Goa is the most urbanized state in India with 62.17% urban population It is also among the top three states with highest Per Capita Net State Domestic Product in India.
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:
The 49th International Film Festival of India (IFFI) 2018 will be held in Goa from 20th to 28th November, 2018. 49th edition of the festival will showcase 212 films from over 68 countries which reflects diversity of taste. International Competition section has 15 films out of which 3 are Indian. Competition section itself represents films produced and co-produced by 22 countries.
Panaji: The Government of India's Export Inspection Agency (EIA) and Quality Council of India (QCI) are planning to set up a world-class laboratory in Goa to test the food quality, according to Mr Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation, Government of India.