companies have announced plans for development and outsourcing centres in Visakhapatnam, which has contributed to a rise in real-estate prices. An influx of non-resident Indians (NRIs) to Visakhapatnam have further added to this rise.
Its skilled workforce allowed the entry of many BPO companies (such as HSBC). Visakhapatnam is experiencing growth in the IT sector, contributing to the local economy. The city has 102 small and medium-sized software and BPO companies, of which about 10 began operation between 2005–2007. Software exports from Visakhapatnam in 2007 were valued at Rs. 2,450 million (US$ 45 million), an increase of over 100 percent over the previous year.
National and international IT and banking firms have established offices in the city, including Mahindra Satyam, Wipro, iSOFT, HSBC Sankhya Technologies, iFlex, Sutherland Global Services, Kenexa, E Centric Solutions and OpenWindow Technologies IBM. The Andhra Pradesh government provided infrastructure and land for these companies to open development centres on the outskirts of Visakhapatnam, with special economic zones to improve employment and increase economic growth.
City-based small and medium enterprises (SMEs) (such as Media Systems,Gaian Solutions, Acclaris, Manuh Solutions, NuNet Technologies, Patra Corp, Prospecta Technologies, Quant Systems, Sankhya Technologies, Samudra Software, Symbiosys Technologies, Xinthe Technologies) and softscripts provide IT and BPO services. Some of these companies have formed an association called Vizag information technology Association (VITA) to promote IT in Visakhapatnam and bridge the industry-school gap. To help companies in and around Visakhapatnam fill their workforces, companies such as IndiGenius and Mafoi provide human-resource services such as recruitment, temporary staffing and training.
Indira Gandhi Zoological Park, featuring some of the rarest species in India, opened in 1972 on the coastal hills north of the city
