GOA AUGUST 2015 PEARL OF THE ORIENT. For updated information, please visit

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2 Executive Summary. 3 Advantage State... 5 Goa Vision Goa An Introduction.. 7 Annual Budget Infrastructure Status Business Opportunities Doing Business in Goa.. 48 State Acts & Policies

3 EXECUTIVE SUMMARY (1/2) The iron ore production in the state has increased from 22.3 million tonnes in to 150 million tonnes in Export of iron ore witnessed tremendous growth in after the exclusion of the ban on the export of iron ore which was effective from 5th October, 2012 till November Exports increased at an annual growth rate of 1.4 per cent in over During , the Mormugao port handled a traffic of million tonnes, thereby registering a strong growth of 25 per cent which is the highest growth rate on a year to year basis, among all the 12 major ports functioning in India. The port also exceeded the target of million tonnes decided by the Ministry of Shipping. Goa is one of the fastest growing states in the country. Goa s net state domestic product (NSDP) was about US$ 7.24 billion in Goa is traditionally known as a tourist paradise for its natural scenery, beautiful beaches and cultural diversity. In 2014, the state attracted 4.05 million tourists, including 0.51 million foreign visitors. India s major iron ore producer Mormugao Port, reflected remarkable growth Strong economic growth Tourist paradise Source: Economic Survey of Goa, , Mormugao Port Trust Goa, Ministry of Mines, Ministry of Tourism, TechSci Research 3

4 EXECUTIVE SUMMARY (2/2) Strong growth in fisheries sector In 2014, the fisheries sector in Goa recorded the highest production since 2009, at 128,100 tonnes of marine fish catch and 3,700 tonnes of inland fish. Fish exports from the state stood at 68,300 tonnes during Goa is the second state in India to achieve a 100 per cent automatic telephone system with a solid network of telephone exchanges. Goa is also one of the few power surplus states in the country, and achieved 100 per cent rural electrification in The state had a road density of kms per 100 sq km of area, as of Goa had a total of 224 km of national highways, as of May Length of state and district highways is 232 km and 815 km respectively. According to the 2011 census data, Goa has the fourth-highest literacy rate in the country at 88.7 per cent against the national average of 73 per cent. Quality infrastructure Fourth-highest road density in India High literacy rate Source: Economic Survey of Goa Ministry of Road Transport and Highways, Government of India 4

5 ADVANTAGE High economic growth Growing demand Installed power capacity: MW GSDP growth rate was at about per cent between and The state has one of the highest per capita incomes in the country at about US$ 5,512 in Strong presence in mining, tourism and pharmaceuticals Facilitating infrastructure Goa has a well-developed social, physical and industrial infrastructure, and virtual connectivity. It has an international airport that is in line its ambition to be a globally recognised leisure destination. It also has significant port infrastructure F Peak electric load: 815 MW Advantage Goa Abundant reserves of iron ore. Established base for the pharmaceuticals industry and an emerging destination for knowledge-based industries such as biotechnology and IT. High inflow of international tourists driving tourism revenue. Rich labour pool Goa s high rate of literacy has attracted knowledge-based industries such as pharmaceuticals, biotechnology and IT. A large proportion of the population can speak English, which helps boost the state s tourism and ITeS industries. Source: Economic Survey of Goa, , Press Information Bureau GSDP: Gross State Domestic Product 5

6 VISION 2035 Goa plans to emerge as the most well-governed state in India. The state plans to preserve its natural beauty at all costs To ensure vibrant future for the habitats of the state. The foundation of high quality governance should be fairness, accountability and transparency. To conserve Goa s biodiversity, embrace responsible mining, develop tourism sites. Governance Preserve beauty and serenity Vision 2035 Goa s per capita GDP is twice that of India and the state aims to exceed that in the next 25 years. Value chains to success To depend on natural resources and related logistic industries, tourism and related services, healthcare & pharma industry, etc. Knowledge centric In spite of its higher literacy rate, the state plans to move one step ahead. The state plans to be a knowledge-centric destination in the upcoming years. Source: Goa Chamber of Commerce and Industry 6

7 FACT FILE Goa has a tropical climate, with a monsoons lasting from June to September. Due to its long coastline, the weather is hot and humid for the rest of the year. Parameters Goa is located in the western region of India. The state shares its border with the Arabian Sea to the west, Maharashtra to the north and Karnataka to the south and the east. Languages spoken are Konkani, Marathi, Portuguese, Hindi and English. Goa s administrative headquarters are located at Panaji (the state capital) and Margao. The state has two districts: North Goa and South Goa. Goa Capital Panaji Geographical area (sq km) 3,702 Administrative districts (No) 2 Population density (persons per sq km) 364 Total population (million) 1.46 Male population (million) 0.74 Female population (million) 0.72 Sex ratio (females per 1,000 males) 973 Literacy rate (%) 88.7 Source: Census

8 IN FIGURES (1/2) Parameter Goa All states Source Economy GSDP as a percentage of all states GSDP TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa GSDP growth rate (%) TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa Per capita GSDP (US$) 5,512 1, TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa , Central Electricity Authority, as of May 2015 Wireless subscribers (No) 76,863,343^ 973,347,094 Telecom Regulatory Authority of India, April 2015 Broadband subscribers (No) 10,460,000* 100,760,000 Telecom Regulatory Authority of India, April 2015 National Highway length (km) , National Highway Authority of India April-2015 Major and minor ports (No) Physical Infrastructure Installed power capacity (MW) Airports (No) Indian Ports Association 2015 Airports Authority of India ^Including Maharashtra; *As of March

9 IN FIGURES (2/2) Parameter Goa All states Source Literacy rate (%) Census 2011 Birth rate (per 1,000 population) SRS Bulletin September Department of Industrial Policy & Promotion 3.5 2,414.2 CMIE ( ) PPP projects (No) 6 1,409 DEA, Ministry of Finance, Government of India SEZs (No) Notified as of March 2015, Ministry of Commerce & Industry Social Indicators Investment FDI equity inflows (US$ billion) Outstanding investments (US$ billion) Industrial Infrastructure PPP: Public Private Partnership, SEZ: Special Economic Zone 9

10 ECONOMIC SNAPSHOT GSDP At current prices, Goa s gross state domestic product (GSDP) was about US$ 8.23 billion in GSDP of Goa at current prices (in US$ billion) The GSDP increased at a compound annual growth rate (CAGR) of per cent between and CAGR 11.23% Goa s economic growth is driven by the strong performance of industrial sectors such as mining, tourism and pharmaceuticals Source: TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa, Government of Goa 10

11 ECONOMIC SNAPSHOT NSDP Goa s net state domestic product (NSDP) was about US$ 7.24 billion in NSDP of Goa at current prices (in US$ billion) The NSDP grew at a CAGR of per cent between and CAGR 11.44% Source: TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa, Government of Goa 11

12 ECONOMIC SNAPSHOT PER CAPITA GSDP The state s per capita GSDP was US$ 5,512 one of the highest in India, during GSDP per capita of Goa at current prices (in US$) Goa s per capita GSDP increased at a CAGR of per cent between and CAGR 10.75% Source: TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa, Government of Goa 12

13 ECONOMIC SNAPSHOT PER CAPITA NSDP The state s per capita NSDP was US$ 4,449, one of the highest in India, in NSDP per capita of Goa at current prices (in US$) Goa s per capita NSDP increased at a CAGR of per cent between and Certain factors, such as substantial foreign exchange earnings from mining and tourism industries, contributed to the high per capita NSDP in the state. 2,699 1,718 1,919 2,947 4,728 4,849 4,513 CAGR 10.93% 3,683 3,692 3,146 2,102 Source: TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa, Government of Goa 13

14 ECONOMIC SNAPSHOT PERCENTAGE DISTRIBUTION OF GSDP In , the tertiary sector accounted for per cent (US$ 3.81 billion) of GSDP, followed by the secondary sector (41.46 per cent; US$ 3.41 billion) and the primary sector (12.17 per cent; US$ 1.00 billion). GSDP composition by sector CAGR At per cent, the tertiary sector had the highest growth among all three sectors between and It was followed by the primary sector (11.14 per cent), and the secondary sector (10.94 per cent) % 42.54% Growth in the tertiary sector has largely been driven by the tourism industry, which facilitated growth of other related industries such as banking and financial services, real estate, and business services % 11.51% 10.94% 41.46% 11.14% 12.27% 12.17% Primary Sector Secondary Sector Tertiary Sector Source: TechSci Estimates based on Advanced Estimates provided by Directorate of Economics and Statistics Goa, Government of Goa 14

15 ECONOMIC SNAPSHOT AGRICULTURAL PRODUCTION Rice is the major crop in the state followed by coconut, vegetables, sugarcane, banana and cashew nut. Crop Annual production (in tonnes) Over , the paddy production in Goa was 189,760 tonnes. Paddy 189,760 Coconut * Groundnut is the principal field oil seed crop in the state. Vegetables 79,920 Sugarcane 47,669 Banana 26,308 Cashew nut 24,332 Mango 8,944 Groundnuts 6,590 Pulses 8,926 Pineapple 4,900 Coconut production in Goa totalled million nuts during Cashew processing has been a traditional industry in the state. Cashew apple is also used in the production of feni, a local liquor, which has become internationally popular. Cashew nut production reached 24,332 tonnes in Agriculture in Goa comprises cultivation of crops like paddy, cashew, coconut and seasonal vegetables and pulses, and provides livelihood support to nearly 12 per cent of the state s 1.5 million population. Source: Economic Survey of Goa, , Indian Horticulture Database , National Horticulture Board, *Million nuts 15

16 ECONOMIC SNAPSHOT EXPORTS Commodity wise container traffic handled at Mormugao port (tonnage in metric tonnes) Item TEUS Tonnage TEUS Tonnage TEUS Tonnage Frozen fish 3,011 42,737 2,328 32,804 3,064 42,940 Zinc oxide 120 1, , ,476 Pig iron 362 9, ,328 1,228 33,580 Battery plates Coke 73 1, Iron casting 351 5, , Pharmaceutical products 196 2, , ,048 88,558 6, ,453 8,682 Total export Fisheries exports from Goa ,769 7,511 6, ,423 Iron ore exports from Goa ( 000 tonnes) Value (US$ million, LHS) Quantity ('000 tonnes) Source: Ministry of Mines, Mormugao Port Trust Goa 16

17 ECONOMIC SNAPSHOT EXPORT POTENTIAL Commodities exported from Mormugao Port Commodities (in million tonnes) (in million tonnes) Iron ore & iron ore pellets Other ores Total ores Alumina NA 0.02 Steel slabs Hot rolled coils Container cargo Granite Other cargo Wheat 0.04 NA Maize NA NA Sugar Total exports Source: Mormugao Port Trust, Goa; NA Not available 17

18 ECONOMIC SNAPSHOT FDI INFLOWS & INVESTMENTS According to the Department of Industrial Policy & Promotion (DIPP), FDI inflows for Goa totalled US$ 823 million from April 2000 to March FDI equity inflows, to (US$ million) 302 Some of the large projects under construction include the Konkan Railway s Sky Bus metro rail, the Tillari irrigation project and a part of Power Grid Corporation s Western Grid Strengthening Scheme-II. Major projects under the planning stage include Mopa airport, Panaji-Vasco sea link, oceanarium and water augmentation project Source: Department of Industrial Policy & Promotion 18

19 ANNUAL BUDGET (1/2) The total size of the budget for the forthcoming financial year ( ) has increased by percent to US$ 2.2 billion, compared to The Budget proposed following developments in Infrastructure: The bridges connecting Amona and Virdi, Keri and Tiracol and construction of grade separator at Dabolim airport will be completed in at an estimated cost of US$ 24.3 million. Upgradation of Captain of Ports jetty and fisheries jetty in Panaji has been taken up at an estimated cost of US$ 3.85 million. Upgradation of roads from Miramar to Dona Paula and Dona Paula Circle to Bambolim is ongoing and will be completed in this financial year at a cost of US$ 20.4 million. As per the Budget , following plans were announced: Creating 50,000 jobs in the next five years; Facilitating US$ 4.16 billion of new investment into Goa in the next five years; Providing high quality logistics infrastructure to industries; Providing 24*7 high-quality power supply and quality core infrastructure to industries; Using innovative and socially acceptable mechanisms to make land available for industrial development Source: Government of Goa * numbers are converted using exchange rate of INR 60/US$ 19

20 ANNUAL BUDGET (2/2) Annual budget (estimates in US$ million) Departments Budget allocations ( ) Education, craftsmen training and skill development Public works, roads and bridges Water supply Sanitation Power Water resources Mining Agriculture, animal husbandry and fisheries Social welfare, women and child development and tribal welfare Annual budget (estimates in US$ million) Departments Budget allocations ( ) Health, medical, allied sciences & nursing Tourism Panchayats and rural development Urban development and municipalities 1.49 Sports & youth affairs 1.66 Housing 3.32 Transport Information technology 9.12 Total budget 2, Source: State Budget , Government of Goa 20

21 PHYSICAL INFRASTRUCTURE ROADS The state had a road density of km per 100 sq km of area, as of As of March 2015, the upgradation of roads from Miramar to Dona Paula and Dona Paula Circle to Bambolim is under progress. The upgradation is expected to be completed by the end of 2015 with total investment of US$ million. As of May 2015, work on Zuari Bridge and Mumbai-Goa state highway is expected to start by the end of 2015 as announced by State Transport Department, Goa. Goa had a total of 224 km of national highways, as of May Length of state and district highways are 232 km and 815 km. NH-17 runs along India's West Coast and links Goa to Mumbai in the north and Mangalore to the south. NH-4A running across the state connects Panaji to Belgaum (Karnataka) in the east. As of May 2015, the construction of four state highways, ten major district roads and 76 rural roads are under progress. Road type Road length (km) National highways 224 State highways 232 District highways 815 Source: Maps of India, Directorate of Transport PWD: Public Works Department 21

22 PHYSICAL INFRASTRUCTURE RAILWAYS The total railway route in Goa is around 167 km long, comprising two rail tracks: the Konkan Railways line and the South-Western Railways line. These routes connect the state to other parts of the country. The Konkan Railways line runs from the north to the south and the South-Western Railways line runs from the west to the east. The rail tracks cross at the most important junction of the state, the Madgaon railway station; Vasco-da-Gama is the other important railway station. Konkan Railways, which connects Mumbai, Goa and Mangalore, has considerably boosted tourism. The Mormugao port is connected through a broad gauge line. The Government has pulled off a new double-decker luxury train service on Konkan Railways route that commutes tourists from Mumbai to Goa. In 2015, the Konkan Railway Corporation (KRC) will be constructing three new railway stations, at Sarzora in South Goa and Neura and Mayem in North Goa, in addition to its existing nine stations. Source: Maps of India 22

23 PHYSICAL INFRASTRUCTURE AIRPORTS Goa has one airport at Dabolim, which functions as a domestic as well as an international airport. The state is connected to most Indian cities by air. The state ranks among the top 10 in all-india air traffic, most of which is tourism related. The state has good connectivity in terms of international flights, including chartered flights from European countries. The Goa airport received 95,672* passengers and handled 488 flights during The state has introduced a new terminal in February 2014 at Dabolim. The Goa government is planning to construct a new greenfield international airport at Mopa, in the Pernem taluka, on a BOOT basis. A global tender for the construction of the new airport at Mopa would be floated by the end of July Around 16 infrastructure development companies from various nations have shown interest in construction of the airport. The state has acquired 7.4 million sq metres of land for the airport, which is expected to have a tourist capacity of eight million. As of 2014, 287,725 square meter of Government land has also been transferred for the project in Amberem village. Source: Airports Authority of India, Department of Tourism, Government of Goa Economic Survey of Goa, *As of January

24 PHYSICAL INFRASTRUCTURE PORTS Goa has 255 km of rivers and canals, providing an economical mode for goods transport. The River Navigation Department was established to provide safe, dependable and affordable transport facilities on different ferry routes of Goa s inland waters. The Mormugao harbour, a multi-purpose general cargo berth situated in the port town of Vasco-da-Gama, handles local and international maritime cargo traffic. During the Mormugao port handled a traffic of million tonnes thereby registering a strong growth of 25 per cent which is the highest growth rate on a year to year basis, among all the 12 major ports functioning in India. The port has also exceeded the target of million tonnes that was set by the Ministry of Shipping. Ports Major ports Minor ports Mormugao Panaji Chapora Betul Talpona Tiracol Source: Ministry of Shipping, Government of India, Indian Ports Association, Mormugao Port Trust In January 2015, the Mormugao Port Trust (MPT) announced plans to award nine major projects, including capacity augmentation schemes with an investment of US$ million. Export of liquor from the Mormugao port has increased from 5,860 metric tonnes in to 14,342 metric tonnes in For the same period, the export of glass fibre has increased from 1,929 metric tonnes in to 2,998 metric tonnes in

25 PHYSICAL INFRASTRUCTURE POWER As of June 2015, Goa had a total installed power generation capacity of MW. The state had per capita power consumption of 2,076 kwh over The government is in the process of framing congenial regulatory policies to encourage participants to generate power from renewable sources. Out of the total installed capacity MW is managed by central utilities and 48 MW is by private utilities. Thermal power plants accounts for significant share in the total installed capacity with MW whereas nuclear energy contributes to MW. In January 2015, Oil and Natural Gas Corporation (ONGC) and Goa Energy Development Agency plan to build a one megawatt solar power plant at ONGC's base at Betul. Installed power capacity (MW) Goa is one of the few states in India to achieve 100 per cent rural electrification The state generates power from its 48 MW naphtha-based plant of Reliance Infrastructure Limited and it depends, largely, on the power allocated from the central generating stations The industrial sector is the largest consumer of electricity, followed by the domestic sector. Goa Electricity Department controls power infrastructure in the state. The project for laying a gas pipeline by GAIL from Gokak to Goa for gas transportation to Goa has been completed * Source: Central Electricity Authority, Economic Survey of Goa, *Till June

26 PHYSICAL INFRASTRUCTURE TELECOM Goa is among the few states in the country to have 100 per cent automatic telephone systems with a good network of telephone exchanges. Telecom infrastructure ( ) Wireless subscribers^ 76,863,343^^ Wireline subscribers^ 2,075,502^^ Goa has a fibre-optic cable network spread through the state; it provides high-speed access for a wide range of internet-related services. Broadband subscribers^ 10,460,000* As of March connections. Public call offices (PCOs) 2015, Goa had 149,879 telephone India s biggest telecom tower company Indus Towers has announced plans to install 400 towers in Maharashtra and Goa in As of June, 2015, Vodafone India has invested over US$ million to ramp up its network, distribution and retail presence in Goa. Post offices 258 1,419 Telephone connections 149,879 Mobile connections 197,225 Some of the major telecom service providers Bharat Sanchar Nigam Limited (BSNL) Tata Indicom Bharti Airtel Aircel Limited Reliance Communications Source: Economic Survey of Goa, , Telecom Regulatory Authority of India, May 2015 ^Including Maharashtra, ^^As of May 2015, *As of March

27 DEVELOPMENT PROJECTS: URBAN INFRASTRUCTURE Panaji is one of the 65 cities identified under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The JNNURM city development plan has identified several infrastructure projects, with the bulk of investments to be made in the areas of water supply, urban environment, traffic and transportation. Under JNNURM, two projects costing around US$ 15.6 million have been sanctioned for Panaji. Areas of development under these projects are heritage conservation and water supply for Panaji and surrounding areas under the jurisdiction of the corporation of the city of Panaji, Goa. In the state budget, the investment for solid waste management is US$ 1.49 million, on Integrated Development of Major Towns scheme it was US$ 9.95 million, while US$ 2.49 million were allotted for each JNNURM and Compensation to Municipalities in lieu of Octroi, separately. In 2015, under National Urban Information System (NUIS) scheme, Cuncolim, Curchorem Cacora, Mapusa, Margao, Mormugao of Goa have received US$ 1.9 million and US$ 1.3 million is yet to be received. National Urban Information System was introduced by Ministry of Urban Development in March The purpose of this scheme is to develop the geographic information system database for 137 towns/cities in the country. Water supply Water supply in Goa s urban and rural areas is 143 and 82 litres per capita per day (LPCD), respectively. Goa s water tariffs are among the cheapest in the country. The state has proposed an investment outlay of US$ million for water supply and sanitation th projects in its 12 Five-Year Plan ( ). Source: JNNURM, Ministry of Urban Development, Public Works Department of Goa 27

28 DEVELOPMENT PROJECTS: PUBLIC PRIVATE PARTNERSHIP (PPP) PROJECTS PPP Projects - Goa Project Name Sector Cruise terminal at Aguada Transport Development of Multipurpose Cargo Terminal at the Port of Mormugao, Goa Transport Status Under construction Others Total cost (US$ million) Source: Ministry of Finance, Government of India 28

29 DEVELOPMENT PROJECTS: SEZ AND INDUSTRIAL ESTATES (1/3) As of March 2015, Goa had seven formally approved and three notified special economic zones (SEZs). On completion, the SEZs would primarily cover knowledge-based industries such as biotechnology and IT/ITeS. The Goa Industrial Development Corporation (Goa-IDC) assists in establishing industries in specific industrial areas and estates. Goa-IDC has established 20 industrial estates in various talukas of Goa. It plans to expand eight of these existing units and establish another five industrial estates. The government is committed to make Goa an aspirational investment destination for best-in-class manufacturing, tourism, entertainment and other service industries, including research and knowledge-based industries. Accordingly, the government has set an ambitious target of creating 50,000 jobs by 2019, facilitating new investments of around US$ 4.2 billion in the state during Growth in number of MSMEs since 1970 Year No. of units ,323 2, , ,995 5, ,954 7, ,793 Source: Ministry of Commerce & Industry, Department of Commerce Goa Industrial Development Corporation, Economic Survey of Goa

30 DEVELOPMENT PROJECTS: SEZS AND INDUSTRIAL ESTATES (2/3) Formal approvals granted in the Board of Approvals after coming into force of SEZ Rules Name of the developer Location Type Area (hectares) Meditab Specialities Private Limited Bhut Kham, Kerim Industrial Estate, Taluka Ponda, Goa Pharmaceuticals Paradigm Logistics and Distribution Private Limited Phase IV - Verna Industrial Estate, Goa. IT/ITeS K. Raheja Corp Pvt. Ltd. Verna Industrial Area, Goa IT/ITeS Peninsula Pharma Research Centre Pvt. Ltd. Sancoale Tal- Mormugao, Goa Biotech Planetview Mercantile Company Limited Verna, Goa Gems and jewellery Inox Mercantile Company Private Limited Verna, Goa Biotech Panchbhoomi Infrastructure Private Limited Survey No. 260, Village Socorro, Bardez Taluka, North Goa District, Goa IT 18.5 Source: Ministry of Commerce & Industry, Department of Commerce 30

31 DEVELOPMENT PROJECTS: SEZS AND INDUSTRIAL ESTATES (3/3) Taluka Ponda Industrial estate Bethora, Madkai, Kundai, Shiroda Pernem Tuem Bardez Colvale, Mapusa, Pilerne, Tivim Bicholim Bicholim Sattari Honda and Pissurlem Tiswadi Corlim Salcete Verna, Margao and Cuncolim Mormugao Sancoale Quepem Kakoda Sanguem Sanguem Canacona Canacona Source: Goa Industrial Development Corporation 31

32 SOCIAL INFRASTRUCTURE EDUCATION (1/2) The state has a literacy rate of 88.7 per cent according to the data of Census 2011; the male literacy rate is per cent and the female literacy rate is per cent. Over , student enrolments at the primary, middle and secondary school levels were 96,139, 72,121 and 74,641, respectively. Literacy rate (%) Total Male Female As of , the state had 1,210 primary schools, 460 middle schools, 400 secondary schools and 103 higher secondary schools. The government is making efforts to reinforce its educational policy towards bridging regional and gender gaps, reducing the drop-out rate, emphasising skill development and vocational programmes to curb unemployment. Some of the higher education institutions Goa is planning to set up an Indian Institute of Science, Education and Research, an Indian Institute of Technology (IIT) and an Indian Institute of Management (IIM) by 2035; to become a leading educational hub in the country. Vasco, Margao and Panaji are proposed to be developed as a smart cities in the state. Shree Rayeshwar Institute of Engineering and Information Technology Padre Conceicao College of Engineering National Institute of Oceanography Parvatibai Chowgule College of Arts & Science Don Bosco College St. Xavier s College BITS Pilani Goa campus Source: Economic Survey of Goa, , Goa Economy in Figures 2015, Goa Investment Policy

33 SOCIAL INFRASTRUCTURE EDUCATION (2/2) Goa has a number of leading engineering, management, medical and legal institutes. business The Maritime School, under the Captain of Ports Department, Government of Goa, is among the first of its kind in the country. As of , the state had 30 vocational and professional institutes, 27 universities and colleges for professional education, 25 universities and colleges for general education and four teachers training institutes. The state government is planning to set up its second medical college in an under-construction district hospital at Margao. Goa College of Pharmacy, set up in 1842, is one of the oldest institutes in India. It offers bachelor s, master s and diploma courses in pharmacy. In 2015, the institute had 60 seats for bachelor's degree, 60 seats for diploma and 23 seats for master s degree in various fields of pharmacy. The state s education department plans to open seven higher secondary schools (HSS) in The schools will have arts, commerce, science and vocational streams. In the Budget , the state government announced plans to invest US$ million for the growth of the education sector in the state. Educational infrastructure, Primary schools 1,210 Middle schools 460 Secondary schools 400 Higher secondary schools 103 Vocational and professional institutes 30 Teachers training institutes 5 Universities & colleges for general education 25 Universities & colleges for professional education 27 Industrial Training Institutes (ITIs) 14 Source: Educational Statistics at a Glance , Government of Goa 33

34 SOCIAL INFRASTRUCTURE HEALTH The state has better health ratios compared to the rest of the country. Annually, around 276 persons were served per hospital bed during Health infrastructure (as of ) Hospitals Some of the renowned hospitals in the state include Apollo Victor Hospital in Margao, Manipal Hospital in Panaji and Vrundavan Shalby Hospital in Mapusa. As of , Goa accounts for about 3.63 hospital beds per thousand population. In the Budget , the state government of Goa has announced plans to increase the bed strength of government hospitals by 68 beds at the primary health centre level. Goa is also expected to receive a new 210-bed superspeciality hospital by the name of Healthway Hospitals at Kadamba, for a cost of US$ 28.2 million. The hospital, promoted by 33 medical practitioners, would be based on a distinctive ownership principle. 164 Community health centres 4 Primary health centres 21 Sub-centres 207 Dispensaries 31 Total beds in hospitals 5,914 Health indicators (2014) Population served per hospital bed 276 Birth rate* 14.6 Death rate* 8.5 Infant mortality rate** 9.62 Source: Goa Economy in Figures , Economic Survey of Goa, *Per thousand persons, **Per thousand live births 34

35 CULTURAL INFRASTRUCTURE There are several sports complexes in Panaji, Margao, Ponda and other cities. Football is the major sporting activity; cricket is also growing in popularity. Goa has a number of churches, chapels and convents of unmatched architectural beauty; most of these were built during the Portuguese rule. Some of the famous churches include Church of St. Francis of Assisi, Basilica of Bom Jesus (mortal remains of St. Francis Xavier enshrined), Lady Rosary and St. Augustine. The state is home to the Goa Football Association and many renowned clubs such as Sporting Clube de Goa and the Vasco Sports Club. The main sports arenas are the Jawaharlal Nehru Fatorda Stadium and the Dr Rajendra Prasad Stadium in Margao, the Tilak Maidan Stadium in Vasco da Gama and the Campal Sports complex in Panaji. The fifth Youth Delphic Games 2016 will be hosted in Goa from February 1-14, The game will combine six art categories and over 70 sub-categories, with many artistic events and activities. The age limit for participating in these games will be between 15 and 25 years. The key hotels in Goa include Leela Kempinski, at Cavelossim, Taj Fort Aguada at Bardez, Park Hyatt at Cansaulim and the Intercontinental at Canacona. The Panjim Inn, Cidade-de-Goa and Majorda Beach Resort are well-known hotels in Margao. Goa is popular for traditional forms of performance arts such as Natak, Tiatr and Zagor as well as modern art forms such as Goan trance. Directorate of Sports and Youth Affairs of Goa has launched the Vision 2020 programme in an effort to encourage sports and produce Olympic players from the state. 35

36 INDUSTRIAL INFRASTRUCTURE Goa Industrial Development Corporation (Goa-IDC) is the nodal agency established for setting up of industrial estates and offering developed plots to industrial units in the state. Goa-IDC has established 20 industrial estates, spread across the state s talukas, and is currently working on the expansion of existing industrial estates as well as establishing new ones. Industry clusters Industries Verna Rubber, plastics, petroleum products, pharmaceuticals, electronics and telecommunication equipment. Bicholim Engineering, oil products, plastics, leather, textiles, food processing, soaps and agro products. Kundaim Rubber, plastics, petroleum products, pharmaceuticals, steel fabrications and aluminum furniture. Margao Printing, plastics, herbal hair oils, cosmetics, ice blocks, engineering items and industrial diamond tools. Mormugao Shipbuilding and repair. Corlim Metal works, engineering, cold storage, food processing, electronic products, paper products, chemicals, paints and varnishes. Vasco Shipbuilding and repair. Source: Goa Industrial Development Corporation 36

37 KEY INDUSTRIES (1/2) Apart from having an established iron ore mining industry, Goa has 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. Mining (iron ore and manganese), pharmaceuticals, and iron and steel industries are located 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. Number of enterprises registered during (up to December 2014) under EMP-I Parameter Micro Small Medium Units (no) Proposed investment (US$ million) ,343 2, Expected employment generation (no) As of , the state had 7,967 Micro, Small and Medium Enterprises (MSMEs) and 192 large scale industries. Key industries In Goa Over (up to December 2014), 485 entrepreneurs have been recognised under the Entrepreneurs Memorandum Part-I (EMP-I), which is expected to have generated 6,609 jobs. The state is in the process of developing the logistics sector in Goa by forming a special logistics group and constructing several bridges to address the existing deficiencies with regard to logistics and warehousing. Tourism Food processing IT/ITeS Mining Biotechnology Pharmaceuticals Fishing Source: Economic Survey of Goa,

38 KEY INDUSTRIES MAJOR CLUSTERS (2/2) The cluster is run by the Goa Pharmaceutical Manufacturers Association (GPMA) and accounts for around 12 per cent of the country s medicine production. Principal products manufactured are tablets, capsules, ointments, liquid orals and injectibles. The cluster has an annual growth rate of per cent; and, currently, 40 units are functioning under the cluster. In , the pharma industry recorded revenues of US$ 1,658 million. The export of pharmaceutical products from the state has increased from 2,157 metric tonnes in to 6,151 metric tonnes in Pharmaceutical cluster The cluster is run by Goa Cashew Entrepreneurs Welfare Society with 300 functional units. Cashew kernel is the major product manufactured. Fixed investment of US$ 5.2 million has been made. Exports of cashew kernels has increased from 532 metric tonnes in to 947 metric tonnes in Cashew cluster Source: Ministry of MSME, Government of India, Brief industrial profile of South Goa district 38

39 KEY INDUSTRIES IT/ITeS (1/2) Despite being a small state and a late starter in the IT industry, Goa is ideally placed to capitalise on the opportunities available in the sector. Some of the key players Goa is one of the most literate states in India, with a literacy rate of over 88.7 per cent; most Goans are conversant with the English language, which is the lingua franca for the IT industry. As per the state budget , IT parks would be set up at Chimbel (Kadamba Plateau) and Tiswadi. For this purpose, an area of 450,000 sq meters will be utilised. Investments worth US$ 6.64 million will be made for the IT parks. Also, a contribution of US$ 2.49 million will be done towards the growth of Info Tech Corp of Goa Ltd. The state is close to several business centres, such as Mumbai, Pune and Bangalore, of the country that provide growth opportunities. Goa University offers a postgraduate course in computer sciences, and there are over 250 other institutes imparting IT training and education. Info Tech Corporation of Goa Ltd, an undertaking of the state government, is planning to redesign Rajiv Gandhi IT Habitat at Dona Paula that has been built to attract IT/ITeS/BPO/KPO industries. Smartlink Network Systems Ltd Zenith Computer Pvt Ltd PCS Technology Ltd Crompton Greaves Rajiv Gandhi IT habitat, Dona-Paula Situated seven kilometres away from the state capital of Panaji. Developed on an area of around 95 acres with the aim to attract IT/ITeS/BPO/KPO industries. IT habitat is expected to attract investments to the tune of US$ million. Government aims to create employment for 10,000 12,000 persons through this park. Source: The Directorate of Industries, Trade and Commerce, Government of Goa 39

40 KEY INDUSTRIES IT/ITeS (2/2) Smartlink Network Systems Ltd Zenith Computer Pvt Ltd PCS Technology Ltd Formerly D-Link (India) Private Limited, Smartlink Network Systems Ltd is one of India s leading networking companies, offering an integrated value proposition that includes design and development, manufacturing, sales & marketing and service & support. It was established in The company has certified state-of-the-art manufacturing plants as well as a software and Research & Development (R&D) centre at Verna, Goa. In , the company earned US$ 15 million in revenue. It has 17 offices in the country. Established in 1980, the company is one of the largest personal computer companies in India. It employs around 800 professionals and has 15 branches across the country, with a 60,000 sq ft of production facility in Sancoale Industrial Estate, Zuari Nagar. In , the company earned US$ 3.9 million in revenue. PCS is an Indian technology company headquartered in Mumbai. The company focuses on facilities management services, software services as well as computer hardware. The company s net revenue from operations reached US$ 16.5 million in PCS has a manufacturing facility in Goa, where it produces desktop computers, notebook computers and servers. It has a production capacity of 7,000 to 8,000 desktop computers per month. 40

41 KEY INDUSTRIES MINING (1/2) The mining belt of Goa covers an area of approximately 700 sq km and is mostly concentrated in the four talukas of Bicholim, Salcete, Sanguem and Quepem. The iron ore production in the state has increased from million tonnes in to 150 million tonnes in Besides iron, bauxite ore is the major minerals found in Goa. Goa accounted for 2 per cent of India s total bauxite production of 26.8 million tonnes in The bauxite production in the state has increased from thousand metric tonnes in to thousand metric tonnes in Most mines in Goa are of open-cast type, which necessitates the removal of over burden overlying the iron ore formations. In the state budget a new scheme named Debt relief Scheme for mining affected borrowers of financial institutions was announced in order to deliver financial assistance to the borrowers. Goa mineral reserves Mineral Reserves (In 000 tonnes) Iron ore-hematite 6,42,113 Iron ore-magnetite 2,15,557 Manganese 23,271 Bauxite 53,072 Quartz/silica sand 20,004 Some of the key players Sesa Goa The Dempo Group V.M. Salgaocar and Company Ltd V.S. Chowgule and Company Ltd Source: Ministry of Mines 41

42 KEY INDUSTRIES MINING (2/2) Sesa Sterlite Ltd The Dempo Group V.M. Salgaocar & Bro Pvt Ltd V.S. Chowgule and Company Ltd Sesa Sterlite, also known as Sesa Goa, is a well-known mining company in India. It is the flagship company of the Vedanta Group and is India's largest iron ore exporter in the private sector. The Sesa Group of companies have been involved in iron ore mining for over five decades. Over the last two decades, the company has diversified into manufacturing of pig iron and metallurgical coke. As of March 2013, Sesa Goa has the rights to exploration & production of an estimated 433 million tonnes of iron ore. In and , the company produced 3.7 million tonnes and 1.5 million tonnes of iron ore, respectively. Apart from Goa, it has mining operations in Karnataka. During , the company reported revenues of US$ 5.3 billion. The Dempo Group is one of the state s leading mining and export companies. It has two subsidiaries for the mining business, i.e., Dempo Mining Corporation Private Limited and V S Dempo Corporation Private Limited. The company s key products are iron ore fines, calibrated iron ore lumps and low-phosphate magnetite concentrates. Dempo has 19 mining leases in Goa, which are spread across 1,800 hectares. The company was founded in 1952 as a mining and export company. It is one of the leading suppliers of processed iron ore to large steel makers such as POSCO and Nippon Steel Corporation (NSC). The company has its corporate office at Vasco-de-Gama and mining facilities in four different locations in Goa. It has diversified into the hospitality, shipping, real estate and education sectors. Over 10 million tonnes of material is handled at the mines every year during iron ore extraction. Chowgule Mining Division is a part of the Chowgule Group. The company has mines and three beneficiation plants in Goa (at Pale, Tudou and Costi). Chowgule s run-of-mine ore production exceeds five million tonnes per annum, and its beneficiation plants produce over 3.5 million tonnes of iron ore and pellets every year. 42

43 KEY INDUSTRIES PHARMACEUTICALS (1/3) Goa's pharmaceuticals industry generated revenue of US$ 1.66 billion over The pharmaceuticals industry is one of the major employers in the state. Some of the key players A large number of companies, such as Cipla, Aventis and Blue Cross, have set up manufacturing facilities in Goa. Apart from the incentives and policy thrust, Goa has been selected because of its ambience and pollution-free environment, which is conducive to the pharmaceuticals industry. Goa Pharmaceutical Manufacturers' Association (GPMA) is a registered body formed with the objective of uniting the pharmaceutical manufacturers in Goa. Ranbaxy Laboratories Ltd Aventis Pharma Ltd Blue Cross Laboratories Ltd Cipla Ltd Source: Ministry of MSME, Government of India According to the state budget, a first of its kind initiative has been launched, which will cover mental health, ayurvedic treatment as well as medication for diseases like - hypertension and diabetes. An initial investment of US$ 4.98 million would be allotted for this scheme. In 2014, Goa Antibiotics and Pharmaceuticals Limited (GAPL) was acquired by the PSU firm HLL Lifecare, which has paved the way for the latter s expansion. GAPL opened its first public pharmacy outlet in Panaji in November

44 KEY INDUSTRIES PHARMACEUTICALS (2/3) Sun Pharmaceutical Industries Ltd Aventis Pharma Ltd Sun Pharmaceutical Industries Ltd, one of India's largest pharmaceutical companies, is an integrated, research-based pharmaceutical company with a global presence. In , the total revenue of the company was around US$ 4.55 billion. The company announced the acquisition of Ranbaxy Laboratories Limited in April 2014, and completed the acquisition deal in March The company manufactures a wide range of generic medicines in its 45 manufacturing sites across the globe. Established in May 1956, the company has Sanofi-Aventis and Hoechst GmBH as its major share holders. The Goa site has been certified by the World Health Organisation (WHO). The company s Goa facility is a global sourcing site for products, including the Daonil range, Cardace, Frisium, Stilnoct and AmaryI. The Goa site employs around 230 people. The company generated revenue of US$ million in Blue Cross Laboratories Ltd Established in 1981, Blue Cross has carved a significant niche for itself in the Indian pharmaceuticals market. In addition to its plant in Nashik, the company has a 12,000 sq m plant in Verna, Goa. The company s products are sold in over 18 countries across the globe. WHO and local Food and Drug Administration (FDA) have approved the Goan plant. The company produces drugs belonging to major therapeutic segments like anti-bacterial, pain management, antispasmodic, cough and cold preparations, cardiology, diabetes, dermatology, anti-ulcer, antipyretics, etc. Blue Cross s annual sales turnover is around US$ 52 million and it has an employee strength of over 1,

45 KEY INDUSTRIES PHARMACEUTICALS (3/3) Cipla Ltd Established in 1935, Cipla is one of the oldest pharmaceutical companies in the country. It manufactures and markets bulk drugs and formulations. The company posted revenues of US$ 1.67 billion in , and has a plant in Verna industrial estate. Among other formulations, the Goan plant manufactures anti-hiv/aids drugs that have earned Cipla a strong presence across the globe. 45

46 KEY INDUSTRIES TOURISM For the year , the budget allotted for tourism is US$ million as compared with US$ million A special purpose vehicle worth US$ 1.66 million is expected to commence. This would prove beneficial for the international convention centre at Panaji to give world class facilities at one place. Innovative marketing strategies to project Goa as an all-time leisure destination have resulted in higher tourist inflows over the years. On 15th March 2015, the number of foreign tourists in Goa under e-visa category was 12,639. In , the state attracted 4.05 million tourists, of which 0.51 million were foreign tourists. The tourist inflows increased by 30% in 2014, as compared with This was the highest growth recorded by any state in India in percentage terms. Tourist arrivals in Goa (in million) P Domestic Foreign For FY 2014, the number of charters that landed in Goa stood at 1,128 and the number for FY 2015 is expected to be at 1,400. As of , Goa had 3,010 hotels, with a total of 30,248 rooms and a bed capacity of 53,177. The state government has been proactive in encouraging publicprivate partnerships for promoting tourism by instituting a corpus fund. Source: Department of Tourism, Government of Goa, Economic Survey of Goa, , Times of India quoted P - Provisional 46

47 KEY INDUSTRIES FISHERIES Goa has a coastline of about 104 kms and inland waterways of about 250 km. The coast is full of creeks and estuaries formed by rivers; over 128,107 tonnes of marine fish and 3,718 tonnes of inland fish were harvested in Annual fish catch ( 000 tonnes) In the state budget, fisheries have been allotted a sum of US$ million. During , 7 fishing ramps have been constructed along with 2 net mending sheds, 50 metre jetty at Malim and repairof the existing fishing jetty at Panaji was done During , 4 main fish landing centres of Chapora, Malim, Cortalim and Cutbona would be upgraded, involving an investment of US$ million. For the same year, fishing ramps will be built at Padribhat, Azossim and Mandur and repair work at existing Fisheries Administration Building and internal roads at Fisheries Complex of Colva would be done. For all this work, a sum of US$ 3.5 million will be initially allotted Marine (LHS) Inland (RHS) Source: Economic Survey of Goa, During , exports of frozen fish from Mormugao Port were recorded to be 42,940 tonnes. 47

48 KEY INVESTMENT PROMOTION OFFICES (1/2) Agency Goa Industrial Development Corporation (Goa-IDC) Economic Development Corporation The Goa State Infrastructure Development Corporation Goa Handicrafts Rural and Small Scale Industries Development Corporation Description It has been established with the purpose of securing land and assisting in fast and orderly establishment of industries in the 20 designated industrial areas and estates. This is a state government-promoted financial institution to operate and manage government-promoted financial schemes. It acts as an investment company and provides financial assistance to entrepreneurs for starting as well as expanding business units. This was set up as a Special Purpose Vehicle (SPV), with the basic aim to develop infrastructure in a time-bound manner. It promotes traditional arts and crafts, fashioned by the state s artists and artisans. It performs functions related to procurement and distribution of indigenous and imported raw material, especially for small scale units. It has been instrumental in starting the Deen Dayal Swayamrojgar Yojana, a scheme to develop self-employment opportunities for the youth. 48

49 KEY INVESTMENT PROMOTION OFFICES (2/2) Agency Goa Tourism Development Corporation Goa Horticulture Corporation Info Tech Corporation of Goa Ltd (ITG) Description It promotes tourism and related activities in Goa. It focuses on developing eco-tourism, heritage tourism, adventure tourism, medical tourism and event tourism. It promotes investments in export-oriented projects, especially for the cultivation of exotic fruits and vegetables, floriculture, etc. It is entrusted with the development of horticulture estates and establishment of sales outlets for local produce through establishments called Krishi Ghars. It looks after the development of IT-related infrastructure, ITeS and implementation of the government s e-governance objectives. 49

50 CONTACT LIST Agency Contact information Directorate of Industries, Trade and Commerce Udyog Bhavan, Panaji Goa Phone: Website: Goa Chamber of Commerce & Industry Narayan Rajaram Bandekar Bhavan, T.B Cunha Road, P.O. Box 59, Panaji Phone: goachamber@goachamber.org Website: 50

51 KEY APPROVALS REQUIRED (1/2) Approvals and clearances required Departments to be consulted Estimated time in days Registrar of Companies NA High Powered Coordination Committee (HPCC) for large and medium-sized projects, Director of Industries, Trade and Commerce for small and micro projects NA Allotment of land Goa-IDC 8 to 15 Permission for land use Goa-IDC 8 to 15 Goa State Pollution Control Board and Ministry of Environment and Forests 60 Goa State Pollution Control Board 7 to 14 Incorporation of company Registration, Industrial Entrepreneurs Memorandum (IEM), Industrial Licences Site environmental approval No objection certificate and consent under Water and Pollution Control Acts 51

52 KEY APPROVALS REQUIRED (2/2) Approvals and clearances required Approval of construction activity and building plan Sanction of power Registration under the State Sales Tax Act and Central and Excise Act Departments to be consulted Estimated time in days Town and Country Planning Authority 30 State Electricity Department Up to 60 Sales Tax Department and Central and State Excise Department NA 52

53 APPROVAL PROCESS (1/2) The Goa Industrial Policy 2003 has revamped the single-window clearance mechanism in the state. HPCC, chaired by Goa s Chief Minister, has been appointed responsible for dealing with large projects. Members of the committee include senior-most officers of concerned state departments. The Director of Industries, Trade and Commerce handles small scale industries. The Goa-IDC and the District Industries Centre act as nodal agencies for various projects in the state. Goa-IDC handles the creation of SEZs in the state. Under the Chairmanship of Investment handled Nodal agency Greater than US$ 1.09 million HPCC The Chief Minister Goa Industrial Development Corporation (Goa-IDC) Below US$ 1.09 million Department of Industries, Trade and Commerce Director of Industries, Trade and Commerce District Industries Centre 53

54 APPROVAL PROCESS (2/2) Goa Investment Policy 2013, which laid a special thrust on development of Special Investment Regions, aims to kick start investment in Goan economy. This policy aims to articulate various initiatives being undertaken to make Goa a preferred and aspirational investment destination. It aims to create an institutional framework for facilitating investments in the thrust areas as well as other areas decided upon by the Investment Promotion Board (IPB)/Government of Goa on an ongoing basis. Process for industrial set up in Goa Rejection 15 days Preliminary Project Report submitted to IPB Evaluation and recommendation by satellite expert consultant IPB approval Land not available Check on land availability in industrial estates Land earmarked Detailed templatised proposal submitted to IPB 30 days Rejection Receipt of all clearances for unit to establish facility and start operations Nodal officer approval who would assist with all approvals 30 days Approval IPB decision on investment proposal along with all approving authorities 30 days Evaluation and recommendation by satellite consultant 30 days 54

55 COST OF DOING BUSINESS IN Cost parameter Industrial land (per sq ft) Office space rentals (per sq ft per month) Residential rentals (for a 2,000 sq ft house per month) Five-star hotel room (per night) Power cost (per kwh) Labour cost (minimum wage per day) Cost estimate US$ US 60 cents to US$ 2 US$ 800 1,300 US$ Industrial: US cents US$ Source: Industry sources, Goa-IDC, Ministry of Labour and Employment, Government of India, Electricity Department, Government of Goa Official Gazette dated , Government of Goa 55

56 STATE ACTS & POLICIES (1/3) The Government of Goa has introduced the new Goa Investment Policy 2014 in order to boost investor confidence and attract new industries to Goa. Main objectives of the new policy include: making Goa an aspirational investment destination by making business a pleasure, for best in class manufacturing, knowledge-based, tourism, entertainment and other service industries, while improving the environmental and social indicators of the state. The state government has announced plans to introduce a comprehensive IT policy with the objective of supporting the Electronic System Design and Manufacturing (ESDM) sector in the state. The state government is working on the new tourism policy with a vision of overall tourism development and to engage with private players to invest and develop infrastructure in the state. 56

57 STATE ACTS & POLICIES (2/3) IT Policy 2015 Objective To make state of Goa most preferred destination for investors there by making IT/ITeS/ESDM a vibrant industry leading to inclusive growth and employment generation. Read more Mining Lease Policy, 2014 Objectives The state government can directly auction the leases in order to secure the best returns for the grant of leases by way of a competitive bidding process. Read more Goa Investment Policy 2014 Objectives Creating 50,000 jobs and investing US$ 4.2 billion in new projects in the next five years. Providing 24x7 high-quality power supply and logistics infrastructure to industries. Read more 57

58 STATE ACTS & POLICIES (3/3) Biotech Policy 2006 Objective To ensure accelerated growth in all areas of the biotechnology sector such as education, research and economic sectors covering healthcare, agriculture, industry, services, environment management and employment generation. Objectives of the policy include prioritisation of the thrust areas for basic and applied research and technology development, and promotion of innovations in R&D by providing financial and infrastructural support. Read more Goa Special Economic Zone Policy 2006 Objective To augment infrastructure facilities to boost exports. Read more Industrial Policy 2003 Objectives To ensure accelerated industrial development, catalyse economic growth and balanced regional growth, protect the environment and create sustainable employment for local youth of the state. Key areas identified are pharmaceuticals, drugs and biotechnology, food processing, agrobased, IT and IT-enabled services, eco-tourism/heritage tourism/adventure tourism/event tourism/medical tourism and entertainment industries. Read more 58

59 ANNEXURE Average exchange rates Fiscal Year INR equivalent of one US$ Q Source: Reserve Bank of India 59

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