ADB to fund $840-m corridor between Vizag, Chennai
VISAKHAPATNAM : The Asian Development Bank will extend a $625 million loan to the proposed $840 million Visakhapatnam-Chennai Industrial Corridor, according to Teresa Kho, Country Director, India, ADB.
She said the industrial corridor, meant to boost manufacturing activity and help economic growth of the hinterland, will have four nodes: Visakhapatnam, Kakinada, Gannavaram-Kankipadu, and Yerpedu-Srikalahasti. The building blocks of the corridor would be node-centred development and trade and transport.
Chief Minister Chandrababu Naidu said while he had developed Hyderabad earlier as a knowledge economy, this time his strategy would be to develop Andhra Pradesh as a port- and export manufacturing-led hub. “I have proposed a vision that is responsive, sustainable and inclusive,” Naidu said.
His aim was to take Andhra Pradesh among the top three States by 2022, the number one by 2029 and the preferred destination by 2050. For this, the State would have to consistently aim for and achieve 14-15 per cent economic growth every year, he said.