VER launched under NITI Aayog’s growth hub prog

Visakhapatnam: The Government of Andhra Pradesh, in partnership with NITI Aayog, on Thursday unveiled the Visakhapatnam Economic Region (VER) report under the national growth hub initiative, which seeks to identi20 and develop high-potential regions as engines of India’s next phase of economic transformation.

The Visakhapatnam Economic Region is one of four identified under the programme, alongside Mumbai, Surat and Varanasi–Vindhyachal. Reports for Mumbai and Surat have already been released, making Visakhapatnam the third regional blueprint in the series. The report was prepared with analytical and technical support from the ISEG Foundation, the project’s knowledge partner. The Visakhapatnam Economic Region encompasses a USD 52 billion economy spanning nine districts of Visakhapatnam, Vizianagaram, Srikakulam, Anakapalli, Kakinada, East Godavari, Dr B R Ambedkar Konaseema, Alluri Sitharama Raju and Parvathipuram Manyam.

With a population of 1.65 crore and a per capita GDP of USD 3,170 in 2024, nearly 20 per cent above the national average, the region demonstrates a strong economic base. Between 2012 and 2024, it registered a consistent real growth rate of six per cent, forming a robust foundation for accelerated expansion through strategic investment and targeted interventions.

Aligned with the state’s Swarna Andhra Vision, the VER Economic Master Plan envisions transforming the region into a USD 125–135 billion economy by 2032. Achieving this target will require sustained real growth of 10 per cent and investments worth USD 100–115 billion.

The plan centres on expanding private sector participation, fostering innovation, and promoting inclusive and sustainable growth. It identifies seven key growth drivers expected to unlock incremental gross value addition of USD 60–70 billion and generate between two and 2.4 million new jobs by 2032. These include port-based manufacturing, IT and innovation, agriculture, tourism, healthcare, planned urbanisation and sustainable infrastructure — establishing Visakhapatnam as the eastern anchor of India’s economic geography.

The report outlines 49 high-impact projects across manufacturing, technology, agriculture, tourism, housing and infrastructure. Among them are a 25-MMTPA steel hub and downstream cluster in Nakkapalli, a petrochemical and specialty chemical complex in Srikakulam; a shipbuilding and ship-repair facility near Mulapeta, a 2,000-acre clean-tech and green hydrogen hub across Anakapalli and Kakinada; a gigawatt-scale data centre campus in Tarluvada, and an international healthcare campus spread over 700–800 acre near the upcoming Visakhapatnam airport.

To enable execution, the plan proposes a five-pillar framework focusing on land readiness, investment facilitation, policy alignment, institutional strengthening and central government support. For effective implementation, the report proposes the creation of a Visakhapatnam Economic Region Authority, chaired by the Chief Minister, with an executive committee and a project management unit housed within the Visakhapatnam Metropolitan Region Development Authority (VMRDA). This institutional structure would coordinate planning, investment promotion and project monitoring.