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Industrial Development & Economic Growth in Goa

Latest update: June, 2020

Economic Snapshot
Economic Snapshot

 

June, 2020

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 11.83 per cent between 2015-16 and 2019-20. Goa’s Net State Domestic Product (NSDP) was Rs 706.83 billion (US$ 10.11 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. During 2018, Goa witnessed arrivals of 7,081,559 domestic tourists and 933,841 foreign tourists. 4.20 million tourists visited the state until August 2019.

Goa currently has a total of 38 operational mining leases with a reported production of 6.08 million tonnes in 2018-19. Export of iron ore from the state reached US$ 32.19 million in FY20 (till February 2020). Total iron ore traffic handled at Mormugoa Port, Goa was 1.71 million tonnes (MT) in FY20.

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 about 104 kms and inland waterways of about 250 kms. The coast is full of creeks and estuaries formed by rivers. 72.09 thousand tonnes of marine fish were harvested in 2019. Export of marine products from Goa reached US$ 81.68 million during 2018-19 and US$ 44.27 million during April-December 2019.

According to Department for Promotion of Industry and Internal Trade (DPIIT), Foreign Direct Investment (FDI) inflow in Goa stood at US$ 1,053 million during April 2000 and March 2020.

Merchandise export from the state reached US$ 2.06 billion in FY19 and reached US$ 1.54 billion during April-December 2019.

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).
Goa State Presentation

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