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Goa - Economy

At current prices, Goas 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.

he total cultivated area in Goa is 160320 hectares while the total production was 108333 tons. A total of 30,632 hectares area was cultivated under paddy during last kharif season. It is proposed to take up soil testing and soil mapping of Queperm and Sattari to know the soil fertility. Budgetary provision of Agricultural Development was enhanced from Rs.17 crores four years ago to Rs.70 crores. Several schemes have also been launched by the Government through Directorate of Agriculture to promote farming and attract youth towards this activity. Farmers can avail the benefit of up to 90 per cent on solar power battery fencing scheme.

A subsidy of up to 90 per cent is also provided for construction of polyhouses and green houses. Similar subsidies are provided for drip irrigation and for construction if Biogas plants. In order to enhance the yield of sugarcane it is proposed to provide 90 per cent subsidy on Drip Irrigation.

The Government has also taken steps to recognize the contribution from Biogas to contribution of progressive farmers to the State economy by awarding them three State level awards of Rs.2 lakh, Rs.1 lakh and Rs.50 thousand in the name of Krishi Ratna, Krishi Vihushan and Krishi Bhushan respectively. This initiative will undoubtedly encourage the farmers to adopt modern agriculture techniques and boost production in Goa. The government has spent an amount to the tune of Rs.12.5 crores on extending subsidy to several farmers.

Tillari Irrigation Project, an ambitious joint venture project under major and medium irrigation aimed at creating an irrigation potential of 21,056 hectares and 117.03 MCM of water for domestic and industrial use is expected to be completed in the financial year 2011-12. For better and efficient utilization of the potential so created, apart from the irrigation purpose it is proposed to supply to PWD.

The Water Resources Department apart from supplying raw water for irrigation has also augmented with 25 MLD raw water from Chapora river at Sal and 10 MLD from Amthane tank. A total 6 Bandharas (small dams) have been built across Assonora river to augment raw water supply during the lean season. Opa Water Works has been augmented with a 50 MLD raw water fed from SIP canal to Kalay river. 35 MLD raw water is fed from Medei river at Gunjem to Khandepur river. A total 19 Bandharas have been built across Kalay and the Khandepar river to augment raw water during lean season.

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. Exports of iron ore from the state reached US$ 54.11 million in 2018-19. As of November, 2019, Goa had a total installed power generation capacity of 573.96 MW.

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 2017, Goa witnessed arrivals of 6,895,234 domestic tourists and 890,459 foreign tourists. Up to December 2018, 8.01 million tourists had visited the state.

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 during 2018-19.

Cumulative FDI received by Goa between April 2000 and June 2019 reached US$ 983 million. In 2019 (up to October), 13 Industrial Entrepreneurs Memorandums (IEMs) have been filed in Goa with a proposed investment of Rs 589 crore (US$ 84.28 million).

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Page last modified: 24-10-2021 15:29:47 ZULU