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Industrial Development & Economic Growth in Goa

August, 2014

Apart from having an established iron ore mining industry, 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.

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; the Goa Tourism Development Corporation (GTDC) is responsible for promoting tourism in the state.

As of December 2013, the state had 7,793 micro, small and medium enterprises (MSMEs) and 191 large scale industries.

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

  • The Goa Industrial Policy 2003 has revamped the single-window clearance mechanism in the state.
  • The government has set an ambitious target of creating 50,000 jobs in the next five years, facilitating a new investment of US$ 4.2 billion in the state.
  • The Government of Goa has started the Goa Investment Policy 2013, which laid a special thrust on development of Special Investment Regions and aims to kick start investment in Goan economy.
  • 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.

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