Industrial Development & Economic Growth in Goa

Latest update: February, 2016

Economic Snapshot: GSDP of Goa

Goa's gross state domestic product (GSDP) was at US$ 8.23 billion over 2014-15.

Economic Snapshot: GSDP of Goa

Economic Snapshot: NSDP of Goa

Goa's net state domestic product (NSDP) was at US$ 7.24 billion over 2014-15.

Break up of outstanding investments in Goa

 

February, 2016

Goa is located in the western region of India. The state shares its border with the Arabian Sea to the west, Maharashtra to the north and Karnataka to the south and the east. It is one of the fastest growing states in the country. Goa has a coastline of about 104 kms and inland waterways of about 250 km. The coast is full of creeks and estuaries formed by rivers.

Between 2004-05 and 2014-15, the state’s gross state domestic product (GSDP) expanded at a rate of 11.23 per cent to US$ 8.23 billion whereas the net state domestic product (NSDP) expanded at a rate of 11.44 per cent to US$ 7.24 billion. As of November 2015, Goa had a total installed power generation capacity of 405.20 MW.

Goa has a strong presence in mining, tourism and pharmaceuticals sectors. Mining (iron ore and manganese), pharmaceuticals, iron and steel industries are present in North Goa while mining and shipbuilding industries are present in South Goa. Tourism is the largest segment in the services sector. Goa is traditionally known as a tourist paradise for its natural scenery, beautiful beaches and cultural diversity. In 2014, the state attracted 4.05 million tourists, including 0.51 million foreign visitors.

Goa has also 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. Cashew processing has also been a traditional industry in the state.

As of 2014-15, the state had 7,967 micro, small and medium enterprises (MSMEs) and 192 large scale industries.

The following are some of the major initiatives taken by the government to promote Goa as an investment destination:

  • As per the Budget 2015-16, following plans were announced
    • Creating 50,000 jobs in the next five years;
    • Facilitating US$ 4.16 billion of new investment into Goa in the next five years;
    • Providing high quality logistics infrastructure to industries;
    • Providing roundtheclock high-quality power supply and quality core infrastructure to industries
    • Using innovative and socially acceptable mechanisms to make land available for industrial development
  • The state is in the process of developing the logistics sector by forming a special logistics group and constructing several bridges to address the existing deficiency with regard to logistics and warehousing.
  • Goa Pharmaceutical Manufacturers' Association (GPMA) is a registered body formed with the objective of uniting the pharmaceutical manufacturers in Goa.
  • The Government of Goa has introduced the new Goa Investment Policy 2014 in order to boost investor confidence and attract new industries to Goa.
  • The state government has announced plans to introduce a comprehensive IT policy with the objective of supporting the Electronic System Design and Manufacturing (ESDM) sector in the state.
  • The state Government has been proactive in encouraging public-private partnerships for promoting tourism by instituting a corpus fund.
  • The state Government is also working on a new tourism policy with a vision of overall tourism development and to engage with private players to invest and develop infrastructure in the state.
Goa State Presentation

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Goa Map

Goa

x IBEF : India Brand Equity Foundation