Industrial development serves as the backbone of the Indian economy. As Charles Dickens commented-‘Industry is the soul of business and keystone of prosperity’. Today, thanks to the rapid and massive industrial development, India has made its mark on the world stage. A key factor in this success story is the proliferation of industrial parks in India.
As per a Statista report, India features around 3400 industrial clusters. The growth of industrial parks in India has been quite fast in recent years and is expected to have a high impact on the economy in 2023 and the future. It is expected that Industrial parks will play a major role in the development of the economy by boosting exports, attracting investments, creating employment opportunities and lowering regional disparities.
In August 2021, there were SEZs (Special Economic Zones)/ Industrial estates/ Industrial parks located in 4.68 lakh hectares. There has been much progress in this sphere in the last few years. Additionally, the development of such parks in semi-urban or rural areas is encouraging balanced economic growth all throughout the country. Examples include industrial plots Barwala.
The progress in industrial parks in India has been substantial recently. The Indian government has a vision to develop top-class infrastructure in such parks to attract more investments and promote industrial growth in the country. It is launching several projects like the Mega Food Park Scheme and Industrial Parks Scheme to spearhead industrial growth and investment.
Additionally, the government’s Make In India campaign, which aims to encourage manufacturing and push the growth of the economy, is likely to play a major role in the growth of such parks in the country. India is expected to be transformed into a hub for industrial manufacturing, boosted by initiatives like NICDA (National Industrial Corridor Development Authority) and Smart Industrial Cities. Thanks to such focus by the Indian government, the number of such industrial parks is expected to boom in 2023.
SMEs (Small and Medium Enterprises) gain a great platform for effective setting up of operations through the development of industrial parks. SMEs are a major part of the economy and a leading source of employment. Industrial parks serve as an encouraging factor for their growth. Thanks to their ready-made infrastructure, SMEs are saving money and time for setting up their operations in an efficient manner.
Role in the Growth Story
In recent years, the world has viewed India as a sea of opportunities, and the development of industrial infrastructure has become the essence of the country’s growth story. The days are long gone when industrial ventures were undertaken only by a few business houses and big conglomerates. While India is poised to become an engine of potential economic growth, fresh players are jumping on the bandwagon of both small-scale and large-scale industrial set-ups.
Besides the apex of top-class infrastructure, industrial parks aim to attract capital investments in the long term so as to ensure the development of a manufacturing eco-system with the creation of better job opportunities. Additionally, industrial parks offer ready-to-invest options for both global and national investors.
Industrial parks offer the following incentives: Tax holidays and Tax sops, Online approvals, Mechanisms for hassle-free compliance, Partial return of stamp duties, Special treatment for those above a particular limit of investment, Subsidized charges for leases, Incentives for export promotion, incentives for capital investment, smooth connectivity with ports, subsidized charges for electricity and water, treatment facilities for effluents, etc.
How do you select plots in industrial parks?
While choosing plots in industrial parks, investors must consider the following factors:
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Location of sites
A crucial aspect of industrial parks is their location. There are specific needs for every project, and before seeking industrial plots, consider the following factors: demands and needs of your business model, transport of raw materials, demand and supply factors of your business and mobility of additional workforce. For example, the business of automobile exports needs to be located near a port.
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Size of plot
For deciding on the size of the plot, weigh issues like: Are you a seasoned business or a new start-up? What is the business scale, and how big should the workforce be? In case the project needs heavy equipment and tools, it will be sufficient to use a medium-sized warehouse without wasting any space. When you invest in an industrial plot, it would be totally wasteful to leave unused space. At the same time, large plots may be required by big-scale projects for accommodating equipment, vehicles and raw materials. This way, you can consider investing in plots for sale in Shahabad.
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Environmental issues
The plots located in industrial parks in India need to consider whether the location can handle the disposal of waste generated by industries. Also, the kind of waste disposal must be compatible with the area and its nearby plots. For example, waste material like chemicals and toxins may increase pollution of water bodies in case the plot is next to a port.
In sum, industrial parks of the country provide lands to companies and investors for carrying out large-scale or small-scale operations. The latter gain plots to base their business. Choosing an ideal industrial plot includes weighing its location, size and environmental issues linked to it.
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