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 km and inland waterways of about 250 km. The coast is full of creeks and estuaries formed by rivers.

At current prices, Goa’s Gross State Domestic Product (GSDP) (budget estimate) is expected to stand at Rs. 1,00,002.25 crore (US$ 12 billion) in 2023-24. At current prices, Goa’s Gross State Domestic Product (GSDP) was Rs. 914.16 billion (US$ 11.15 billion) in 2022-23. The GSDP (in Rs.) increased at a CAGR of 7.51% between 2016-17 and 2022-23.

In 2022-23, the Gross Value Added (GVA) growth was estimated at 4.73% for the primary sector, 6.52% for the secondary sector, and 9.66% for the tertiary sector. In 2021-22, the secondary sector accounted for 52.06% of the Gross State Value Added (GSVA) at current prices, followed by the tertiary sector at 40.10% and the primary sector at 7.84%.

At current prices, Goa’s Net State Domestic Product (NSDP) stood at Rs. 73,973 crore (US$ 8.87 billion) in 2021-22. The NSDP (in Rs.) increased at a CAGR of 6.62% between 2015-16 and 2021-22.

Goa has a strong presence in the fishing, agriculture, tourism, and pharmaceutical 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 2021-22, Goa recorded an arrival of 34,09,275 domestic tourists and 32,698 foreign tourists. In 2021-22, the total number of hotels, and lodging houses including paying guest houses accounted for 4,245.

Merchandise exports from the state in FY23 stood at US$ 2.45 billion, and in FY24 (till July 2023) stood at US$ 0.79 billion. Drug formulations and biologicals were the most exported items, with a 50% share in FY23 (until July 2023). Iron and steel, organic chemicals, marine products and agrochemicals were the other key export commodities from Goa.

The Mormugao port handled 17.33 million tonnes of cargo traffic in 2022-23.

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.

Goa has a coastline of ~104 km and inland waterways of ~250 km. The coast is full of creeks and estuaries formed by rivers. 121.46 thousand tonnes of marine fish were harvested in 2021-22. In 2021-22, exports of marine fish and fishery products from Goa stood at US$ 13.57 million.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), Foreign Direct Investment (FDI) inflow in the state stood at US$ 135.22 million between October 2019-June 2023.

Following are some of the major initiatives taken by the Government to promote Goa as an investment destination:

• In November 2023, the elevated road (Patradevi to Bambolim, the Porvorim stretch) is expected to be 5.2 km long and is expected to resolve the traffic blockage along this section of the NH-66 leading to Panaji and improve access to the Mopa airport. Once complete, the project will allow vehicles to drive at 80-100 kmph as against the current 40-60 kmph.
• In October 2023, 110 teachers from 39 disciplines from higher education institutes got training in digital education.
• In September 2023, Goa Shipyard Ltd (GSL) and Mormugao Port Authority (MPA) are in talks to ink the MoU for the redevelopment of berth no. 9 during the Global Maritime India Summit in Mumbai.
• In FY24 (till September 2023), Goa airport handled 3.42 million passengers and movement of 22,370 aircraft.
• In FY24 (till September 2023), Goa airport handled 2,787 MT of freight.
• In March 2023, to improve the 4G mobile network in the state, the cabinet decided to provide 2,000 sq. feet of space on government land for BSNL. The state government has received a request from BSNL for granting free Right of Way (ROW) permission to lay optical fibre cables (OFC) in planned locations as well as a no-objection certificate (NOC) for towers in 70 locations under the 4G saturation project.
• In October 2022, the draft of Goa Industrial Growth and Investment Promotion, 2022 was introduced by the government. It plans to create 30,000 jobs and attract Rs. 20,000 crore (US$ 2.44 billion) in investment over the next 5 years. The initiative also aims to "ground" 100 new IT and ITeS enterprises in Goa over the next five years.
• In September 2022, the Goa Tourism Department introduced a Draft Jetty Policy 2022 to strike a balance between tourists' and jetty owners' interests in Goa.
  • The funds allocated will be used to carry out developmental activities in ULBs and implementation of the Swachh Bharat Mission, Smart City Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), E-Governance in all ULBs, National Urban Livelihood Mission, Integrated Development of Major Towns, Solid Waste Management, etc.
  • Under the Credit Linked Subsidy Scheme vertical of PMAY-U, one demonstration housing project of Rs. 5.54 crore (US$ 0.71 million) has been approved by the Government of India which will accommodate 51 homeless persons. This project will come up in Chimbel on the land provided by Provedoria.
  • Rs. 2 crore (US$ 0.26 million) has been allocated under the ‘Tourist Guide Certification Scheme” which is expected to increase the base of tourist guides to around 1,000 guides over the next two years.
  • Chief Minister of Goa, Mr. Pramod Sawant, in association with BLADE, launched three helicopter services in Goa in May 2022. This will give a boost to the tourism sector.