Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday unveiled a strategic plan to build a port-driven economy by tapping into the state’s 1,000-km-long coastline, with proposals to set up a port or fishing harbour every 50 kilometres.
An official press release saud Naidu outlined that the plan is expected to spur economic growth in the southern state and generate employment and create infrastructure. "We have unveiled a strategic plan to build a port-based economy by harnessing Andhra Pradesh’s 1,000-kilometre coastline," said Naidu in the release.
As part of the central government’s bifurcation-era commitment, a major initiative was discussed to establish a Ship Building and Repair Cluster at Dugarajapatnam in Nellore district, a report in PTI said.
The project is set to come up over 2,000 acres through a collaboration between the Centre and the Andhra Pradesh government. Of this, 1,000 acres will be earmarked for core shipbuilding units and the remaining 1,000 acres for ancillary industries.
The proposal includes a greenfield port integrated with a shipbuilding and repair hub that will feature four dry docks, outfitting jetties, and a ship-lift facility.
The Centre is expected to invest around Rs 3,500 crore in the project, while the Andhra Pradesh government will contribute land as its equity share.
TDP supremo said that a Special Purpose Vehicle (SPV) will attract global ship-building players and the project will bring Rs 26,000 crore investments creating 5,000 direct jobs, and 30,000 indirect jobs.
The chief minister instructed officials to prepare a detailed action plan to expedite the project. He also emphasised improving cargo movement via Visakhapatnam Port, crucial to the state’s growth.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
