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Industrial Development & Economic Growth in Goa

March, 2018

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.

The Gross State Domestic Product of Goa at current prices increased at a compound annual growth rate (CAGR) of 7.6 per cent between during FY 12-17. Goa’s net state domestic product (NSDP) was US$ 8.55 billion in 2016-17. As of January 2018, Goa had a total installed power generation capacity of 548.08 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. During 2016, the footfall of foreign tourists in the state reached 680,683.

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.

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

  • As of December 2017, Goa had seven formally approved and three notified Special Economic Zones (SEZs).
  • 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 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.

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