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Industrial Development & Economic Growth in Goa

Last updated on Aug, 31 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 8.16% between 2015-16 and 2020-21. 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. For 2020-21, the state government has allocated Rs. 12,746 lakh (US$ 17.41 million) to the tourism sector.

In 2020, Goa witnessed arrivals of 876,358 domestic tourists and 282,022 foreign tourists. This was much lesser than the previous year due to COVID-19 restrictions.

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$ 184.54 million in FY21. Mormugoa Port (Goa) handled 1.19 million tonnes (MT) of the total iron ore traffic in April 2021.

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. In 2019-20, exports of marine products from Goa stood at Rs. 288.5 crore (US$ 39.70 million).

According to the Department for Promotion of Industry and Internal Trade (DPIIT), between October 2019 and March 2021, FDI inflows in Goa stood at US$ 80.77 million.

Merchandise exports from the state reached US$ 2.30 billion between April 2020 and March 2021.

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:

  • To accommodate new investments in coastal state, Goa government has amended a law to open more space in its industrial estates.
  • As of October 2020, Goa had seven formally approved and three notified special economic zones (SEZs). However, there are no operational SEZs in the state and no in-principle approved SEZ.
Goa State Presentation

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