Visakhapatnam, a city used to be known as a small fisherman village in the independence days to have outgrown to be one of the most influential and commercialized city in the state of Andhra Pradesh shows the character and the potential of the “City of Destiny”. Being adjudged by United Nations, as one of the top 20 fastest growing cities in the world in terms of Business and Economy, Vizag is scaling new heights in the Industrial contribution of the nation. Various factors have resulted in Vizag seeing its economic growth.
Economic History of Vizag
A small city during the 20th
century, Vizag started its first step towards industrialization with the help of the natural harbour located between Chennai and Kolkata, the well-developed network of railway lines and the access to NH5. Fishing industry being the first known
industry to be the major source of economic revenue, for the city of Vizag, has
flourished in various verticals because of the Shipyard, Dockyard and the Ports.
Current Economy in Vizag
Visakhapatnam is developed to home a lot of State, Central & Privately owned heavy industries. Visakhapatnam Port &Gangavaram Port being the gateway of the industrial revenue by advancing the Sea trade, Fishing, and supplies to businesses into Fuel, Power and Steel amongst many and putting Visakhapatnam in the industrial map. Also, the
locational advantage has paved way to various other industries in the city.
Industries in Vizag
Bharat Heavy Plate and Vessels Limited
Coramandel Fertilizers Limited
Rashtriya Ispat Nigam Limited
Hindustan Petroleum Corporation Limited
Hindustan Shipyard Limited
The city has two NTPC power plants and they comply with the power needs of these industries. Housing the Dredging Corporation of India, it also has other respective industries like
Hindustan Zinc Limited, Synergies Castings Limited, Cormandel Fertilizers and
Rain Calcining Limited. The industries mentioned above improve the business and
economy of the city by employing thousands of people.
With the advent of IT/ITES industry in the city, the businesses has many major companies seen to be established like HSBC, Mahindra Satyam, Wipro, Sutherland, iFLEX amongst
various mid-size and small companies.
Tourism Industry in Visakhapatnam
One of the major business and the economical revenue is brought out of Tourism in the city of Visakhapatnam. Also, known as the “Goa of East Coast”, it is the tourism capital in the state of Andhra Pradesh. Ranging from Beaches to Valleys, from Hills to Caves, From Museums to Parks and Gardens, from Festivals to religious temples, the city of Vizag has got a lot to offer. Visakhapatnam Urban Development Authority (VUDA) along with GVMC (Visakhapatnam Municipality) ensures that all the tourist spots are well maintained. They have also credited with some man-made tourism spots.
IT Sector in Visakhapatnam
From various Private IT/ITES companies to State-Owned industries, from various industries established by the Government of India to Public offerings, Visakhapatnam has a mix of all the sectors contributing in the city’s Business and Economy along with Trade sees
things through. These various sectors are the primary reason for the city to be at such a cosmopolitan state of living with the relocation of various clans of people from different parts of the nation. The Business and Economy in a larger purview couldn’t really be stagnated to the information mentioned above. Above all the high literacy rate in the city of Visakhapatnam makes everyone well versed in English making the city a place full of efficient work force.