Updated December 20, 2022
Various sectors of the economy are inter-dependent in any country. Industrial corridors identify the necessity and offer effective integration between industry and infrastructure that lead to overall economic and social development. Industrial corridors constitute world class infrastructure such as high-speed transportation. Industrial corridors constitute world-class infrastructure such as high-speed transportation which enables the quicker movement of goods from one place to another.
Significance of Industrial Corridors in India
An industrial-corridors in India is a package of infrastructure spending allocated to a specific geographical area, with the intent to stimulate industrial development.
The aim is to create an area with a cluster of manufacturing or other industry. Such corridors are often created in areas that have the pre-existing infrastructures, such as ports, highways, and railroad receives “feeder” roads or railways.
The industrial corridor provides opportunities for private sector investment in the provision of various infrastructure projects associated with the exploitation of industrial opportunities. However, the successful utilization of opportunities that arises from industrial corridors depends on the availability of efficient transport and other infrastructure support system.
The corridor approach for industrial development primarily takes advantage of the existence of proven, inherent, and underutilized economic development potential within the influence region.
Apart from the development of infrastructure, long-term advantages to business and industry along the corridor include benefits arising from smooth access to the industrial production units, decreased transportation and communication costs, improved delivery time, and reduction in inventory cost.
Industrial Corridors in India and their main characteristics
Delhi Mumbai Industrial Corridor (DMIC)
Delhi-Mumbai Industrial Corridor Project (DMICDC) is a planned industrial development project between India’s capital, Delhi, and its financial hub, Mumbai. It is one of the world’s largest infrastructure spread across six states. The project has received a major boost from India and Japan, due to an agreement to set up a project development fund.
Chennai-Bengaluru Industrial Corridor
It is expected to boost commerce between south India and East Asia by enabling quicker movement of goods from these places to the Chennai and Ennore Ports. The project with assistance from the Japan International Cooperation Agency (JICA) will be developed in collaboration with the governments of three southern states. Two major backbone infrastructure projects will be created for the corridor. Both road and rail connectivity for the Freight movement will be upgraded in this corridor.
The East Coast Economic Corridor
The ECEC running along the entire east coast of India from Kolkata to Kanyakumari is a multimodal, regional maritime corridor that can play a vital role in unifying the large domestic market, as well as integrating the Indian economy with the dynamic global value chains of Southeast and East Asia. It would play a crucial role in the Government of India’s (GoI) Make in India Campaign and also supports the port-led industrialized strategy under the Sagar Mala initiative and the Act East Policy by linking domestic companies with vibrant global production networks of East and Southeast Asia.
Amritsar Kolkata Industrial Corridor (AKIC)
In order to give a boost to industrial development in the densely populated states of Northern and Eastern India. The AKIC will also leverage the Inland Water System being developed along National Waterways-1 which extends from Allahabad to Haldia.
North East Myanmar Industrial Corridor.
It has been initiated from the Tokyo Declaration for India-Japan Special Strategic and Global Partnership for enhanced connectivity and development in the Northeast which would catalyze economic development and increase prosperity in the region.
Thus, we can observe the significance of the industrial corridor that changes the dimension of our country for good. Development of Industrial corridors leading to the overall economic and social growth of our country through enabling quicker movement of goods from one place to another.
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