Economy of Visakhapatnam

Visakhapatnam is the largest city of Andhra Pradesh and with a GDP of $26 billion. Fishing industry, road–rail connectivity, many heavy industries like Vizag Steel, GAIL, Hindustan Shipyard, Visakhapatnam Steel Plant 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 total GDP of Visakhapatnam, while 35 per cent 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 Trust 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 Visakhapatnam Fishing Harbour 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.

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