Can the Visakha Economic Region of Andhra Achieve a $120 Billion Economy by 2032?

Amaravati, June 6 (NationPress) The Visakha Economic Region is set to emerge as the powerhouse of Andhra Pradesh, encompassing eight districts with an ambitious goal of reaching a $120 billion economy by 2032.

During a strategic meeting held on Friday with officials from NITI Aayog at the Secretariat, Chief Minister N. Chandrababu Naidu highlighted the importance of transforming Visakhapatnam into a hub akin to Mumbai within the next seven years.

The region will include the districts of Visakhapatnam, Vizianagaram, Srikakulam, Anakapalli, Kakinada, East Godavari, Alluri Sitharamaraju, and Manyam.

The Chief Minister urged officials to initiate projects that would spur economic growth, directing them to designate one lakh acres for diverse developments.

Spanning an area of 36,000 square kilometers and home to approximately 15.5 million residents, the Visakha Region currently boasts a GDP of about $49 billion. The Chief Minister noted that by 2032, the region could create between 2 to 2.4 million jobs, underscoring its significance for the state's future.

Development plans will focus on six ports, seven manufacturing hubs, 17 major agricultural zones, six service centers, and 12 tourism attractions. Officials from NITI Aayog shared an extensive PowerPoint presentation.

They outlined seven key growth factors: ports, IT, agriculture, tourism, healthcare, urban expansion, and infrastructure. A total of 41 critical projects are set to be prioritized for execution.

Should these plans come to fruition within the next seven years, the region might witness the establishment of 750,000 housing units, 10,000 hotel rooms, up to 20 innovation centers, 10 colleges, 7,000 hospital beds, industrial growth across 20,000 hectares, 80 million sq. ft. of office space, and 60 million sq. ft. of warehouse capacity, as indicated by the officials.

“We aim to develop beach access from Mulapeta to Visakhapatnam and from Visakhapatnam to Kakinada, connecting these routes to national highways. Our coastline is a valuable asset that we must utilize to its fullest potential. We are treating tourism as an industry with a highly investor-friendly policy,” asserted the Chief Minister.

Other topics discussed during the meeting included establishing Visakhapatnam as a steel hub in partnership with the nation's leading three steel companies, along with a focus on petrochemicals, gas grid, port advancements, petrochemical-medical tech, shipbuilding, defense, electronics, clean technology, and labor-intensive manufacturing.

The state aims to create 400,000 to 500,000 jobs in the IT sector over the next seven years, emphasizing the establishment of data centers, startups, and innovation hubs. Additionally, in conjunction with four ongoing railway projects, seven new railway initiatives are expected to be completed by 2032. Nine new road projects will be initiated to bolster manufacturing hubs and ports.

The meeting also touched upon the Vizag Metro project, which covers 77 km and is scheduled to be operational between 2028 and 2030.

Attendees included Minister Gottipati Ravikumar, NITI Aayog CEO B.V.R. Subrahmanyam, Chief Secretary Vijay Anand, representatives from the ISEG Foundation, and other senior officials.