Vizag will become State’s financial capital, says IT Minister Lokesh

The TDP-led NDA government in the State is committed to developing Visakhapatnam as the financial capital of Andhra Pradesh and making it a trillion dollar economy by 2047, Information Technology Minister Nara Lokesh has said.

“One State-One Capital and decentralised development is the State government’s approach,” Mr. Lokesh said on October 12, 2025 (Sunday).

The Minister was in city to participate in various programmes, including a data centre project at Rushikonda. He laid the stone for the first 50-MW AI-powered Edge Data Center and Open Cable Landing Station at Rushikonda being set up by Sify Infinit Spaces Limited in two phases on 3.6 acres of land with an investment of Rs. 1,500 crore.

After laying the stone, Mr. Lokesh said, “If Hyderabad took 30 years to develop, Visakhapatnam will take 10 years. Visakhapatnam will receive the largest Foreign Direct Investment (FDI) in the history of India. We are confident of creating a trillion dollar economy by 2047.”

“When IT companies came to Hyderabad in the 1990s, Chief Minister N. Chandrababu Naidu had built cyber towers. It took more than 30 years for Hyderabad to develop. It will not take more than 10 years for Visakhapatnam. That is our commitment. People should recognise the hard work behind bringing the companies. Now, we are competing not only with other States but also with other countries for investments,” Mr. Lokesh said.

“People elected us for our policy of One State-One Capital and decentralisation of development. We won 94% seats. People gave a clear majority for effective governance, job creation, and for making Visakhapatnam the financial capital,” he added.

“The people of Visakhapatnam have always been with the TDP. Though we lost in the State and elsewhere in 2019, the people of Visakhapatnam have been with us. When Hudhud struck in 2014, the city suffered a lot. The people of Visakhapatnam supported Mr. Naidu for the revival of the city,” he said.

Investment flow

“Over 50% of the $120 billion investments in Andhra Pradesh in the last 17 months have come to the Greater Visakhapatnam Economic Region. The country’s largest steel plant is coming to Visakhapatnam region. The largest FDI in India’s history is coming to Visakhapatnam. It will develop a vibrant ecosystem,” he observed.

“As mentioned in the Super Six promises, our main goal is to create 20 lakh jobs. We will create 5 lakh IT jobs in Visakhapatnam,” Mr. Lokesh said.

“A few criticised the government for allotting land to IT giant TCS for 99 paise. Some even approached the court,” he said, adding that companies such as Cognizant, Accenture, Google would set up their units in Visakhapatnam.

“The double-engine government is moving like a bullet train. Prime Minister Narendra Modi is supporting A.P.’s economic agenda. The State is being given priority in the economic reforms being undertaken by the Centre. We are able to save the Vizag steel plant because of the double-engine government,” he said.