Plans afoot to make VER an economic powerhouse in consultation with NITI Aayog

With NITI Aayog exuding confidence over the potential of Visakhapatnam Economic Region (VER) emerging as a global hub for exports and imports, the area is poised to transform into an economic powerhouse in the next few years.

The region comprising Visakhapatnam, Vizianagaram, Srikakulam, Parvatipuram Manyam, Dr. BR Ambedkar Konaseema, Kakinada, Alluri Sitarama Raju, Anakapalle and East Godavari districts is projected to become USD 1 trillion economy by 2047.

"We have finalised a comprehensive roadmap in consultation with NITI Aayog to execute the plan to make the regional economic corridor by addressing all the issues," VER CEO Dr. N. Yuvaraj said at a recent review meeting here.

The growth areas identified to implement the plan include encouraging port-led development, IT and innovation hubs, connectivity including multimodal transport, urban housing and solid waste management. In Visakhapatnam region itself there are plans to create 20 lakh jobs.

The region consisting of nine districts in North Coastal Andhra spread over 21,880 sq. km will be home to several ports with industrial clusters and special economic zones.

Andhra Pradesh Government, in collaboration with NITI Aayog, at the CII Partnership Summit had launched the VER Report as part of the national growth hub initiative.

The initiative identifies high-potential regions across India to serve as growth engines for the country’s long-term economic transformation.

VER is one of four regions selected under this program, alongside Mumbai, Surat, and Varanasi-Vindhyachal. Reports for Mumbai and Surat have already been released, and the Visakhapatnam report marked the third in the series.

The report has been prepared with analytical and technical support from the knowledge partner, ISEG Foundation.

VER represents a vibrant $52 billion economy spanning nine districts. With a population of 16.5 million, the region recorded a per capita GDP of $3,170 in FY24, nearly 20 percent above the national average, underscoring its strong economic base. Between FY12 and FY24, the region registered a steady real growth rate of 6 percent, providing a strong foundation for the next phase of accelerated development through focused interventions and strategic investments.

The VER Master Plan, aligned with the Swarna Andhra Vision, charts an ambitious path to transform the region into a $125–135 billion economy by FY32. Achieving this vision will require a 10 percent real growth rate and investments of $100–115 billion.

The plan focuses on driving private investment, fostering innovation, and ensuring inclusive and sustainable growth. It identifies seven key growth drivers expected to unlock an incremental GVA of $60–70 billion and create 2–2.4 million new jobs by FY32. These include port-based manufacturing, IT and innovation, agriculture, tourism, healthcare, planned urbanisation, and sustainable infrastructure—positioning VER as a model for balanced and high-value sustainable development.

The decision to form and develop VER is a welcome initiative. We hope this will prioritise sorting out connectivity issues by augmenting infrastructure for PCPIR and faster evacuation of cargo from the ports and industrial parks to various destinations," Visakhapatnam Stevedores' Association president G. Sambasiva Rao told Bizz Buzz.

He also suggested immediate work on expanding Anakapalle-Anandapuram road via Gajuwaka into 80 ft road as it is considered lifeline for hassle-free movement of traffic with enforcement of lane discipline.