Goa is located in the western region of India. The state shares its borders with the Arabian Sea to the west, Maharashtra to the north and Karnataka to the south and the east. It is traditionally known as a tourist paradise for its natural scenery, unique beaches and cultural diversity.
Goa is one of the fastest growing states in the country. The state’s Gross State Domestic Product (GSDP) growth rate was at about 11.39 per cent between 2004-05 and 2015-16. The state’s per capita Net State Domestic Product (NSDP) was US$ 4,765.7, one of the highest in India, in 2015-16. Goa's economic growth is driven by the strong performance of industrial sectors such as mining, tourism and pharmaceuticals.
Goa is the second state in India to achieve a 100 per cent automatic telephone system with a solid network of telephone exchanges. As of June 2016, Goa had a total installed power generation capacity of 412.45 MW. Goa is also one of the few states in India to achieve 100 per cent rural electrification.
Goa has a well-developed social, physical and industrial infrastructure and virtual connectivity. It has an international airport that is in line with its importance as a globally-recognised leisure destination. It also has significant port infrastructure. The state has an established base for the pharmaceuticals industry and an emerging destination for knowledge-based industries such as biotechnology and IT.
According to the Department of Industrial Policy & Promotion (DIPP), FDI inflows into the state of Goa, during April 2000 to March 2016, totaled to US$ 841 million.
- Union ministry of home affairs (MHA) has identified five islands in Goa, namely St George Island, Grande Island, Pequeno Island, Conco Island and Bhindo Island to carry out holistic development.
- Goa government has approved the Rs 981 crore (US$ 144.1 million) proposal for Panaji Smart City which will have a major focus on eco-mobility, public transport system and improvement of conservation zones.
- For the development of ‘Ease of doing business’ and ‘investor friendly ecosystem’ initiatives in the state, the state government has proposed to establish an EMS (Electronic Monitoring System) that will track the progress of all IPB granted single window clearances, as per state budget 2016-17.
- The Government of India has granted the approval to the state government for constructing the Electronics Manufacturing Cluster in Tuem by providing a central assistance of US$ 7.63 million.
- As of 2015-16, the number of passengers who arrived in the state on the basis of e-tourist visas was recorded to be 80,928. Moreover, the state recorded a total of 541,480 foreign tourists from over 141 countries across the globe.
- During 2015-16, the state government created a separate District Mineral Foundation under the MMDR Act, 1957, as per which the state’s mining firms need to deposit an additional amount of 30 per cent of the royalty paid to this fund.
- Export of pharmaceuticals products from Goa was recorded to be 5,076 metric tonnes during 2015-16.
- During 2015-16, production of fish in Goa was recorded to be 115.09 thousand tonnes. Moreover, in order to boost ornamental fish farming in the state, a model ornamental fish farm is expected to be set up during 2016-17 by the Department of Fisheries.