Sri City, the vibrant integrated business township located in the southern state of Andhra Pradesh, has report an outstanding performance in 2023, making significant strides in promoting economic growth, creating employment opportunities, and fostering sustainable development, a release stated.
Investment Boom, Manufacturing Prowess and New Jobs: Sri City has driven economic growth in 2023 with over Rs. 9,000 Crore in Investments and 21,500+ New Jobs. This includes the agreements signed and the investments captured in the Global Investors Summit (GIS)-2023 held at Vizag.
Manufacturing Prowess: The industrial landscape of Sri City witnessed a flurry of construction and operationalisation activities. Six new companies (LG Polymers, Evershine Moulders, Oji India Packaging, NGC Transmission, Trinath Industries and Bombay Coated & Special Steels) Under Construction. Eighteen units (Daikin Air Conditioning, Havells, Triune Technofab, Axxelent Pharma, Blue Star, THK, NGC Transmission, Airmaster, Epack Durables, Kimberley, RSB Transmission, Amber, Adela Electricals, Neemrana Steel Service, Bell Flavors & Fragrances GmbH, Autodata, JGI Metal Converters and EssKay Components) commenced full-fledged operations, further bolstering Sri City’s reputation as a top manufacturing destination. Established giants like VRV Chart Industries, Zen Linen, Parkson Packaging, Toray, Alstom, Mondelez and Hamilton expanded their facilities, demonstrating their unwavering confidence in Sri City.
Emerging as the ‘Cool Capital’ of India: A particularly noteworthy development was the emergence of Sri City as the undisputed air conditioner manufacturing hub of India. Major players like Daikin, Blue Star, Amber, EPACK Durable, and Havells set up shop, boosting domestic production and reducing reliance on imports. Additionally, the presence of numerous supply chain companies for these manufacturers further strengthens Sri City’s position as a leading center for air conditioner production. This not only strengthened India’s manufacturing prowess but also ushered in a refreshing wave of cool air for the country.
Distinguished Visitors & Large Delegations: The preference for Sri City s a potential destination for future investments has been evident from the visits of Consul Generals and high-ranking officials from the Republic of Korea, Sri Lanka, Japan, the United Kingdom, the USA, and Malaysia. Additionally, multiple business delegations from Japan, guided by Osaka Chamber of Commerce and JETRO, and from Estonia further underscore this inclination.
Sustainability Champion: Sri City’s unwavering commitment to environmental stewardship garnered international acclaim. Its dedication to green practices, evident in its infrastructure development and innovative initiatives, earned it the prestigious title of ‘India’s Most Innovative Sustainability Project of the Year’. This recognition cemented Sri City’s position as a global leader in sustainable development, offering a blueprint for environmentally conscious growth.
Beyond Business: Fostering a Vibrant Community: Sri City’s success wasn’t solely measured in economic indicators. The year saw the blossoming of a vibrant community, nurtured by a diverse tapestry of cultural and literary events hosted by Srivani, the city’s spiritual and literary forum. From soulful bhajans to captivating performances, from thought-provoking literary discussions to enriching yoga sessions, Srivani fostered a space for connection and creativity, enriching the lives of residents and visitors alike. Dr. Saikrishna Yachendra’s ‘Sangeetha Geyadhara’, literary-musical programme depicting Annamaiah as a social reformer, Ugadi Puraskarams, Annual ceremony of Sri Prasanna Venkateswara Swamy and literary-musical programme on poetess Matrusree Tarigonda Vengamamba, Vaikuntha Ekadasi cel ration, are some of the important programmes organised by Srivani.
Expressing satisfaction with the city’s performance Dr. Ravindra Sannareddy, Founder Managing Director, Sri City, said, “2023 has been a transformative year for Sri City. We extend our gratitude to our esteemed partners and remain committed to sustainable growth, and sincerely acknowledge the support from state and central governments.” Highlighting the resilience and ingenuity of Sri City’s companies, he said that despite several challenges, Sri City units have achieved remarkable growth.
As Sri City looks towards the future, it remains committed to its core values of growth, sustainability, and inclusivity. The city has ambitious plans to expand its industrial base, attract further investments, and create a thriving knowledge economy. With its unwavering focus on continuous improvement and innovation, Sri City is poised to shine even brighter in the years to come, establishing itself as a beacon of economic prosperity and sustainable development in India.