The City of Destiny Visakhapatnam was declared as ninth richest city in the country. The city also registered highest Gross Domestic Product (GDP) with Rs 2.8 lakh and stood in the first place in the state. In a recent survey conducted by Yahoo India Finance Team, revealed the list of top 10 cities in India in terms of estimated GDP. Visakhapatnam has been declared as the ninth richest city surpassing Surat which stood in 10th place.
From being a tiny hamlet of local fishing communities during the early days of the independence struggle and for a few decades later, in fact, the rise has been so dramatic that the city identified as one of the 10 fastest growing cities in the world economically and demographically.
“The service sector is the largest sector contributing 30 per cent of the workforce, while a significant and equal proportion of workers are found in three sectors, including trade and commerce, manufacturing, transport and communications with 13 per cent each.
Tourism is one of the emerging areas in the city in terms of attracting national and international tourists and bringing in foreign currency as well. The fishing industry is also on the rise with both foreign and domestic exports of tuna doubling over the past decade,” Dr Radha Raghurama Patruni, associate professor in International Business and Economics, GITAM University told The Hans India.
Gangavaram Port, Visakhapatnam Special Economic Zones for IT and pharma are also playing a vital role in the industrial growth of the city. Availability of educated workforce allowed the entry of many BPO companies, thus providing the roots for the beginning IT/ITES industry. The city registered over 100 per cent growth in the IT sector last year.
Real Estate companies are setting up housing projects on the outskirts of the city which is being touted as the future IT. The Fin-Tech Valley and Twin Towers of IT all would make Visakhapatnam as the future IT hub of India. The ranking in the top 10 richest cities in the country would further enhance the growth rate of the city with investments pouring in IT and real estate sector, Dr Radha Raghurama Patruni analysed. She is also associate editor of GITAM Review of International Business.