Andhra Pradesh Chief Minister N. Chandrababu Naidu has directed officials to implement an intensive action plan to develop the Visakhapatnam Economic Region (VER) into a global economic hub. During a high-level review, Naidu set an ambitious target to grow the VER economy from its current $52 billion to $125-135 billion by 2032. The long-term vision aims for the region to reach an economy of $750-800 billion by 2047, potentially generating 3 million jobs.
Significant private investment is flowing into the region, highlighted by the groundbreaking ceremony for a new Cognizant campus in Madhurawada. Cognizant CEO Ravi Kumar announced the company would create 25,000 jobs, a massive increase from the originally planned 8,000 positions. Additionally, the state government approved a ₹1,615 crore multi-cargo rail terminal in Nellore district to support the Ramayapatnam Port, further strengthening the east-coast logistics corridor.
The Chief Minister emphasized that Visakhapatnam’s cost of living—20% lower than other Indian metros—makes it a highly “livable” and competitive destination for tech companies. To support this growth, the state is implementing a “Speed of Business” approach, promising single-window approvals within 21 days. Other planned infrastructure projects include the Bhogapuram international airport, the Vizag Metro Rail, and a dedicated 40-km coastal tourism circuit.