Investment potential of industrial spaces

conomic development and progress in India are no longer exclusive to big metros. Tier II and III cities are now accounting for a significant share of growth. The uptrend has further risen during the times of pandemic, which led many enterprises and business houses in India to diversify their supply chain and tap into new corridors of growth.

Apart from metros, numerous other nonmetros such as Chandigarh, Indore, Lucknow, Patna, Ludhiana, Ambala, Kochi, Coimbatore, Nagpur, Visakhapatnam, Guwahati, etc., are now sharply raising their growth curve and playing a pivotal role towards economic progress of the country.

ERetail, automobile, auto ancillary, textile, ecommerce, 3rd party logistics, textile, and others are now moving towards smaller cities as well. Interestingly, reports suggest ~60% of the startups operate from tier II cites.

There are multiple factors that are fostering growth beyond large metros in India.

Infrastructure spurt, cheaper land prices, lower cost of labour, seamless access to ports, etc., are drawing the attention of major manufacturers towards smaller cities. It is noteworthy to highlight the role of technologies as well, as they help in reducing entry barrier and enable develop world class industrial parks and warehousing facilities even in nonmetro corridors of India.

The tricity which comprises Chandigarh, Panchkula, and Mohali is located at the conjunction of Haryana, Punjab, and Himachal Pradesh. The city is known for its magnificent infrastructure, orderliness, and wellplanned neighbourhoods. While Chandigarh offers a lifestyle which is on a par with big metros, it is also blessed with tranquil weather and scenic beauty, further fuelling growth for IT parks, business parks, high streets, and plotted developments. The region is a thriving hub for a wide range of industries such as light engineering, machine tools, tractors, plastics, wooden furniture, electronic appliances, etc.

The capital of Uttar Pradesh was once called the Constantinople of the east due to its rich culture and history. Modern Lucknow, however, is set to play a larger role in the industrial growth of northern India. The city might be behind other established industrial clusters such as Noida and Gurugram, but is growing at a staggering pace. In the UP investment summit the previous year, more than ₹56,000 crore worth of investments have been pledged for Lucknow.

The city which is a ₹90,000 crore economy contributes to around 4% of UP’s GDP. It is connected to Delhi NCR via the Yamuna expressway and Lucknow expressway. It is linked to the eastern part of UP through Purvanchal expressway. Recently an MOU was signed between Russia and India to develop Brahmos

Lucknow.

The city and its adjacent areas have been known for verdant landscape, rich cultural appeal, and appetising cuisine. Nevertheless, strategically located missile in on the crossroads of India, South East Asia and South Asia, Guwahati can be instrumental in playing a larger role in trade with ASEAN economies.

is Director,