Centre urged to expedite ₹1 Lakh crore fund to boost Vizag’s economic growth

Confederation of Indian Industry (CII) Visakhapatnam Chairman, Grandhi Rajesh, called on the Central government to accelerate the implementation of the ₹1 lakh crore fund, aimed at providing 50-year interest-free loans to stimulate private sector investment in research and development (R&D) and innovation. This significant fund was announced in the Interim Union Budget 2024-25.

Rajesh emphasized Visakhapatnam’s strong pharmaceutical sector and its skilled workforce, suggesting that the city could play a pivotal role in attracting R&D investments in renewable energy, chemicals, food processing, and biotechnology.

Considering the importance of the ports sector in Visakhapatnam’s economic framework, Rajesh noted that favorable policies and increased budget allocations for Medium and Heavy Freight Vehicles (MHFVs) could incentivize the adoption of electric vehicles (EVs), steering the city towards a more sustainable economy.

Additionally, Rajesh advocated for the introduction of an employment-linked incentive (ELI) scheme for labor-intensive sectors such as agri-services, textiles, apparel, tourism, logistics, and pharma. He believes this scheme could significantly boost Visakhapatnam’s economic growth.

Rajesh also stressed that granting infrastructure status to the travel and tourism sector could greatly benefit Visakhapatnam. Such a status would enhance access to finance, secure funding for tourism projects, and attract substantial investments for developing iconic tourist destinations in the city.