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Economy of Visakhapatnam
Visakhapatnam is the largest city of Andhra Pradesh. Visakhapatnam has a GDP of $43.5 billion. It is the 10th richest city in India. Fishing industry, road–rail connectivity, many heavy industries like Hindustan Petroleum, Visakhapatnam Steel Plant, Hindustan Shipyard, Visakhapatnam Port Trust, National Thermal Power, Bharat Heavy Electricals, BARC, Naval Science and Technological Laboratory, Naval Dockyard, Dredging Corporation of India, Strategic Petroleum Reserve, NMDC, CONCOR, Andhra Pradesh Medtech Zone etc.
As of 2025 it is the 10th Largest City in Economy in India.
Private sector like Coromandel International, Ferro Alloys Corporation, Gangavaram Port, etc., are the factors that made the city into an industrial hub, from a small hamlet. Tourism also plays an important role in generating revenue, with numerous tourist destinations in and around the city. Blessed with a natural harbour and one of the largest ports of India, sea trade was made possible with other countries which also boosts the economy. The service sector contributes for 55 per cent of the total GDP of Visakhapatnam, while 35 percent comes from the industrial sector and 10 per cent from agricultural and allied sectors.
Fishing is a major occupation in Visakhapatnam, as many fishermen depend on fishing for their livelihood. The fishing harbour at Visakhapatnam Port is one of the biggest in the coastal corridor of Andhra Pradesh and also exports seafood such as Tuna. Fish preserving by drying, processing and curing activities takes place at the harbour. The dried fish is sent to markets in Tamil Nadu, Karnataka, and Orissa, and also exported to Sri Lanka, Singapore, Burma and others. Ice factories in and outside the Fishing Harbour Visakhapatnam can produce tonnes of ice, catering to the needs of the fishermen and also provides industrial employment.
Visakhapatnam Port is one of the largest cargo handling ports in India. It can accommodate 150,000 DWT vessels and draft up to 17 m (56 ft). The port during 2013–14 period, handled 58 million tonnes of cargo and also a cape size vessel in the outer harbour. Neighboring ports, current projects, decline in iron ore exports, Gangavaram Port, lead to loss of cargo to Visakhapatnam Port.
A ₹13,000 (US$140) crores modernisation and expansion program of the port is underway, to increase the capacity to 130 million tonnes by 2016–17. Products moved through the port include petroleum, steel, minerals, and foods.
The inauguration of the Gangavaram Port, located 15 km away from the Visakhapatnam Port, has led to a significant diversion of traffic away from Visakhapatnam. It has the capacity of accommodating ocean liners of 200,000–250,000 DWT. The Visakhapatnam Port Trust plans to develop a satellite port at Bheemunipatnam to reduce the traffic.
There are special economic zones (SEZs) and industrial corridors such as Visakhapatnam Special Economic Zone (VSEZ), APSEZ, APIIC, Aganumpudi Industrial Park, Visakha Dairy, JNPC, Andhra Pradesh Medtech Zone.
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Economy of Visakhapatnam
Visakhapatnam is the largest city of Andhra Pradesh. Visakhapatnam has a GDP of $43.5 billion. It is the 10th richest city in India. Fishing industry, road–rail connectivity, many heavy industries like Hindustan Petroleum, Visakhapatnam Steel Plant, Hindustan Shipyard, Visakhapatnam Port Trust, National Thermal Power, Bharat Heavy Electricals, BARC, Naval Science and Technological Laboratory, Naval Dockyard, Dredging Corporation of India, Strategic Petroleum Reserve, NMDC, CONCOR, Andhra Pradesh Medtech Zone etc.
As of 2025 it is the 10th Largest City in Economy in India.
Private sector like Coromandel International, Ferro Alloys Corporation, Gangavaram Port, etc., are the factors that made the city into an industrial hub, from a small hamlet. Tourism also plays an important role in generating revenue, with numerous tourist destinations in and around the city. Blessed with a natural harbour and one of the largest ports of India, sea trade was made possible with other countries which also boosts the economy. The service sector contributes for 55 per cent of the total GDP of Visakhapatnam, while 35 percent comes from the industrial sector and 10 per cent from agricultural and allied sectors.
Fishing is a major occupation in Visakhapatnam, as many fishermen depend on fishing for their livelihood. The fishing harbour at Visakhapatnam Port is one of the biggest in the coastal corridor of Andhra Pradesh and also exports seafood such as Tuna. Fish preserving by drying, processing and curing activities takes place at the harbour. The dried fish is sent to markets in Tamil Nadu, Karnataka, and Orissa, and also exported to Sri Lanka, Singapore, Burma and others. Ice factories in and outside the Fishing Harbour Visakhapatnam can produce tonnes of ice, catering to the needs of the fishermen and also provides industrial employment.
Visakhapatnam Port is one of the largest cargo handling ports in India. It can accommodate 150,000 DWT vessels and draft up to 17 m (56 ft). The port during 2013–14 period, handled 58 million tonnes of cargo and also a cape size vessel in the outer harbour. Neighboring ports, current projects, decline in iron ore exports, Gangavaram Port, lead to loss of cargo to Visakhapatnam Port.
A ₹13,000 (US$140) crores modernisation and expansion program of the port is underway, to increase the capacity to 130 million tonnes by 2016–17. Products moved through the port include petroleum, steel, minerals, and foods.
The inauguration of the Gangavaram Port, located 15 km away from the Visakhapatnam Port, has led to a significant diversion of traffic away from Visakhapatnam. It has the capacity of accommodating ocean liners of 200,000–250,000 DWT. The Visakhapatnam Port Trust plans to develop a satellite port at Bheemunipatnam to reduce the traffic.
There are special economic zones (SEZs) and industrial corridors such as Visakhapatnam Special Economic Zone (VSEZ), APSEZ, APIIC, Aganumpudi Industrial Park, Visakha Dairy, JNPC, Andhra Pradesh Medtech Zone.