By Dhanendra Kumar
While countries compete for leadership in artificial intelligence and other critical technologies, manufacturing remains crucial for economic growth, especially for countries like India where job creation and greater exports are urgent. India’s ambition of Viksit Bharat@2047 envisions transforming the nation into a $30-trillion economy. For equitable growth, India’s per capita income will also need to rise from $2,392 to $18,000.
The government has been formulating policies to transform India into a manufacturing powerhouse. Initiatives like Make in India, production-linked incentives, PM Gati Shakti National Master Plan, and reforms like the goods and services tax and the Insolvency and Bankruptcy Code have created a supportive ecosystem.
The development of industrial clusters, parks, and corridors with integrated state-level policies is meant to revolutionise large industries, often acting as anchors and support for micro, small, and medium enterprises (MSMEs).
Industrial corridors like the Delhi-Mumbai Industrial Corridor and Chennai-Bengaluru Industrial Corridor are laying the foundation for integrated industrial ecosystems, bringing together transportation, logistics, and techno-production hubs. They will help improve connectivity between urban and rural centres, stimulating regional development and employment generation.
Similar approaches adopted in China, the US, and Germany have yielded spectacular results. For instance, China’s network of industrial parks and special economic zones such as Shenzhen has been critical........