Introduction
Goa is located on the west coast of India. The state shares its borders with 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) was Rs. 914.17 billion (US$ 11.09 billion) in 2022-23. The GSDP (in Rs.) increased at a CAGR of 6.41% between 2016-17 and 2022-23.
As of August 2022, Goa had a total installed power generation capacity of 614.73 MW, of which thermal power plants accounted for a significant share in the total installed capacity with 559.94 MW, whereas nuclear and renewable energy contributed 26 MW and 28.79 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.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019-June 2022, FDI inflow in Goa stood at US$ 118.98 million.
Recent Developments in Key Sectors:
- In October 2022, the Government of Goa signed a MoU with four startups - Navgurukul Foundation for Social Welfare (Haryana), Newton School (Bengaluru), Beunlu Pvt Ltd (Haryana), and ENTRI (Kerala). The goal is to provide at least 1,000 young people from the state with skills and employment assistance.
- In September 2022, Chief Minister Mr. Pramod Sawant launched “MANDAVI” (Mentoring and Nurturing Digital and Virtual Initiatives). He stated that the Mandavi Channel would offer students the chance to continue their education and finish their courses online if they are unable to complete direct courses.
- According to Industries Minister Mr. Mauvin Godinho, Goa anticipates at least Rs. 5,000 crore (US$ 606.85 million) in investments from the Invest Goa 22 Summit, along with the creation of 14,000 jobs.
- Merchandise exports from the state in FY22 stood at US$ 2.43 billion, and in FY23 (till August 2022) stood at US$ 0.99 billion.
- As of July 2022, Goa has seven formally approved and three notified special economic zones (SEZs). However, there are no operational SEZs in the state and no in-principle approved SEZ.
- The Mormugao port handled 8,242 thousand tonnes of cargo traffic in FY23 (April-September 2022).
- Under the Credit Linked Subsidy Scheme vertical of PMAY-U, one demonstration housing project of Rs. 5.54 crores (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.
- In July 2021, The Department for Promotion of Industry and Internal Trade (DPIIT) selected Forum for Innovation Incubation Research & Entrepreneurship (FiiRE), a Goa-based start-up, to provide funding under the ‘Start-up India Seed Fund’ scheme to accelerate innovation in the state’s start-up ecosystem.
- In July 2021, the state government announced its plan to outsource e-government projects to local IT firms to boost the IT sector in Goa.
- In June 2021, the state government of Goa and Kerala collaborated with Convergence Energy Services Limited (CESL) to procure >30,000 two and three-wheelers electric vehicles (EVs) and accelerate adoption of EVs in the country.
- In July 2021, Goa issued the draft ‘Goa Electric Mobility Promotion Policy, 2021’, proposing all two-wheelers to switch to electric by 2025. The state plans to provide subsidies on 11,000 EVs for the next five years (until 2025).
- In May 2021, Goa Chief Minister Mr. Pramod Sawant launched a solar-based electrification programme for rural households in the state. This project will bring electricity through renewable energy to areas in Goa where grid connectivity is not feasible.
- On February 7, 2021, Union Fisheries Minister Mr. Giriraj Singh announced an investment of Rs. 400 crore (US$ 55.30 million) in Goa. These funds will be used to improve the fishing infrastructure of the state
- A second greenfield international airport is being developed in Mopa, Goa with an annual capacity to handle 30 million passengers by phase IV.
- A new export policy for the state is also being prepared to promote exports for manufactured goods and surplus agriculture produce.
- 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.
FACTFILE
Capital
PanajiGeographical Area (sq km)
3,702State Language
Konkani, Marathi, Portuguese, Hindi and EnglishLiteracy Rate
88.7 per centKey Industries:
Tourism
Food processing
IT and ITeS
Biotechnology
Pharmaceuticals
Fishing
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