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Vizag district eyes 100% GDP growth

The district is attracting investment mainly in the IT Investment Region, Petrochemical and Petroleum Investment Region and power plants

VDS Rama Raju  |  Visakhapatnam 

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The government is expecting 100 per cent growth in gross district domestic production (GDDP) from Visakhapatnam district by 2018-19. In truncated AP, Visakhapatnam district is the largest earner while in the united state it occupied the second place.

In 2004-05, Visakhapatnam district contributed 14.37 per cent to state's and in 2013-14 this was 11.9 per cent. In 2004-05 the total GSDP was Rs 134,767 crore of which district stood at Rs 19,371 crore, whereas by 2013-14 it enhanced to Rs 475,859 crore and Rs 56,668 crore respectively. Officials anticipate the district's contribution to touch Rs 100,000-110,000 crore over the next five years.

"Post bifurcation, district's importance has increased tremendously. The government, therefore, is expecting huge investments by private and public sector over the next five years," a senior district official told Business Standard while explaining the reasons for this ambitious target.

Apart from the GDP, the per capita income would also rise significantly, he added. In 2004-05, per capita income in Visakhapatnam district was Rs 41,127, and rose to Rs 113,860 by 2013-14, a growth of 176 per cent, according to him.

Out of total district GDP, the service sector accounts for 55 per cent while 35 per cent comes from the industrial sector and 10 per cent from agricultural and allied sectors.

district is, particularly, attracting large investments in the Information Technology Investment Region, Petrochemical and Petroleum Investment Region, power plants and BARC, said Sambasiva Rao, past president, CII, Vizag.

This apart, the government has sanctioned more than Rs 10,000 crore worth of tourism projects along the Vizag-Bhimili beach road, and several private players are also investing in tourism projects. These projects would boost the revenues from the service sector considerably, said Rao.

The other areas that would attract major investment include international airport, metro project, railway zone and LNG terminal at Gangavaram port, Rao added.

The officials are now also focusing on agricultural and allied sectors like horticulture, floriculture, live stock and heavy coffee planting in the agency area to increase the district

First Published: Sun, September 07 2014. 20:40 IST