Prime Minister Narendra Modi remarked, “The Visakhapatnam Steel Plant holds a special place in the hearts of the people of Andhra Pradesh. The Cabinet has decided to provide equity support of over ₹10,000 crore, recognizing the importance of the steel sector in building an Aatmanirbhar Bharat.”
The decision is hailed as a victory for Andhra Pradesh's political leadership, including Chief Minister N. Chandrababu Naidu and Deputy Chief Minister Pawan Kalyan, who have long advocated for the revival of the plant. Both leaders have raised concerns over the potential privatization of the plant, continuously urging the Centre to intervene and safeguard its future. Their persistent efforts appear to have yielded positive results, as the Centre now steps in with the crucial financial support.
The announcement brings much-needed relief to the people of Visakhapatnam and the employees of the steel plant, who had been uncertain about the plant's future following privatization speculations. While full details of the package are expected to be revealed today, the Centre’s decision is seen as a positive sign for the future of the steel industry in Andhra Pradesh.
