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.

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.

Goa’s Net State Domestic Product (NSDP) was Rs. 735.33 billion (US$ 10.05 billion) in 2020-21.

Goa has a strong presence in fishing, agriculture, 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 the State Budget 2022-23, Rs. 2.5 crore (US$ 0.32 million) has been allocated to the Goa Tourism Board. In 2021, Goa recorded arrival of 3,308,089 domestic tourists and 22,128 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$ 112.55 million in FY22 (until February 2022). The Mormugao port handled 8,242 thousand tonnes of cargo traffic in FY23 (April-September 2022).

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. 106.15 thousand tonnes of marine fish were harvested in 2020-21. In 2021-22, exports of marine products from Goa stood at US$ 72.34 million.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019-March 2023, FDI inflow in Goa stood at US$ 130.11 million.

In 2022-23, Goa recorded over US$ 2.40 billion worth of exports. 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.

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

• In October 2022, the draft of Goa Industrial Growth and Investment Promotion, 2022 was introduced by government. It plans to create 30,000 jobs and attract US$ 2.44 billion (Rs. 20,000 crore) in investment over the next 5 years. The initiative also aims to "ground" 100 new IT and ITeS enterprises in Goa over the next five years.
• In September 2022, the Goa Tourism Department introduced a Draft Jetty Policy 2022 to strike a balance between tourists' and jetty owners' interests in Goa.
• As per the State Budget 2023-23, Rs. 644 crore (US$ 78.4 crore) has been allocated towards urban development.
• As per the State Budget 2022-23:
  • 55 crore (US$ 7.09 million) has been allocated for setting up of the Electronics Manufacturing Cluster at Tuem which is expected to be completed in September 2022. This will generate employment for 2,000 people over a period of 5 years.
  • 10 crore (US$ 1.29 million) has been allocated to implement the “StartUp Policy”.
  • 576.49 crore (US$ 74.34 million) has been allocated for Urban Development.
  • The funds allocated will be used to carry out developmental activities in ULBs and implementation of Swachh Bharat Mission, Smart City Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), E-Governance in all ULBs, National Urban Livelihood Mission, Integrated Development of Major Towns, Solid Waste Management, etc.
  • 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.
  • 2 crore (US$ 0.26 million) has been allocated under the ‘Tourist Guide Certification Scheme” which is expected to increase the base of tourist guides to around 1,000 guides over the next two years.
  • Chief Minister of Goa, Mr. Pramod Sawant, in association with BLADE, launched three helicopter services in Goa to in May 2022. This will give a boost to the tourism sector.