Confederation of Indian Industry (CII)
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2016: Partnership Summit at Vishakhapatnam
The Hindu, January 16, 2016
The more than 300 MoUs signed are expected to bring investments of more than Rs. 4.78 lakh crore in AP, writes G.V. Prasada Sharma
The three-day Partnership Summit of the Confederation of Indian Industry held in Visakhapatnam was the first major milestone that brought industry, business and political leaders from the Centre and State together in the newly-formed Andhra Pradesh.
The more than 300 MoUs signed are expected to bring investments of more than Rs. 4.78 lakh crore spanning a wide array of industries and businesses all over the State.
Industrial scenario in and around the city got a boost with a number of big-ticket announcements including Reliance ADAG’s naval ship-building unit at Rambilli at a cost of Rs. 5,000 crore, RINL’s massive expansion plans and announcement of prestigious institutes like NIPER and medical instrumentation park and petrochemical complex.
Trade, industry and real estate representatives are quite optimistic about the impact of the summit in the long run for Visakhapatnam. More importantly, the city hitting national headlines is considered a major gain.
“First and foremost, a positive message has been sent out that the government is not concentrating on one particular area and is planning for decentralised development across the State,” says K. Rama Krishna Rao, President of the Confederation of Real Estate Developers’ Associations of India, Visakhapatnam Chapter. Generally, such summits are held in State capitals and bringing it to Visakhapatnam itself is an achievement, he says.
The announcement of the setting up of several industries, particularly the ADAG unit, will lead to the establishment of several industrial units.
Many electrical, plumbing and fabricating facilities are required for the unit as well as other units that are planned. A total of 250 units are expected to come up, and the first and foremost beneficiary is the construction sector, says Mr. Rao.
When such a big number of units are coming up, there will be requirement of manpower and workers resulting in migration to the city.
This will ultimately result in rise in demand for housing, he hopes. Besides, the government’s plans for port-based development as well as the location of the Eastern Naval Command are advantages.
A good beginning has been made, and over a period of time, Visakhapatnam will benefit from it, he hopes.
