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Ahmedabad, Noida, Chennai among top 10 industrial corridors for MNCs: Report

Business Finance

Press Trust of India  |  New Delhi 

Ahmedabad, Bengaluru, Chennai, Noida-Greater Noida, Gurugram-Manesar and Mumbai-Aurangabad are among the top 10 industrial corridors where MNCs can set up manufacturing units, according to a report.

Property consultant JLL India and Invest India have come out with a joint report 'Great Places for Manufacturing in India -- World-class Destinations for Multinationals'.

The report has mapped more than 40 industrial belts in the country, of which 10 locations are most suitable to set up manufacturing units.

"The year 2020 presents challenges as uncertainty grips the world with the outbreak of COVID-19. While the world continues recovering gradually, industries world over are revisiting their global supply chain and reworking alternative business continuity plan," JLL India Country Head and CEO Ramesh Nair said in the report.

While there has been a growing emergence of Southeast Asian countries as the preferred choice, India has three distinct advantages, including the recent reduction of corporate taxes for setting up of new industries.

India is also host to Global In-house Centres (GICs) and GlobalCentre of Excellence (GCoEs) for several manufacturing companies that provide for more robust ecosystem and R&D, he said.

A large domestic market along with prospects of a manufacturing export hub are added attractions, Nair said.

Talking about the locations, the report said Mumbai - Aurangabad has emerged as Maharashtra's new industrial belt. Pune has a unique culmination of IT and manufacturing.

It listed Gurugram-Bhiwadi-Neemrana corridor on NH-48 as India's oldest auto cluster.

Noida-Greater Noida-Yamuna Expressway has become an electronics manufacturing corridor.

Bengaluru is India's Silicon Valley. In Tamil Nadu, Chennai city as well as Tirupati-Chennai-Nellore, the tri-city industrial corridor, figure in the list.

Ahmedabad is emerging as an auto hub, while Hyderabad is fostering new innovations in manufacturing sector.

Vadodara (Bharuch-Ankleshwar) is known for power engineering and chemicals cluster.

"India stands at the pedestal of a new growth curve of rapid industrialisation. In the COVID-19 pandemic scenario, India has projected a more resilient and diversified economy to fight the crisis and projected as a major attractive destination," the report said.

As multinationals rethink their sourcing plans and re-organise supply chains, India is one of the most viable locations for Business Continuity Plans (BCP), it added.

India, on account of its large domestic market and low cost production base, is well-positioned to host new investments various sectors.

These include textiles and apparels; electronics and consumer appliances; pharmaceuticals;automobiles and components; capital goods; electrical machinery; footwear and leather products; chemicals and petrochemicals; food processing; plastic products; telecom equipment, among others, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 20 2020. 21:51 IST