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Industrial Development & Economic Growth in Goa

Latest update: March, 2020

Economic Snapshot
Economic Snapshot

 

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

At current prices, Goa’s Gross State Domestic Product (GSDP) was Rs 848.89 billion (US$ 12.15 billion) in 2019-20. The GSDP (in Rs) increased at a Compound Annual Growth Rate (CAGR) of 9.08 per cent between 2011-12 and 2019-20.

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. Merchandise exports from the state reached US$ 2.10 billion in 2017-18 and US$ 2.06 billion in FY19 and reached US$ 1.54 billion during April-December 2019.

Exports of iron ore from the state reached US$ 54.11 million in 2018-19.

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 7081,559 domestic tourists and 933,841 foreign tourists, 4.20 million tourists have visited the state up to August 2019.

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.

The coast is full of creeks and estuaries formed by rivers; 89.27 thousand tonnes of marine fish and 4.12 thousand tonnes of inland fish were harvested in up to October 2018. Exports of marine products from Goa reached US$ 81.68 million between 2018-19 and US$ 44.27 million during April-December 2019.

According to the Department of Industrial Policy & Promotion (DPIIT), FDI inflow into the state of Goa, between April 2000 and December 2019 was US$ 1,042 million.

In 2019, 13 Industrial Entrepreneurs Memorandums (IEMs) have been filed in Goa with a proposed investment of Rs 589 crore (US$ 84.28 million).

The 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 November 2019, 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 has been made fully operational.
  • 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.
  • A new IT policy has also been started to develop infrastructure , employment and investment opportunities  to promote IT sector in Goa.

Note: * upto December 2018

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