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 on the west coast of India. The state shares its borders with the 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) (budget estimate) is expected to stand at Rs. 1,00,002.25 crore (US$ 12 billion) in 2023-24. 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. In 2021-22, the secondary sector accounted for 52.06% of the Gross State Value Added (GSVA) at current prices, followed by the tertiary sector at 40.10% and the primary sector at 7.84%.
As of September 2023, Goa had a total installed power generation capacity of 633.55 MW, of which thermal power plants accounted for a significant share in the total installed capacity with 559.96 MW, whereas nuclear and renewable energy contributed 33.84 MW and 39.75 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.
Merchandise exports from the state in FY23 stood at US$ 2.45 billion, and in FY24 (till July 2023) stood at US$ 0.79 billion. Drug formulations and biologicals were the most exported items, with a 50% share in FY23 (until July 2023). Iron and steel, organic chemicals, marine products and agrochemicals were the other key export commodities from Goa.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), Foreign Direct Investment (FDI) inflow in the state stood at US$ 135.22 million between October 2019-June 2023.
Recent Developments in Key Sectors:
In November 2023, the elevated road (Patradevi to Bambolim, the Porvorim stretch) is expected to be 5.2 km long and is expected to resolve the traffic blockage along this section of the NH-66 leading to Panaji and improve access to the Mopa airport. Once complete, the project will allow vehicles to drive at 80-100 kmph as against the current 40-60 kmph.
In October 2023, 110 teachers from 39 disciplines from higher education institutes got training in digital education.
In September 2023, Goa Shipyard Ltd (GSL) and Mormugao Port Authority (MPA) are in talks to ink the MoU for the redevelopment of berth no. 9 during the Global Maritime India Summit in Mumbai.
In FY24 (till September 2023), Goa airport handled 3.42 million passengers and movement of 22,370 aircraft.
In FY24 (till September 2023), Goa airport handled 2,787 MT of freight.
In March 2023, to improve the 4G mobile network in the state, the cabinet decided to provide 2,000 sq. feet of space on government land for BSNL. The state government has received a request from BSNL for granting free Right of Way (ROW) permission to lay optical fibre cables (OFC) in planned locations as well as a no-objection certificate (NOC) for towers in 70 locations under the 4G saturation project.
Goa Chief Minister Mr. Pramod Sawant announced that the state government has set a goal to ensure 100% renewable energy usage across all sectors by 2050. The government has committed to produce 150 MW of green energy over the next two years, with 100 MW solar power facilities being built around Goa.
The 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) was held in Goa in July 2023.
The Ministry of Tourism hosted the fourth G20 Tourism Working Group meeting and Tourism Ministerial Meeting in Goa in June 2023.
On June 3rd, 2023, Prime Minister Mr. Narendra Modi flagged Goa’s first Vande Bharat Express from Madgaon railway station.
In March 2023, the Goa government announced the building of a cancer institute in the state. The minister met officials from Mumbai-based Tata Memorial Hospital in Panaji to discuss ways to set up a facility to treat cancer patients in the state.
Goa becomes the country's first 'Har Ghar Jal' certified state. All 2.63 lakh rural households of Goa now have access to drinkable water via a tap connection.
In December 2022, the Prime Minister inaugurated the Mopa International Airport, Goa. It is developed at a cost of around Rs. 2,870 crore (US$ 350.36 million).
Union Minister Mr. Nitin Gadkari announced that the work on the Mumbai-Goa highway will be completed by December 2023.
In November, 2022, the Indian Coast Guard laid the keel for two Coast Guard Pollution Control Vessels, GSL Yard 1267 & 1268, at the Goa Shipyard. The two Pollution Control Vessels were designed and constructed in-house by the Goa Shipyard and are scheduled to be delivered in February and August 2025, respectively.
In October 2022, the Government of Goa signed a MoU with four startups - Navgurukul Foundation for Social Welfare (Haryana), Newton School (Bengaluru), Beunlu Pvt Ltd (Haryana), and ENTRI (Kerala). The goal is to provide at least 1,000 young people from the state with skills and employment assistance.
In September 2022, Chief Minister Mr. Pramod Sawant launched “MANDAVI” (Mentoring and Nurturing Digital and Virtual Initiatives). He stated that the Mandavi Channel would offer students the chance to continue their education and finish their courses online if they are unable to complete direct courses.
According to Industries Minister Mr. Mauvin Godinho, Goa anticipates at least Rs. 5,000 crore (US$ 606.85 million) in investments from the Invest Goa 22 Summit, along with the creation of 14,000 jobs.
As of July 2022, Goa has 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.
Under the Credit Linked Subsidy Scheme vertical of PMAY-U, one demonstration housing project of Rs. 5.54 crore (US$ 0.71 million) has been approved by the Government of India which will accommodate 51 homeless persons. This project will come up in Chimbel on the land provided by Provedoria.
In July 2021, The Department for Promotion of Industry and Internal Trade (DPIIT) selected Forum for Innovation Incubation Research & Entrepreneurship (FiiRE), a Goa-based start-up, to provide funding under the ‘Start-up India Seed Fund’ scheme to accelerate innovation in the state’s start-up ecosystem.
In July 2021, the state government announced its plan to outsource e-government projects to local IT firms to boost the IT sector in Goa.
In June 2021, the state governments of Goa and Kerala collaborated with Convergence Energy Services Limited (CESL) to procure >30,000 two and three-wheeler electric vehicles (EVs) and accelerate the adoption of EVs in the country.
In July 2021, Goa issued the draft ‘Goa Electric Mobility Promotion Policy, 2021’, proposing all two-wheelers to switch to electric by 2025. The state plans to provide subsidies for 11,000 EVs for the next five years (until 2025).
In May 2021, Goa Chief Minister Mr. Pramod Sawant launched a solar-based electrification program 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.
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 of manufactured goods and surplus agricultural produce.
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.