An Integrated Industrial Township could be a solution to Punjab economic woes

Chandigarh: Punjab economy will get a big push through the development of an Integrated Industrial Township, providing a major impetus to planned urbanization in the region with manufacturing as the key driver. The Royale Estate Group (REG) has already created a vision document of such a township and has also announced its plans of foraying into the same. A true Integrated Industrial Township should have residential complexes alongside industrial parks to provide not just housing for workers and talents but a holistic lifestyle of live-work-play.

“There are multiple benefits of an Integrated Industrial Township. It not only gives a big boost to the economy of the state but also meets emerging challenges as a futuristic smart industrial city where you have the convergence of next generation technologies across all sectors,” said Neeraj Kansal, Managing Director, REG.

Piyush Kansal, another Director at REG, talking about the trend of Integrated Industrial Townships which are emerging all over the world said, “We need to conceive an efficient planning strategy to optimise this model while minimising risks. There should be increased land value for investors, concentration of manufacturing value chains for businesses, and high-quality living communities for workers. An integrated industrial township will cater to not just industrial activities but also comfortable residential quarters in a well-appointed area within the industrial park for management and staff employed in different industrial units.”

According to experts, Punjab must focus on expanding its manufacturing and services base for which we need to have a state-of-the-art global standard manufacturing and trading hub. “We are a part of the world economy. Accordingly, Punjab has to prepare itself. With increasing FDI flow into our country, Punjab must attract foreign as well as domestic investors,” Neeraj Kansal said further.

It is worth noting that the rise of Industry 4.0 has made a big change to the way manufacturers operate. New technologies such as 3D printing and advancement in research and development capacities have enabled a new level of value chain integration where all activities encompassing the production process can happen at the same location.

It was revealed that REG is planning an Integrated Industrial Park which will be coming along Banur-Tepla Road.

Ashish Mittal, another Director with REG summarised, “We need to have infrastructure linkages like power plants, assured water supply, high capacity transportation and logistics facilities as well as softer interventions like skill development programmes for employment of the local populace to bring in resilience in the economy of Punjab.” BW