The Indian MSME forms the very backbone of our country’s economy. Contributing 8% to the nation’s GDP and adding 40% to the country’s total exports, the MSME is paving the way for the country’s economic growth. Playing an integral role in industrial development and growth with 45% to the total industrial output, MSME is also leading to the much desired socio-economic transformation of the country. With the support of right government initiatives and conducive business policies the industrial lands available in and across the country like industrial land in Pune and other regions are now turning into lucrative economic channels.
The ‘Make in India’ initiative of the government envisions the growth of MSME, by carving the development trajectory for the domestic industries. It has become one of the fastest growing and highly popular government initiatives at global platform. The program aims to facilitate investment, promote innovation, enhance skill development etc, by utilising the available human talent, creating additional job opportunities and empowering the secondary and tertiary sector. The initiative aims to achieve its mission of sustained industrial development by gaining more points on Ease of doing business index.
The various challenges that are often faced by the SME sector at different levels include lack of conducive business policies, limited amenities, credit gaps etc. With the concept of industrial park gaining popularity the various hurdles coming in the way of industrial development can definitely be surpassed. Government is now setting up industrial parks in designated places by offering industrial land for lease and manufacturing space for rent.
These industrial parks are special zone locations that are provided with multiple infrastructure benefits and state-of-the-art facilities that are conducive for boosting industrial growth. Addressing the core issues like power and water supply for industrial units, waste and drainage treatment systems, adequate lighting, transport etc, these industrial parks can give the desired impetus to the growth of smaller and bigger enterprises . Furthermore, the government’s participation and assistance from the respective quarters in the form of elimination of unnecessary regulations, tax exemptions, electricity duty waiver,interest subsidy and easier bureaucratic processes are making industrial parks hotspots for attracting investments from different sectors like automobiles,chemicals, IT & BPM, pharmaceuticals, construction,media and entertainment etc.
There are some industrial parks in the country like the Khed City,a Pune industrial area that are strategically developed to promote a highly conducive environment for companies to grow and generate greater economic opportunities.The integrated industrial city equipped with all the requisites for industrial development like good logistic connectivity, top-notch infrastructure etc, has brought together the national as well as international companies under one umbrella, thus promoting the concept of industrial integration and sustained development.
While the Make in India project has set the ball rolling for industrial expansion and growth, a lot more needs to be done to achieve the desired objectives. More initiatives and programs are required to encourage the real estate developers to support the economic development engine. Industrial parks have the potential to unlock the power of MSMEs. Equipped with the latest technologies, well-planned infrastructure layout, good transfer facilities, these industrial spaces along with the MSME can refine and enhance our economic structure.
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