In order develop the backward Prakasam district, the Andhra Pradesh Government has taken the initiative of constructing the Ramayapatnam port. With an investment of Rs 50 billion, the Ramayapatnam port will reportedly be one of the world's largest breakwater projects. The port is expected to be a new trade address for the north-east Asian countries.
Nearly 3,500 acre has been been allotted with Rs 4 billion land acquisition, and Rs 25 billion are to be invested for the construction of the breakwater navigation channel. The port has allocated two berths for Asia paper mill, two for Jindal and one berth for Ranko, while the remaining three berths will be developed as commercial berths. Designed to work with 13 mn tonne capacity, the port is connected to the NH-16 and is in close proximity to the Visakhapatnam-Chennai Industrial Corridor.
Employment opportunities is expected to open with the coming of Ramayapatnam port in the region. Nearly 25,000 direct and indirect jobs are expected to be generated. Besides, Indonesia-based Asian Pulp and Paper will reportedly set up a mill at a total investment of Rs 245 billion, which will generate 6,000 direct and 12,000 indirect jobs.
The state government has planned to raise the funds with AP Maritime Infrastructure Development Corporation. For the coming 10 years, the revenue from the Kakinada region ports and Machillipatnam region ports will be utilised for the construction of the port and by 2023.
Tenders for development will be reportedly called once the DPR is approved. The port is expected to start operations from 2020 and traffic in the first year is expected to be 20.26 MMT, which is expected to reach 138.54 MMT by 2040-41.
Apart from the port project, many multinational companies are reportedly ready to invest in the Prakasam district.