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Industrial Development & Economic Growth in Goa

Last updated on Mar, 9 2021

Economic Snapshot
Economic Snapshot

 


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 kms. The coast is full of creeks and estuaries formed by rivers.

Gross State Domestic Product (GSDP) of Goa at current prices increased at a Compound Annual Growth Rate (CAGR) of 10.88% between 2015-16 and 2019-21. Goa’s Net State Domestic Product (NSDP) was Rs. 660.60 billion (US$ 9.45 billion) in 2018-19.

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. In 2019, the state witnessed arrivals of 7,127,287 domestic tourists and 937,113 foreign tourists.

Goa currently has a total of 38 operational mining leases with a reported production of 9.84 million tonnes in 2018-19. Exports of iron ore from the state reached US$ 130.26 million in FY21 (as of November 2020). Mormugoa Port (Goa) handled 3.27 million tonnes (MT) of the total iron ore traffic between April 2020 and November 2020.

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.

Goa has a coastline of ~104 kms and inland waterways of ~250 kms. The coast is full of creeks and estuaries formed by rivers. 125.6 thousand tonnes of marine fish were harvested in 2019. Exports of marine products from Goa stood at US$ 53.64 million between 2019 and 2020; and were at US$ 23.22 million in April-November 2020.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), Foreign Direct Investment (FDI) inflow in Goa stood at US$ 77.97 million between October 2019 and September 2020.

Merchandise exports from the state reached US$ 2.00 billion in FY20 and US$ 1.40 billion between April and November 2020.

In 2019, 13 Industrial Entrepreneurs Memorandums (IEMs) have been filed in Goa with a proposed investment of Rs. 589 crore (US$ 84.28 million).

Following are some of the major initiatives taken by the Government to promote Goa as an investment destination:

  • As per the State Transport Authority, Government of Goa has granted approval for operations of Goa Miles app-based taxi service in accordance with the Guidelines for App Taxi operators in the State.
  • To accommodate new investments in coastal state, Goa government has amended a law to open more space in its industrial estates.
  • As of February 2020, Goa had seven formally approved and three notified special economic zones (SEZs). However, there are no operational SEZs and no in-principle approved SEZ in the state.
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