- An industrial corridor is a package of infrastructure spending allocated to a specific geographical area, with the intent to stimulate industrial development.
- It is basically a belt comprising of multi-modal transport services that would pass through the states as main artery. It aims to create an area with a cluster of manufacturing or other industry.
Industrial corridors have crucial socio-economic significance associated with them including economic growth, employment generation etc. These can be described as follows:
Significance of Industrial Corridors
- The primary sphere where the significance of the Industrial Corridors can be experienced is in the field of Economy.
Avenues for Exports
- The Industrial Corridors are likely to lower the cost of logistics thereby increasing the efficiency of industrial production structure.
- Such an efficiency lowers the cost of production which makes the Indian made products more competitive in International Markets.
- Development of Industrial Corridors would attract investments for the development of Industries which is likely to create more jobs in the market.
- Moreover, people would find job opportunities close to their homes and would not have to migrate to far-off places (would prevent distress migration)
All this would lead to the overall Economic Growth and Development of the nation
- Industrial Corridors have certain environmental significance associated with them as well.
- The establishment of Industrial Units in a scattered manner along the industrial corridor across the length of the state will prevent concentration of industries in one particular location which exploited the environment beyond its carrying capacity and caused environmental degradation.
- The cascading significance of industrial corridors in socio-economic terms are many such as setting up of industrial townships, educational institutions, hospitals.
- These will further raise the standards of human development.
Acknowledging these significance of the industrial corridors, the Indian government has been developing some crucial Industrial Corridors across the country.
Industrial Corridors and their Characteristics
Delhi-Mumbai Industrial Corridor (DMIC)
- The 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 infrastructures 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 places adjoining the corridor 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.
The East Coast Economic Corridor (ECEC)
- The ECEC running along the entire east coast of India from Kolkata to Kanyakumari is a multimodal, regional maritime corridor.
- It 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.
Amritsar Kolkata industrial Corridor (AKIC)
- In order to give a boost to industrial development in the densely populated States of Northern and Eastern India.
- This corridor will also leverage the Inland Water System being developed along National Waterway-1 which extends from Allahabad to Haldia.
Apart from these, there are many other industrial corridors that are contributing significantly to the rapidly advancing Indian Economy and the consequent higher standards of human development.
It is believed that with time certain issues associated with the development of these corridors will also be tackled (land acquisition, eviction etc.) so that much more benefits of these projects can be reaped by the people of India.