Goa: An Investment Destination
Goa is one of the smallest states in the country but is a state rich in culture, heritage, rich in the flora and fauna, with lovely beaches, its serene atmosphere and well-developed infrastructure, roadways, railways, airport, seaport, etc and in every sense an ideal place for investment. High socio-economic indicators, skilled talent, modern infrastructure and connectivity make Goa a destination for investment. Apart from having an established iron ore mining industry, Goa is also emerging 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.
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; the Goa Tourism Development Corporation (GTDC) is responsible for promoting tourism in the state.
As of date, the state has over 8000 micro, small and medium enterprises (MSMEs) and 191 large-scale industries. To capitalize on the strategic location of the State it is pertinent to set up a Logistics Hub, to facilitate freight movement.
The State is in the process of partnering up with the private sector and the Central Government to enhance the infrastructure in the State for Exports. The State has enormous potential when it comes to the Health and Wellness sector, and hence, the State plans on undertaking a strategically mapped out development of the State as a Healthcare Hub.
The following are some of the major initiatives taken by the government to promote Goa as an investment destination:
- The Goa Industrial Policy 2003 has revamped the single-window clearance mechanism in the state.
- The government has set an ambitious target of creating 50,000 jobs in the next five years, facilitating a new investment of US$ 4.2 billion in the state.
- The Government of Goa has started the Goa Investment Policy 2013, which laid a special thrust on the development of Special Investment Regions and aims to kick start investment in Goan economy.
- 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.
- IT enabled time bound approval process through a single window system.
- The Govt offers Seven different incentives under the Goa Umbrella scheme for setting up manufacturing unit in the state, availability of GIS mapped land bank in the industrial estates and a single window system for projects worth INR 50 million.
What Makes Goa an Attractive Destination for Industry?
- Robust economy – Strong Growth Rate in Healthcare Sector and Strong Domestic Market
- Goa being strategically located, with close proximity to Maharashtra and Karnataka. It is often referred to as the gateway to Europe and has tremendous potential for upcoming Export Hub
- High literacy rate with large English-speaking population
- Cosmopolitan population and good public healthcare system
- Well-developed townships, good internal road connectivity and less pollution make Goa a great place to balance work and personal life.
- Trained and peaceful labour force.
- Competent Transport Network, with Top Healthcare Facilities in the Country, one of the top-ranking cities in Air Quality and Water Quality.
- Well connected to the rest of the country via road, air, rail, port which will be further augmented by MOPA Airport.
- High level of compliance with Law and Order with stable Government along with accessibility to the administration and low interference.
- Adequate level of primary and secondary education institutions.
- Goa has 23 Industrial estates with GPS mapped land banks, with consistent water and electricity supply.