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‘Regional Cluster concept of economic development ’

  • Category
    Economy
  • Published
    16th Nov, 2020

Regional Cluster concept of economic development playing important role in Indian success story, as per UNIDO Representative.

Context

Regional Cluster concept of economic development playing important role in Indian success story, as per UNIDO Representative.

About

  • United Nations Industrial Development Organisations (UNIDO) has been closely working with India to implement UN's activities in harmony with national policy priorities and development strategies.
  • The UNIDO Regional Office in New Delhi acts as a focal point to promote UNIDO’s mandate of inclusive and sustainable industrial development in India.

What are regional clusters and their economic importance?

  • Interest in regional clusters and their role in economic development has grown substantially over the last several years among academics, economic development professionals, and firm managers.
  • The main reasons have been:
    • the increased intensity of interregional and international competition in the world economy
    • the apparent shortcomings of traditional regional development models and policies
    • the emergence of successful clusters of firms and industries in many nations around the world

What is a cluster?

  • Clusters are geographic concentrations of interconnected companies and institutions in a particular field.
  • Clusters encompass an array of linked industries and other entities important to competition.
  • They include, for example, suppliers of specialized inputs such as components, machinery, and services, and providers of specialized infrastructure. 
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