The tourism industry in Goa directly contributes 16.43% to the state's GDP and employs ~35% of the state's population.
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) Goa’s Gross State Domestic Product (GSDP) (budget estimate) is expected to stand at Rs. 1,21,309.02 crore (US$ 14.65 billion) in 2024-25 and stand at Rs. 1,00,002.25 crore (US$ 12.87 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 9.17% between 2016-17 and 2024-25.
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 FY25 (April-August), Goa had a total installed power generation capacity of 652.71 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 41.68 MW and 49.07 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 FY24 stood at US$ 2.39 billion, and in FY25 (till August 2024) stood at US$ 0.95 billion. Drugs And Pharmaceuticals were the most exported items, with a 51% share in FY24. Engineering Goods, Organic and Inorganic Chemicals, Electronic Goods and Marine Products 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$ 165.57 million between October 2019-June 2024.