Andhra Pradesh envisions a $120 billion economic hub in Visakhapatnam by 2032

Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday laid out an ambitious roadmap to transform Visakhapatnam into a major economic powerhouse over the next seven years.

The CM stressed the need to establish a ‘Visakha Economic Region’ by integrating eight districts, with the goal of generating economic activity worth USD 120 billion by 2032.

“Naidu has directed officials to develop the 'Visakha Economic Region' as the growth engine of Andhra Pradesh, aiming for a USD 120 billion economy from this region by 2032. He highlighted the need to transform Visakhapatnam into another Mumbai in the next seven years,” said an official press release.

The ‘Visakha Economic Region’ includes eight districts—Visakhapatnam, Vizianagaram, Srikakulam, Anakapalli, Kakinada, East Godavari, Alluri Sita Ramaraju and Manyam.

Naidu instructed officials to develop projects that will boost economic activity across this eight-district zone and also ordered them to identify one lakh acres for various projects.

Spanning 36,000 sq km, this region is home to a population of 15.5 million people and currently facilitates economic activities worth around USD 49 billion.

According to the TDP supremo, this region could generate up to 24 lakh jobs by 2032, making it crucial for the state's future growth.

During a review meeting today with NITI Aayog officials at the secretariat, the Chief Minister discussed the development of the Visakhapatnam Economic Region.

He proposed development centred around six ports, seven manufacturing nodes, 17 major agricultural zones, six service hubs and 12 tourism hubs.

NITI Aayog officials presented a detailed power point presentation, said the press release.

A total of 41 key projects are to be prioritized for implementation, said the release.

On realising these goals, within the next seven years, the region could see the construction of 7.5 lakh housing units, 10,000 hotel rooms, up to 20 innovation centres, 10 colleges, 7,000 hospital beds, industrial development across 20,000 hectares, 80 million sq ft of office space and 60 million sq ft of warehousing capacity, said the press release.

“We will develop beach roads from Mulapeta to Visakhapatnam and Visakhapatnam to Kakinada. These will be connected to national highways. The coast is a treasure trove-we must leverage it fully,” said Naidu, outlining plans for a coastal corridor as a wealth generator.