INTRODUCTION
Goa is located on the west coast of India. The state shares its borders with Arabian Sea to the west, Maharashtra to the north, and Karnataka to the south and the east. It is traditionally known as a tourist paradise for its natural scenery, unique beaches, and cultural diversity.
Goa’s economic growth is driven by the strong performance of its industrial sectors such as fishing, agriculture, tourism, and pharmaceuticals.
At current prices, Goa’s Gross State Domestic Product (GSDP) was Rs. 815.02 billion (US$ 11.14 billion) in 2020-21. The GSDP (in Rs.) increased at a CAGR of 8.16% between 2015-16 and 2020-21.
As of April 2021, Goa had a total installed power generation capacity of 595.77 MW, of which thermal power plants accounted for a significant share in the total installed capacity with 559.94 MW, whereas nuclear and renewable energy contributed 26 MW and 7.83 MW, respectively. Goa is one of the few states in India to achieve 100% rural electrification.
Goa has a well-developed social, physical, and industrial infrastructure and virtual connectivity. It has an international airport that is in line with its importance as a globally-recognised leisure destination. It also has significant port infrastructure. The state has an established base for the pharmaceuticals industry and an emerging destination for knowledge-based industries such as biotechnology and IT.
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.
Note: 1- Includes Pellets, P- Provisional
KEY SECTORS
- The state is in the process of developing the logistics sector in Goa by forming a special logistics group and constructing several bridges to address the existing deficiencies regarding logistics and warehousing.
- In 2020 (till August 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 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. 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).
- On May 30, 2021, Union Shipping Minister Mr. Mansukh Mandaviya inaugurated the second floating jetty at Old Goa on the occasion of Goa Statehood Day
- In May 2021, Goa Chief Minister Mr. Pramod Sawant launched a solar-based electrification programme for rural households in the state. This project will bring electricity through renewable energy to areas in Goa where grid connectivity is not feasible.
- On February 7, 2021, Union Fisheries Minister Mr. Giriraj Singh announced an investment of Rs. 400 crore (US$ 55.30 million) in Goa. These funds will be used to improve the fishing infrastructure of the state
- 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$ 130.26 million in FY21 (as of November 2020). Mormugoa Port (Goa) handled 3.27 million tonnes (MT) of the total iron ore1 traffic between April 2020 and November 2020.
RECENT DEVELOPMENTS
- A new Goa tourism policy 2020 has been framed Offer a uniquely Goan experience to visitors by presenting a versatile concoction of historic, natural, ethnic, cultural locations and attractions.
- A second greenfield international airport is being developed in Mopa, Goa with an annual capacity to handle 30 million passengers by phase IV.
- A new export policy for the state is also being prepared to promote exports for manufactured goods and surplus agriculture produce.
- Merchandise exports from the state reached US$ 2.30 billion between April 2020 and March 2021.
- 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.
- Union Ministry of Home Affairs (MHA) has identified five islands in Goa, namely St George Island, Grande Island, Pequeno Island, Conco Island and Bhindo Island to carry out holistic development.