Industrial Development & Economic Growth in Goa

Latest update: August, 2018

Economic Snapshot
Per capita Income

 

August, 2018

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

The Gross State Domestic Product of Goa at current prices increased at a Compound Annual Growth Rate (CAGR) of 8.78 per cent between during 2011-12 and 2016-17 Goa’s net state domestic product (NSDP) was Rs. 587.71 billion (US$ 8.78 billion) in 2016-17.

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. As of July 2018, Goa had a total installed power generation capacity of 549.41 MW.

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 2017, Goa witnessed arrivals of 6,895,234 domestic tourists and 890,459 foreign tourists.

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. Cumulative FDI received by Goa between April 2000 and June 2018 reached US$ 970 million.

The coast is full of creeks and estuaries formed by rivers; 144.28 thousand tonnes of marine fish and 5.33 thousand tonnes of inland fish were harvested in 2017.

The following are some of the major initiatives taken by the government to promote Goa as an investment destination:

  • As of July 2018, Goa had seven formally approved and three notified Special Economic Zones (SEZs).
  • The state is in the process of developing the logistics sector by forming a special logistics group and constructing several bridges to address the existing deficiency with regard to logistics and warehousing. The multi-modal logistics park in Balli will be fully operational by October 2018.
  • The state Government has been proactive in encouraging public-private partnerships for promoting tourism by instituting a corpus fund.
  • The state Government is also working on a new tourism policy with a vision of overall tourism development and to engage with private players to invest and develop infrastructure in the state.
  • A new export policy for the state is also being prepared in order to promote exports for manufactured goods and surplus agriculture produce.
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