overall dependency on China is increasing globally. This should be avoided and the government should take steps to improve the export of business houses in Rajasthan.”

Key Reasons for Increasing Technology Adoption Across Industries

Industries across Rajasthan are depending heavily on technology. Some of the key factors are cost-cutting, new technologies in terms of their manufacturing and during expansion plans. However, with GST policy in place, almost 100% traders have to depend only on technology. While labor policies and rules are also demanding the business owners adopt digital to a large extent. “All our employee databases, PF, ESI, Bank transactions are computerized. Especially after the next generation which had the opportunity to get educated across various top business schools had started understanding the fact that technology can enable their business.”, Agarwal feels.

FORTI plays a key role in enabling the voices of the industry both at the state and central levels. The association has branches in all 32 districts of the state and has international presence in the US and Italy too. Some of the key activities of the association are to bridge the industry bodies with the respective industry forums. Other activities of the forum include helping member rectify their doubts in terms of export policies, technology in terms of types of machinery, e-filing, and refunds.

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