The Union Minister of Ports, Shipping and Waterways (MoPSW) inaugurated projects worth Rs 2.17 billion to the nation on September 4, 2023. This includes the Vizag International Cruise Terminal (VICT) in Vishakhapatnam. The cruise terminal has been developed at an investment of Rs 960.5 million with a grant of Rs 385 million by the Ministry of Tourism. It has a capacity to accommodate 2,000 passenger vessels, which requires a draft of 8.1 metres. The minister also inaugurated covered storage shed-2 in port area, one world class truck parking terminal, one oil refinery berth, in an attempt to boost the capacity of the Vizag Port towards becoming a regional hub of cruise and cargo traffic in the near future. The port has started the construction of four covered storage sheds to store bulk cargo with a capacity of 294,000 metric tonnes (mt) at a cost of Rs 1.16 billion.