Visakhapatnam is now known one of the ten fastest growing cities in the world economically and demographically. Various factors contributed to the city's growth economically.
Some of the key industries located in the Vizag area include HPCL Petro-Chemical Complex. The city has developed into a hub for many heavy industries. The Vizag Port, largest in the country, was the ideal gateway contributing to the development of petroleum, steel and fertilizer industries.
The city registered over 100% growth in the IT sector over the last year.The companies present include Satyam, TCS, HSBC, Cognizant, Oracle Corporation, IBM, ABN AMRO, Patni, Verizon, Hexaware Solutions, iSOFT, Accenture, Infosys, iFlex, HCL, EDS, Kanbay etc. Apart from the HSBC BPO, the Vizag city has about 50 small and medium software and call centre units, of which about 10 units started their operations during the year 2005-07. Software exports from the Visakhapatnam in 2007 were worth Rs 245 Crores - an increase of over 100% over the previous year
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