Visakhapatnam - Economy

The highlight of the Visakhapatnam - Economy is its flourishing industrial sector. Once a traditional fishing town, Vizag has turned into one of the most important industrial hubs of southern India. However, the industrial growth of Visakhapatnam has not been able to deter the traditional fishing community of the city. It still carry on with their age old profession and have been able to turn Vizag into one of the main fishing centers of the country.

The presence of the international port in Vizag has increased the importance of the city. Several industrial giants have set up plants and factories in the city to utilize the logistical advantage of the Vizag Port. Some of the industries in Vizag are:

• Hindustan Shipyard Limited
• Bharat Heavy Plate and Vessels Limited
• Coramandel Fertilizers Limited
• Rashtriya Ispat Nigam Limited
• Visakhapatnam Export
• Hindustan Petroleum Corporation Limited

Another significant factor that has contributed to the economic development of the city is the presence of a well educated English speaking population. Armed with top standard schools and colleges, the city is one of the prime educational centers of the state of Andhra Pradesh. The BPO sector has not overlooked this fact and companies like HSBC, Satyam, Wipro along with numerous other big and small BPO firms have opened offices in the city.

The sprawling Economic Zone within the city is the home to offices and factories of industrial powerhouses like HPCL, Birla, Reliance etc. The real estate majors and banks have contributed to the economic development of Vizag.



Last Updated on: 7/05/2013