Though the Union Budget for 2014-15 has generated a lot of heat over lack of clarity on special package and other tax incentives, investors’ community in the region is confident that the engagement of Boston Consulting Group by CII to prepare a vision for 2020 is the right step to steer growth in Visakhapatnam.
“Though some clarity is missing in the budget, on the whole we expect the Centre as well as the State to stick to their commitments. Moreover, we as investors are confident that the vision document will help sector-wise development in Visakhapatnam,” CII vizag zone Vice-Chairman Neeraj Sarda told The Hindu.
Finance Minister Arun Jaitley made a mention that they would abide the commitments which contained in AP Reorganisation Act giving ray of hope of getting special package and tax holiday anytime.
A team from BCG already visited the city last month. More visits are expected to finalise the deal. In another development, Asian Development Bank consultative team on Visakhapatnam-Chennai Industrial Corridor Project also held meetings with the stakeholders recently. “We gave our feedback on Vizag’s growth potential and we are expecting a positive response to attract investments in various sectors in the proposed corridor,” said Visakhapatnam Port Deputy Chairman G.V.L. Satya Kumar, who is also Vizag CII zonal chairman.
“With the combination of Prime Minister Narendra Modi and Chief Minister Naidu and the Vizagites themselves playing a pro-active role to showcase the region’s potential, I am confident Vizag will transform into an international city,” said Vizagapatam Chamber of Commerce & Industry secretary S.P. Ravindra.
While describing the Union Budget and white papers released by the Chief Minister as an exercise aimed at accelerating growth, Sravan Shipping Managing Director G. Sambasiva Rao favoured construction of Greenfield international airport and exploring 975-km-long coastline in the State for port-based activity. He also wanted Visakhapatnam Port to be operational 24x7 to become a hub port.
‘Union Finance Minister’s mention on implementation of AP Reorganisation Act gives ray of hope of getting special package and tax holiday anytime’