Economy
Main article: Economy of Visakhapatnam
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| Fishermen at work |
Visakhapatnam has developed into a major economic destination,. It has all the sectors like Industrial, Fishing, IT, Pharma, Export & Imports by Sea trade etc. The city was identified as one of the fastest-growing in the world, economically and demographically.[16][17] Several factors contributed to its economic growth, including the natural harbour, rail, road and air connectivity to national and International destinations. Tourism also plays an important role in generating revenue to the state of Andhra Pradesh, with many tourist spots in and around the city, attracts large number of tourists.[18]
Port activities
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| Visakhapatnam Port |
Fishing is a major sector in Visakhapatnam. It has one of the largest, dedicated harbour in the country for the fishing industry and seafood exports. A number of fishermen has their livelihoods depend on Fishing in the city. The ice factories in and outside the Visakhapatnam Fishing Harbour, caters to the needs of the fishermen and provides employment as well.
Ports include Visakhapatnam Port, Gangavaram Port in the city. They serve as a gateway for contributing to the development of the petroleum, steel and fertiliser industries. It is a hub for iron ore and other mineral exports which are exported by sea to other countries. Fishing Harbour at Visakhapatnam Port Trust is one of the biggest in the Coastal corridor of Andhra Pradesh generating huge revenue.
Industrial sector
There are many SEZ's & industrial corridors such as, VSEZ, APSEZ, APIIC, Aganumpudi Industrial Park, Visakha Dairy, JNPC, Brandix Apparel City etc., are located in and around the city.
APIIC is a special economic zone (covering 5,770 acres (23.4 km2). It is occupied by industries such as WS Industries, Pokarna Limited, Uniparts, Confidence Petroleum, Southern Online Bio, Nagarjuna AgriChem, Anjaney Alloys, Maithon Alloys and Abhijit Ferro Alloys.
Brandix Apparel City is a textile-based SEZ covering 1,000 acres (4.0 km2). The aim of this project is to provide 60,000 local jobs.[19] The SEZ has textile manufacturers namely Pioneer Elastic Fiber, Ocean India, Quantum Clothing, Fountain Set Group and Limited Brands. Pilkington, an automotive-glass manufacturer is also has its company.
Drugs and pharmaceuticals: The dawn of Pharma City changed the face of Vizag's industrial development. Jawaharlal Nehru Pharma City (JNPC) is the only pharmaceutical SEZ in India, with 58 pharmaceutical companies including PharmaZell of Germany and Eisai Pharma of Japan.[20]
Heavy industries
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| A cargo ship at Vizag Shipyard |
The defence controlled Hindustan Shipyard built India's first ship Jala Usha. Ports and Shipyard led to many private sectors to set up large-scale industries. Some of them include, Visakhapatnam Export, GAIL, HPCL, BHEL, Hindustan Zinc, Dredging Corporation of India, Coromandel Fertilizers,RINL and LG Polymers, Jindal Stainless Steels, Synergies Castings, Rain Calcining Limited, Reliance, Brandix, Essar Pellet Plant, Andhra (Cements, Petrochemicals and Ferroalloys) Ltd. etc.
Steel plant
Visakhapatnam has a steel plant, whose corporate entity RINL is the second largest state-run steel industry. The capacity of the plant is 6.3MT, is planned to become a 20MT plant in the future, the largest plant in a single location. The plant had revenues of 
144570 million (US$2 billion) for 2011–2012 and has about 17,800 employees.
144570 million (US$2 billion) for 2011–2012 and has about 17,800 employees.Software industry
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| Tech Mahindra Development Centre |
Visakhapatnam is experiencing growth in the IT sector, contributing to the local economy.[21] The government has established an IT special economic zone and incubation center in the Rushikonda Hills. Its skilled workforce allowed the entry of many national and international IT and banking firms such as Tech Mahindra, Wipro, IBM Kenexa, Infotech, Concentrix, WNS, Sutherland, and HSBC. The city has 102 small and medium software companies as well as BPOs, of which about ten began operations in the period from 2005 to 2007. Software exports from Visakhapatnam have increased by nearly 90% each year. The IT exports from the city for 2012 were Rs 12 billion and 16,000 people were employed.[22] The IT industry registered an impressive growth in financial year 2012–13, according to data released by the state IT department. Visakhapatnam IT/ITeS revenues rose 20% to Rs 14.45 billion in 2012–13 as against Rs 12 billion in 2011–12. The employment generated by the IT/ITeS industry of the city increased to 16,988 jobs from 16,000 in 2011–12 period.[23]
Resources
Minerals
The prevalence of ferroalloy plants is due to the availability of manganese ore near Visakhapatnam. Aluminium refineries such as Anrak Aluminium and Jindal Aluminium are developing because of the bauxite reserves around the city. India's first rare earths (minerals) extraction plant at Atchutapuram is owned by Toyotsu Rare Earth India Ltd. (Partners of Toyota).
Petroleum, chemicals and petrochemicals
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| HPCL Petrochemical Complex |
Visakhapatnam was one of five sites in the country selected to hold strategic crude-oil reserves in case of a national emergency. IOC and BPCL have their bottling units in the city. Hindustan Petroleum expanded and the Visakhapatnam Export Processing Zone was established. Visakhapatnam is a part of the Petroleum, Chemical and Petrochemical Investment Region (PCPIR), proposed between Visakhapatnam and Kakinada. The PCPIR is expected to generate 1.2 million jobs and a projected investment of ₨34,30,000 million.
Power Plants
Simhadri Super Thermal Power Plant of NTPC Limited is expanding from 1,000 to 2,000 MW at a cost of 50 billion (US$820 million). Hindujas has begun construction of a 1,070-MW thermal power plant in Visakhapatnam district at a cost of 70 billion (US$1 billion).
50 billion (US$820 million). Hindujas has begun construction of a 1,070-MW thermal power plant in Visakhapatnam district at a cost of 70 billion (US$1 billion).
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