In a very first time for India, a coastal corridor project has been started that will link commerce on the Visakhapatnam Chennai corridor.
Work starts and project gets underway for creating India’s first coastal corridor between Visakhapatnam and Chennai which is called the Visakhapatnam Chennai Industrial Corridor. The approval from Andhra Pradesh government and administrative sanctions are already in place. The project is a huge one and is being put into execution for the first time in India. The estimated investment figures stand at 3187.80 crores INR. The state government is contributing 712.80 crores INR while Asian Development Bank has provided a loan of 2442 crores INR in addition to a grant of 33 crores INR.
A lot of expectations have been pegged on the project that will positively affect commerce at all hubs along the East Coast.The investments in this corridor are expected to touch 1 lakh crores. The prime objective remains industrial growth and the creation of larger employment opportunities. The project will operate on 4 nodal zones which are Visakhapatnam node, Kakinada node, Amaravati node and Yerpedu-SriKalahasthi node.
The apex committee of the Visakhapatnam Chennai Industrial Corridor will be looking at the overall progress of the program. The Dept. of Industries and Commerce and a Program Management Unit will be looking at the planning and execution of the project.
As per The Hindu – “By combining state-of-the-art industrial clusters, efficient transport, and reliable water and power supplies with a skilled workforce and good business policies, we expect the Visakhapatnam-Chennai industrial corridor to become a favoured investment destination,” Mr. Sharma, Principal Urban Development Specialist of Asian Development Bank. said.”