Technology Parks in Punjab: A Step towards Encouraging Entrepreneurship

Abstract

Punjab since its re-organization in 1966 remained primarily an agricultural economy and manufacturing failed to generate employment, because of traditional and low value added manufacturing industries. The state has taken a step towards a concerted policy to transform the manufacturing sector into a robust engine for growth and to absorb the educated semi-skilled labor by investing in innovation. An investment in innovation and technology leads to increase in productivity which further leads to economic growth and a higher standard of living. In today’s competitive world, manufacturing sector needs to exploit new ideas by encouraging new technology for growth of entrepreneurship, by introducing high-value added products and services that spur the industrial competitiveness in the global market. In manufacturing, technological innovation is considered indispensable for steady improvement in products and for generating new opportunities for entrepreneurs. For promoting industrialization and entrepreneurship, the government is conducting experiment with infrastructure facilities for setting up technology parks in different sectors of the industry and regions of the state. Science and Technology Parks not only promote industrialization and also encourage inclusive socio-economic growth. The educated youth is the most important part of the society that will give the new looks to the society and also promotes the economic growth of the state. The paper discusses the contribution of Technology Parks in Punjab. The study is based on the case of IT Park and Software Technology Park of India located at Mohali district of Punjab. The results revealed that IT Park proved to be a significant trial by the state government for promoting entrepreneurship in the state, that further enhance the cluster development as well as regional development.