Characteristics of Industrial Corridors
Industrial Corridors recognize the economy’s interdependence and provide effective integration between industry and infrastructure, resulting in overall economic and social development. Industrial corridors include world-class infrastructures like high-speed transportation (rail, road), ports with state-of-the-art cargo handling equipment, modern airports, special economic regions/industrial areas, logistic parks/transshipment hubs, knowledge parks focused on feeding industrial needs, supporting infrastructures such as townships and real estate, and other urban infrastructure, as well as an enabling policy framework.
- Industrial corridors allow the private sector to invest in a variety of infrastructure projects related to the exploitation of industrial opportunities. However, the availability of efficient transportation and other infrastructure support systems is required for the successful implementation of industrial corridor opportunities. The corridor approach to industrial development focuses on the influence regions and underutilized economic development potential.
- Apart from infrastructure improvements, businesses and industries along the corridor will benefit from improved access to industrial production units, lower transportation and communications costs, faster delivery times, and lower inventory costs in the long run. As a result, the goal of an industrial corridor strategy is to build a strong industrial base that is supported by world-class competitive infrastructure in order to attract investments in export-oriented industries and manufacturing.
Industrial Corridors in India
Industrial corridors are dedicated high-end infrastructural multi-model transport corridors in India that are solely for the aim of providing hassle-free fast mobility for industrial purposes. A manufacturing or other industry cluster in a specific area is the goal of an industrial corridor. This type of Corridor is frequently built in areas with pre-existing infrastructures like ports, highways, and railroads that would pass through many states as the main connectivity.
The Indian government has identified, planned, and launched five industrial corridor projects. These corridors spread across India, with a strategic focus on inclusive development to promote industrialization and planned urbanization. By 2025, these projects are expected to play a critical role in increasing the manufacturing sector’s to reach US$ 1 trillion which will contribute about 25% to India’s GDP.