Indian Economy News

Industrial Parks Facilitating Smarter Infrastructure and Stronger Industrial Growth

The Government of India has been taking the utmost initiative to develop the industrial ecosystem by improving the spread, scale, and competitiveness of the industrial parks in the country. According to the latest statistics given by the India Industrial Land Bank (IILB), more than 4,500 industrial parks have been identified, which comprise approximately 7.70 lakh hectares of land, out of which 1.35 lakh hectares are still left for development. This indicates the opportunity for future investments in the parks. This has been developed by the Government of India, in collaboration with the state governments, to equip the industrial parks with joint infrastructure, effective land utilization, and favourable policies that can attract local businessmen as well as foreign investments. They form an important aspect in promoting manufacturing, employment generation, and development of the regions due to the availability of improved connectivity, among other regulations.
To further improve this framework, an allocation of Rs. 2,500 crores (US$ 301 million) has also been provided for the development of plug-and-play facilities, known as industrial parks with ready infrastructure, which can ease, to an extent, the initial costs and time spent by companies. In this regard, another positive development is that the Industrial Park Rating System 3.0, which has recently been introduced by the government, gives heavy emphasis to sustainability and infrastructure with green infrastructure, digitalization, and logistics connectivity, along with feedback from occupiers, to drive improvement in quality. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.