The Visakhapatnam Special Economic Zone one of the Central Government SEZs notified by the Ministry of Commerce, Govt. of India has registered exports of a whopping Rs 175,254 crores for the recently ended fiscal i.e. FY23.
Marking a growth of 28% over the previous fiscal VSEZ Services exports recorded Rs 126,082 crores while merchandise exports were to the tune of Rs 49,172 crores.
Services exports contributed to the bulk of exports of the Visakhapatnam special economic zone at 72% while merchandise exports accounted for 28% of total exports.
The Zone attracted investment of Rs. 1,04,905 cr and generated employment of 5,99,427.
VSEZ has witnessed continued growth over the past 5 years from registering Rs 76141 crores in 2018-19 to Rs 175,254 crores in FY 23 and is said to have seen a CAGR of 23% over the last 4 years.
In fact both services and merchandise exports have shown consistent growth over the past 5 years with services contributing the bulk of exports.
Some of the major sectoral exports from the zone include IT/ITES, Pharmaceuticals, Textiles and apparels, metals and minerals, Food and agro, chemicals and leather.
The newly appointed DC Mr. M.Srinivas stated that the Zone has set a target to achieve exports of Rs.2,20,000/- cr for the financial 2023-24.