Recent Economic Progress

In the last decade, the state has emerged at the forefront of India’s progress in fields like
Information Technology,
Biotechnology,
Pharmaceuticals,
Business Management, and
Construction, and has emerged as a land of immense business opportunities.

In spite of some liberalization since 1990, Andhra’s economy still faces many challeges, especially in the drought-hit agricultural sector.

Agriculture has been the chief source of income for the state’s economy. Two important rivers of India, the Godavari and Krishna, flow through the state. Rice, sugarcane, cotton, mirchi, and tobacco are the local crops. The state has also started to focus on the fields of information technology and biotechnology.

Urban Centers of Economic Importance

Hyderabad, the capital of Andhra Pradesh, is the fifth largest cosmopolitan city in India, rich in culture, enduring history and industrial growth. It is unique in being one of the few cities where tradition and technology co-exist.

Hyderabad, like Bangalore, has become a center for outsourcing. Notable amongst the multinational companies in Hyderabad are Microsoft, Google, Bank of America, Intergraph and Oracle.

Vizag, Andhra’s main port, is home to the Indian Navy’s Eastern Naval Command. The city’s shipyards, fisheries, docks, and steel works make it an economic powerhouse. Recently, Vizag has seen a rise in investment as industry in Andhra begins to turn towards the lucrative export market.

Also, because of its highly valuable geographic location, and because of recent political movement towards a creation of a separate Telangana state, Vizag has seen a massive rise in investment in the city’s real estate market.