Report Summary Detailed PEST Analysis, Key Industries Analysed with Investment Opportunities in a Boon to Self Reliant India
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Visakhapatnam is Andhra Pradesh’s largest city, both in terms of population as well as economy. Prior to the bifurcation, Visakhapatnam was the second-largest IT Destination in United Andhra Pradesh after Hyderabad & till date, Vizag remains the most preferred destination for IT Investment. The city is believed to have witnessed a 30% rise in turnover for IT Sector during FY 2018-19.
Geo-economic shift post-pandemic will be favoring India, opening a plethora of business opportunities across various sectors. Several companies are likely to shift base to India and revamp their businesses to suit a post-COVID-19 economy & Visakhapatnam can turn out to be the next major hub for such companies. The IT sector in Visakhapatnam mostly comprising business process management and knowledge process management units is all set for impressive growth if the interest evinced by entrepreneurs for investment is any indication. Blessed with robust infrastructure and locational advantage Visakhapatnam can be a ‘Next - Best' City for Global Industrial Re-shoring in India.
Major Industries Include – IT & ITES, Electronics, Metallurgy, Agro Based, Food-Based/Processing, Textile, Pharmaceuticals, Automobile, Rubber, Gem & Jewellery, Life Sciences, Logistics & Warehousing, Hospitality, Tourism, Construction & Real Estate
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