Rajasthan rides the crest of the renewable energy wave

The state emerges as the top destination for new investment projects in Q1FY26, displacing the more advanced states of Maharashtra and Gujarat, writes Vikas Dhoot

- Vikas Dhoot

A flurry of new investment plans in the solar and wind power sectors has propelled Rajasthan to the top of the charts across states in terms of new capital expenditure announced during the first quarter (Q1) of 2025-26, overtaking Maharashtra and Gujarat, which usually occupy the top two spots.

"Rajasthan topped the fresh investment table with a total investment of ₹2,69,391.46 crore in the form of 419 new projects," according to the latest quarterly survey of project investments in India by Projects Today, a firm tracking new and ongoing projects.

This is only slightly higher than Maharashtra's new investment tally of 684 projects worth just over ₹2.66 trillion in Q1, but far ahead of Gujarat's 459 new projects worth ₹2.1 trillion announced between April and June.

While overall investment plans across the country have risen 13.1 per cent sequentially from about ₹15.39 trillion in the last quarter of 2024-25 (FY25) to almost ₹17.41 trillion in Q1FY26, Rajasthan's share has nearly doubled from 8.3 per cent to 15.5 per cent. The state ranked fourth in Q4FY25, with new investments of a little over ₹1.27 trillion, behind Karnataka (₹1.58 trillion), Gujarat (₹1.89 trillion), and Maharashtra (₹2.24 trillion).