The 36-year-old Minister for Corporate Affairs is a close associate of party Vice President Rahul Gandhi and is the son of late Union Minister Rajesh Pilot and Rama Pilot, who was also MP for a term.
He replaces incumbent Chandrabhan, who was defeated in the Assembly polls.
Pilot's appointment as PCC chief comes a month after the party's poor performance in the desert state. Congress could secure just 21 out of the 200 Assembly seats, marking the ignominious defeat of the Ashok Gehlot-led Congress government.
Rajasthan has 25 Lok Sabha seats.
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Welcoming his appointment, AICC general secretary in-charge for Rajasthan Gurudas Kamat said it is an "excellent choice" and Pilot will give a "new direction" to the PCC.
Sources said that apart from Pilot, a number of other leaders were also in the race for the job including AICC general secretary C P Joshi, Union Minister Lalchand Kataria and party MP Mahesh Joshi.
"It is an excellent choice. He is a young and dynamic leader, who has proved his popularity. He comes from a very good family with his father and mother having already served the citizenry of the state. I am sure he will give a clear direction to the PCC in Rajasthan," Kamath said.