Goa's abundant reserves of iron-ore drive the mining industry in the state. It is also an established base for the pharmaceuticals industry and an emerging destination for knowledge-based industries such as biotechnology and information technology (IT). Tourism is another key revenue generator because of the inflow of international tourists and a key foreign exchange earnings (FEE) sector for the state. The state receives almost 2.4 million tourists every year and the numbers have been rising steadily.
Goa has emerged as a manufacturing base for several leading companies in areas such as fertilisers, tyres and tubes, cement, electrical machinery, fish-net making machines, automatic washing machines, printed circuit boards, pharmaceuticals and pharmaceutical machinery. The state is home to more than 400 units that manufacture pharmaceutical products. In addition, the state exports over 60 per cent of country's iron-ore (45.9 million tonnes in 2008).
The state is targetting 12 per cent annual economic growth during the Eleventh Five-Year Plan period (2007-12). The state supports one of the highest per capita incomes in the country. At current prices, the Gross State Domestic Product (GSDP) of Goa was about US$ 4.3 billion in 2007-08. In the same period, the tertiary sector contributed the most to the GSDP, amounting to 56 per cent (US$ 2.4 billion). It was followed by the secondary sector, contributing 32.2 per cent (US$ 1.4 billion), and the primary sector contributing 11.9 per cent (US$ 0.5 billion).
The state offers a wide range of fiscal and policy incentives for businesses under the Industrial Policy, 2003. Additionally, the state provides incentives under specific policies for the biotechnology and IT sectors.State Presentation (April 2010)
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