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Economy

About visakhapatnam Economy

From being a tiny hamlet of local fishing communities during the early days of the Indian Independence Struggle and for a few decades later, the city exploded economically, in fact the rise has been so dramatic that the city was identified as one of the ten fastest growing cities in the world economically and demographically.[citation needed] Various factors contributed to the city's growth economically, including the natural harbor, its location between Madras and Calcutta, access to the NH5 (a major National Expressway) and the developed network of railways which metamorphosed the village into a burgeoning industrial city.

Visakhapatnam Outer Harbour
The city has developed into a hub for many heavy industries. The Visakhapatnam Port, the largest in the country, was the ideal gateway contributing to the development of petroleum, steel and fertilizer industries. The Visakhapatnam Steel Plant [recently expanded from 3.1 to 6.3 MT and the Hindustan Petroleum Corporation Ltd. were the two multi-billion dollar investments which put Visakhapatnam on the world's industrial map. The city also has two N.T.P.C. power plants to satisfy the huge power needs of the industries. Visakhapatnam also houses the headquarters of the Dredging corporation of India.
It is hub for iron ore and other mineral exports of India, where iron ore from Andhra Pradesh, Orissa, Chattisgarh, Jharkhand, Madhya Pradesh is transported to the Visakhapatnam port by means of both Rail transport & Road transport and from here minerals are exported using ships to China and other countries. Visakhapatnam district and its surroundings have Bauxite reserves of 1,000 MT, manganese ore and titanium reserves in the beach sand.
The city also owes its economic growth to the availability of an educated English-speaking workforce. English is the first language in many places of higher education in the city. This availability of a highly educated workforce allowed the entry of many ITES companies such as HSBC, IBM Daksh, Sutherland and Acclaris. The city registered over 100% growth in the I.T. sector over the last year, contributing millions of dollars to the economy. The city has 102 small and medium software and call centre units, of which about 10 units started their operations during the year 2005-07. Software exports from the Visakhapatnam in 2007 were worth Rs. 245 crores and 502 crores in 2008, 1000 crores in 2011 - an increase of nearly 90% every year. Various national and international IT and banking giants have set up or will be setting up offices in the city. Some IT companies started already are Mahindra Satyam, Kenexa, Infotech, Softsol, and Miracle Software. Wipro has finished construction of its campus and is about to start operations. The Andhra Pradesh government provided infrastructure and land for these companies to set up their development centers in the city outskirts. The Andhra Pradesh govt has also started an IT SEZ in Rushikonda hills at Visakhapatnam. IT industry is growing and it is believed that the pace of growth would increase once international flights start from the city's airport.

The growing population and economy have resulted in the revamping of the real estate prices with prices at some prime locations in the city quadrupling over the past couple of years. Various real estate companies are setting up housing projects in the outskirts of the city which is being touted as the future IT destination of the country. The fishing industry is also on the rise with both foreign and domestic exports of tuna doubling over the past decade. The city has a port called Visakhapatnam Port started in 1933 and a second port called as Gangavaram Port started in 2008 [15 km from Visakhapatnam Port. It started with an investment of 2 billion dollars and is the deepest port in the country with the ability to handle the larger international vessels. Visakhapatnam Port is also expanding and planning to set up a Satellite Port at Bhimili 20 km away from Visakhapatnam. The city has APIIC Industrial Park at Autonagar and SEZ called as Visakhapatnam Special Economic Zone started in 1989. The exports from VSEZ stood at approx 1582 crores in 2011.

Multi Product Special Economic Zones (SEZ) called APIIC SEZ has been sanctioned for the city and this is coming up in 5,770 acres (23.4 km2) at Atchutapuram, Visakhapatnam. Some of the Industries coming up in this SEZ are WS Industries, Pokarna limited, Uniparts, Confidence Petroleum, Southern Online Bio, Nagarjuna AgriChem, Anjaney Alloys, Maithon Alloys, Abhijit Ferro Alloys etc. and railway line is being laid connecting this SEZ with the Gangavaram Port. Brandix Apparel City is already in operation in Atchutapuram. This is specifically a textile based SEZ spread over 1,000 acres (4.0 km2). The aim of this project is to provide 60000 jobs to the local people. It is expected that exports would reach up to 5500 crores once it is fully operational. Currently this has foreign textile manufacturers like Pioneer Elastic Fiber, Ocean India, Quantum Clothing, Fountain Set group, Limited Brands, etc. Pilkington an automotive glass manufacturer and Jawaharlal Nehru Pharma City (JNPC) are also in the city. JNPC is only the Pharma SEZ in the country, and currently JNPC has 38 pharmaceutical companies with international pharmaceutical players like PharmaZell of Germany and Japan's Eisai Pharma. US-based Hospira Chemicals has purchased land for setting up plant in the city. Companies like Reliance, Brandix and HPCL have purchased huge areas in the SEZ for setting up their industries and Aluminium refineries like Anrak Aluminium, Jindal Aluminium are coming up in the city because of availability of Bauxite reserves around Visakhapatnam, Bhabha Atomic Research Center (BARC) plans to set up its second research facility in the country after Trombay in this region. The city was one of the five in the country selected to hold strategic crude reserves for the nation in times of national emergency. Other heavy industries include Hindustan Zinc Limited, GAIL, IOC Bottling Unit, BPCL Bottling Unit, Synergies Castings Ltd., Rain Calcining Limited, Coromandel Fertilizers, Hindustan Ship Yard and Bharat Heavy Plate and Vessels Limited (BHPV), Visakha Dairy, Vizag Profiles, Essar Pellet Plant, Andhra Polymers [now called as LG Polymers], Andhra cements, Andhra petrochemicals, Andhra Ferroalloys which contribute to the economy of the city. The city also has some Ferro Alloy units because of availability of Manganese Ore around Visakhapatnam.

The city is the headquarters for Waltair division of East Coast Railway. The Waltair division has generated 3483 Crore revenues in 2009-2010 and is one of the highest revenue grosser in the Country. Its traditional importance in shipbuilding is confirmed by the fact that India's first ship, the Jala Usha was launched in Visakhapatnam. It is also one of India's main fishing ports, has a dedicated harbour for the fishing industry and handles a large percentage of India's seafood exports. The Visakhapatnam Special Economic Zone plays a vital role in the industrial growth of the city. The Bhabha Atomic Research Centre has started its operation at autonagar (temporary) while the construction for the center is taking on currently. It is expected to be completed soon, the second only centre for India after Mumbai. Nuclear power technologies are to be set up at this centre including a University of its own by BARC. The city has office of National Institute of Oceanography, Indian Meteorological Department.

The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) has awarded the bid to construct a Knowledge City to Unitech Limited in an area of 700 ha, with an investment of Rs. 35 thousand crores. India aims to build its first strategic oil reserve facility at Visakhapatnam by October 2011.


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