Economy of Goa

Main economic activities of Goa include agriculture, tourism and mining. Though most people may assume that most of the state's income comes only from tourism; the fact is that Goa gets revenue from all sources including fisheries, exports of iron, manufacturing industries and tourism of course. The state is highly dependent on foreign exchange, which has helped fuel the growth of resorts, helped in state beautification, hotels and other businesses related to tourism. Another important source of revenue comes from the export of manganese and iron ore. The GDP per capita in the state is two and a half times more than that of the country alone. Most of it of course, comes from foreign remittance. Paddy is the principal crop of Goa along with other important crops, such as, coconut, cashew-nut, arecanut, mango, jackfruit, ragi, maize, jowar, bajra and pulses. . Mining is also an important constituent of the Goan economy.

Agriculture
Goa has a perennial problem of finding suitable land for the cultivation of crops. Because of the state's proximity to the sea, and the Western Ghats, there is shortage of land space as well as a salinity problem. Goa has a high dependency on its neighboring states, Karnataka and Maharashtra for day to day vegetable produce. One third of the total land mass is covered under forest. The government has been taking initiatives for the betterment of agricultural practices. Rice and fish are the staple diets of Goans, and Paddy is the principal crop grown. Jowar, maize, ragi and other pulses are other important crops of the state. Apart from grains, cash crops such as areca nut, sugar cane, mangoes, pineapple and cashew nut are cultivated. Cashew nut is an important crop, as it is the main ingredient of the popular intoxicating drink, "Feni", which is brewed locally. There are a variety of mangoes and jackfruits grown in the state, which are then sent to the other states in India. Paddy is grown in two seasons; Monsoon (kharif) and winter (Rabi).

Forests are a significant part of Goa's landscape, and the important forest products cultivated are bamboo, chillar barks, Maratha barks and Bhirand.

Information Technology
There are 16 planned SEZ's in the state and Goa is finally not lagging behind in terms of IT growth. It is slow, but the change is evident in the region. The government has been planning to strengthen this sector with the help of IT governance and policies. The first Software technology park (STP) complex is coming up in Goa at a place called "Verna", 12 kilometers from the airport.

Industry
Besides the upcoming IT industry, there are various other small and medium scale industries that help in the overall growth of the state. Fisheries, mining, tourism and small manufacturing industries play a pivotal role in defining the state's success. The coastline of Goa stretches out to 100-105 kilometers. The plethora of water bodies around the state, enable the Goans to indulge in a lot of sea food and marine life. Apart from being the staple food, it provides employment to a substantial number of people. Mining has retained its importance as a crucial industry in Goa. It formed the backbone of the economy and iron, bauxite and manganese are still exported to various parts of the country even today.

Tourism is literally the "bread and butter" of the economy. Goa has been labeled the 'hot spot' by the teenagers and young adults alike. Perhaps it is one of the few places that have used its natural assets as an advantage. The pristine waters, picturesque architecture, surreal looking villages, perfect tropical climate, and a warm buzz all year round have been the sole magnets that attract people year round. It is interesting to know that the number of tourists equal the actual population of the state, and at certain times, the number of tourists surpass the number of locals. As a direct result of all the tourism, hotels, resorts and the hospitality industry thrive in the state through the year.

Mineral wealth
Goa is a mineral rich state, with an abundance of iron, magnesium, bauxite and manganese. Mining in Goa is synonymous with the mining of iron ore. The territory is gifted also with basalt, laterite stones, rubbles, river sands and murram that are used for constructions and buildings. The exports of iron ore began right at the turn of the 20th century. Now Goa, exports iron ore to prime locations all around the globe such as China, Taiwan, South Korea and eastern European countries. South of Goa is filled with Bauxite mines with expected reserves of 70 million tons. These mines have a close proximity to sea ports. Before tourism became the major revenue source in the state, iron and manganese reserves and mining were the prime generators of income and sustenance.

The 'Rome of the East' is now becoming the number one tourist destination in India, and is now on the brink of Information technology advancement. There is much that contributes to the overwhelming success of the state. Goa is a place that has a competitive advantage over the others in terms of natural assets, growth, GDP, and foreign exchange. This will continue to grow as the state is continually developing and has already made a mark in terms of being the 'new age of India'.