The Finance Minister Nirmala Sitharaman presented the Union Budget for the year on 23 July, 2024. While the proposals put forth will impact the Indian economy at large, the 2024 Budget will also indirectly benefit several sectors that are a part of Visakhapatnam and its economy. Based on the proposals made in the Union Budget 2024, here’s how the following sectors in Vizag will be impacted:
In 2023-23, Visakhapatnam Port – the largest fishing harbour in Andhra Pradesh – led the country in marine cargo exports, with seafood exports valued at ₹17,989 crore, representing approximately 29.7% of India’s total marine cargo exports. It goes without saying that Visakhapatnam, with its place right by the shores of the Bay of Bengal, relies majorly on fishing. The key proposals outlined in the Union Budget 2024-25 that may benefit the fisheries sector include:
Reduction in Basic Customs Duty: The duty on essential inputs for the fishing industry, including broodstock, polychaete worms, shrimp, and fish feed, has been reduced to 5%. Additionally, inputs used in the manufacture of shrimp and fish feed will be exempt from customs duty. This will lower production costs and increase profit margins for fishermen and seafood companies.
Financial Support for Shrimp Farming: A network of Nucleus Breeding Centres (NBC) for high-quality shrimp broodstock will be established. These facilities will improve genetic quality, enhance productivity, and reduce reliance on imported shrimp broodstock. Financial support for shrimp farming, processing, and export will be facilitated through NABARD.
Increased Allocation for PMMSY: The Pradhan Mantri Matsya Sampada Yojana (PMMSY) allocation has been increased to ₹2,352 crore, a 56% rise from the previous year’s ₹1,500 crore. This funding could support various initiatives aimed at improving the fisheries sector in Visakhapatnam.
Visakhapatnam Port, one of the largest cargo handling ports in India, along with Gangavaram Port, is set to benefit significantly from the Union Budget 2024-25. The Finance Minister announced two major initiatives aimed at bolstering the maritime economy:
From hosting the world’s largest medical technology cluster, the AP Medtech zone, to several other phrama companies including Divis’ Labratories, Solara Active Pharma, and more – Visakhapatnam stands to benefit from incentives for the pharmaceutical sector:
With the Visakhapatnam Steel Plant located here, the Union Budget’s measures to support the steel industry may prove beneficial:
Visakhapatnam plays a strategic role in India’s defence sector, as Indian Navy’s Eastern Naval Command fleet is located here. The Union Budget 2024-25 allocates Rs 6,21,940 crore for the defence budget, an increase from the previous year’s Rs 5.94 lakh crore:
With Andhra Pradesh being a part of “Purvodaya”, a plan proposed in the Budget 2024 for the all-round development of Eastern India in aspects like human resource development, infrastructure, and the generation of economic opportunities, Visakhapatnam can surely expect some accelerated growth benefits in these areas as well.
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