2024 Boosts Sri City’s Economy With Rs 3,750-Crore Investments, Creates 17,000 Jobs
Tirupati: Sri City, an integrated business hub in Tirupati district, has secured Rs 3,750 crore in investments during 2024, significantly boosting the region's economy. These investments are expected to generate over 17,000 new employment opportunities.
Total 15 memoranda of understanding have been signed, with nine new companies beginning construction and six industrial units commencing full-scale operations. Additionally, nine existing units have expanded their production capacities to meet the growing demand.
According to its annual report, Sri City witnessed notable developments during 2024. On August 19, Chief Minister N. Chandrababu Naidu, along with industries minister T.G. Bharath, attended Sri City Progress celebrations. During the event, they inaugurated new industries, laid the foundation for upcoming projects and witnessed the signing of MOUs with new investors. They opened a new fire station and laid the foundation for Hi-Tech Police Station.
On March 6, Mizoram Governor Dr. Hari Babu Kambhampati visited Sri City and commended its excellent infrastructure and investor-friendly environment. Later in the year, on November 14, NITI Aayog CEO B.V.R. Subrahmanyam praised Sri City's industrial diversity during an interactive session with corporate leaders. AP industries minister unveiled the New Industrial Policy on October 29, a move expected to further bolster Sri City’s growth.
Sri City's achievements have earned it “Brand of the Decade Award” at Goalfest Conclave – 2024 and the “CII CFO Excellence Award.” In addition, Sri City’s industries underlined their commitment to corporate social responsibility by contributing ₹1 crore to the district's Disaster Relief Fund, which helped in carrying out flood relief operations. The city and its industrial units have invested over ₹3.08 crores in community development programmes.
Sri City founder and managing director Dr. Ravindra Sannareddy expressed pride in the year’s accomplishments, saying, “2024 has been a landmark year for us. We are grateful for the continued support of our partners and cooperation of the state and central governments. We are committed to furthering sustainable growth and contributing to the region’s economic and social development.”
