VISAKHAPATNAM : In the next 10 years, Visakhapatnam will undergo a significant demographic change with investments worth Rs 1.05 lakh crore earmarked to enhance the robustness of connectivity, physical and social infrastructure, industry landscape and sustainability, ensuring that the City of Destiny becomes most sought-after investment destination, besides becoming one of the best liveable cities in the world.
As per the ‘Vision Visakha’ document released by Chief Minister YS Jagan Mohan Reddy here on Sunday, the total investment will be equivalent to almost 10 per cent of Vizag’s current GDP on a per annum basis—which is almost close to that of countries like Japan, Singapore and Korea a decade or so ago. It is also expected that the developments would create more than a half million jobs and employment opportunities in the region during the same period.
Despite a long coastline, strategic geography, and immense commercial scope, India has no genuine centre on the east coast to connect with the wider business and financial hubs of the eastern world.
Visakhapatnam can fill this huge gap provided it could be Asia Pacific’s modern gateway for the business and financial world. India can now reimage the Port City as an apex financial, fintech, and AI hub of the nation and the world.
As part of social infrastructure, 100 eco green parks are being developed with Rs 50 crore and 151 blue lakes in the city will be developed with an investment of Rs 250 crore. An international cricket stadium with Rs 300 crore will also be made available, besides facelifting the city as sports hub with Rs 169.3 crore by taking up various projects, including Bheemili integrated sports stadium with Rs 100 crore and redevelopment of Swarna Bharati indoor stadium at Rs 16.90 crore and Indira Priyadarsini indoor stadium with Rs 5.4 crore.
On the tourism front Rs 1,500 crore will be spent in the next four to five years. They include a hotel with infinity pool, Gosthani riverfront development, restoration of Buddhist site, Bheemili Beach promenade development, ropeway and water sports with Rs 800 crore. The government is also mulling to develop a jetty under bridge with Rs 300 crore, beachfront luxury private resort, dog park and an open air activity centre at Pandavula Pancha.
Meanwhile, a Rs 20,225-crore Hydrogen park is being set up by NTPC in Anakapalle district, besides setting up TVS logistics and warehouses parks in Vizag with Rs 1,500 crore and JSW industrial park at Vizianagaram with Rs 532 crore.
Giving a boost to the transportation sector, Visakhapatnam metro rail project is being developed with Rs 14,309 crore, not to forget Bhogapuram airport which is coming up with Rs 4,727 crore.
New roads, road widening, smart and intelligent traffic management systems and other projects will be taken up with Rs 1,906.15 crore.
Industrial projects worth Rs 33k cr to be developed
State-of-the-art incubation facilities are developed by APIS, STPI, NASSCOM and Andhra University. An electronic manufacturing cluster will be developed on the lines of AP med-tech zone. As many as 30 industrial projects with Rs 33,080 crore will be developed in Visakhapatnam, Anakapalle and Vizianagaram districts