Located in the south-eastern coastal region of India, Andhra Pradesh is the seventh-largest state by area and tenth-most populous state. One of the fastest-growing economies in India, Andhra Pradesh’s economy stands at 9th rank. The state has the second-longest coastline in India after Gujarat state, which is 974 km. Andhra Pradesh’s economy mainly consists of Automobiles and Auto components Industry, spices, mines and minerals, Textiles and apparel, IT industry, Bulk drugs and pharmaceuticals, horticulture, poultry farming.
Visakhapatnam: Port City
A large part of the trade is conducted through the city Visakhapatnam. It is the fourth largest city in South India. Visakhapatnam is one of the four smart cities of Andhra Pradesh selected under the Smart Cities Mission. Popular as a port city of India, it is a good economic destination also known as the financial capital of Andhra Pradesh. With an estimated GDP of $ 43.5 billion, the city is the tenth richest city in India.
Visakhapatnam is one of the 100 largest cities in the world. The port’s capacity for seafood exports was 115,000 tons, making it the leading seafood supplier by value to other ports in the fiscal year 2015. Visakhapatnam Port and Port of Gangavaram are the two ports in the city, the former holding 60,000,000 tons of cargo for 2016-17. The Hindustan Shipyard is responsible for building and repairing ships in the shipyard.
Major Industries of Visakhapatnam
Fishing is an important occupation in Visakhapatnam because many fishermen depend on fishing for their livelihood. Visakhapatnam fishing port is one of the largest coastal areas in Andhra Pradesh and also exports seafood such as tuna. The fish is preserved in port by drying, thawing, and cooking. Dried fish is sent to the markets of Tamil Nadu, Karnataka, and Orissa, as well as Sri Lanka, Singapore, Burma, and so on. Ice mills inside and outside Visakhapatnam port can produce tons of ice to meet the needs of fishermen and create jobs in the industry.
Visakhapatnam Port is one of the largest seaports in India. It can accommodate 150,000 DWT boats and vessels up to 17 m (56 ft). During the period 2013-2014, the port handled 58 million tons of cargo and always handled small ships in its outlying ports. Nearby ports, current operations, and reduced iron ore exports resulted in the loss of cargo to Gangavaram port and Visakhapatnam port.
Jawaharlal Nehru Pharmaceutical City (Ramki Pharma City (India) Limited) is a public-private partnership between the Government of Andhra Pradesh and the Ramki Group. It is a special purpose facility, established to manufacture bulk medicines and pharmaceutical products. It is the first industrial city in India to cover 2400 hectares (970 hectares) and currently has 102 companies and 8698 employees in operation. Germany’s Pharmazel and Japan’s Eisai Pharma, French partnership with SNF Ltd, US joint venture Aptuit Laurus Labs, and US multinational Hospira Healthcare Private Limited (Pfizer) are major pharmaceutical companies.
The Hindustan Shipyard Limited was operated by the defense administration, built the first Indian ship in 1948, called Jala Usha, and also built 167 different ship sizes.
Visakhapatnam Steel plant is the second-largest state steel plant in which the RINL is affiliated with the state. The plant capacity has been upgraded to 6.3 MT and covers an area of 20,000 acres (81 km2). With a future plant of 20 MT, it will be the largest plant in the same place. The factory generated sales of ₹ 144.57 million (US$2 billion) during 2011-2012 and employed around 17,800 employees.
ITES and IT sectors have grown rapidly in the city of Visakhapatnam, and the revenue from these activities has benefited the industry. IT Special Economic Zone and Incubation Center exist in Rushikonda Hills. There are many national and international IT/computing and trading companies such as Mahindra Satyam, Pulsus Group, Wipro, Kenexa, Infotech, IBM, Sutherland, and HSBC. Visakhapatnam’s software exports are growing by almost 90% annually.