An Explainer: Industrial Corridor
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Description
A country's industrial growth shapes the overall health of its economy. So, dedicated industrial corridors are being set up across the globe to promote industries. Loosely, an industrial corridor can be defined as a specific location chosen by an authority for carrying out industrial development activities. Such corridors are set up across states to promote trade ties among them.
An industrial corridor also aims to create an area with a cluster of manufacturing or other industries. Such projects need huge investments, so governments of different countries partner with one another to set up these corridors. Overall, an industrial corridor gives a nation the opportunity to speed up growth within its boundary by partnering beyond boundaries.
Industrial corridors not only invite large-scale foreign investments but also help governments employ their domestic workforce more efficiently. Programmes like Make in India, for instance, would get a push from upcoming industrial corridors in the country.