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Economy of
Goa
Goa's
gross state domestic product for 2004 is estimated at $3 billion in
current prices. Goa is India's richest state with a GDP per capita
two and a half times that of the country as a whole, and one of its
fastest growth rates: 8.23% (yearly average 1990–2000).
Tourism is Goa's primary industry: it handles 12% of all foreign
tourist arrivals in India. Goa has two main tourist seasons: winter
and summer. In the winter time, tourists from abroad (mainly Europe)
come to Goa to enjoy the splendid climate. In the summertime (which,
in Goa, is the rainy season), tourists from across India come to
spend the holidays. Tourism is generally focused on the coastal
areas of Goa, with decreased tourist activity inland. In 2004 there
were more than 2 million tourists reported to have visited Goa,
400,000 of which were from abroad.
The land away from the coast is rich in minerals and ores and mining
forms the second largest industry. Mining in Goa focuses on ores of
iron, Bauxite, manganese, clays, limestone and silica. The Marmagao
Port handled 31.69 million tonnes of cargo last year, and accounts
for over 39% of India's Iron Ore exports.
Agriculture, while of shrinking importance to the economy over the
past four decades, offers part-time employment to a sizable portion
of the populace. Rice is the main agricultural crop, followed by
areca, cashew and coconut. The fishing industry provides employment
for about forty thousand people, though recent official figures
indicate a decline of the importance of this sector and also a fall
in catch, perhaps coupled with the fact that traditional fishing has
given way to large-scale mechanised trawling. Medium scale
industries include the manufacturing of pesticides, fertilisers,
tyres, tubes, footwear, chemicals, pharmaceuticals, wheat products,
steel rolling, fruits and fish canning, cashew nuts, textiles,
brewery products. Goa is also notable for its low liquor prices due
to its very low excise duty on alcohol. Another source of cash
inflow into the state comes from many of its citizens who work
abroad and remit money to their families. Zuari Industries (2005
gross income Rs.36,302 million) and Sesa Goa (2005 gross income
Rs.17,265 million) are two S&P CNX 500 conglomerates which have
corporate offices in Goa.[citation needed] The Goa government has
recently decided to not allow any more special economic zones(SEZs)
in Goa. This is in stark contrast to policy followed by other states
of India. SEZs are known to bring tax revenues for the government
and employment option for local citizens since industries flock
there for lower tax rates as compared to other areas. Currently
there are 16 planned SEZs in Goa. This decision was taken by state
government after strong opposition to SEZs by political parties and
Goa catholic church. |
