Goa is the most urbanized state in India with 62.17% urban population It is also among the top three states with highest Per Capita Net State Domestic Product in India.
Goa is located on the west coast 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's economic growth is driven by the strong performance of its industrial sectors such as fishing, agriculture, tourism, and pharmaceuticals.
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%.
As of September 2023, Goa had a total installed power generation capacity of 633.55 MW, of which thermal power plants accounted for a significant share in the total installed capacity with 559.96 MW, whereas nuclear and renewable energy contributed 33.84 MW and 39.75 MW, respectively. Goa is one of the few states in India to achieve 100% 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.
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.
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.