Industries Diversifying Goa's Local Economy

Goa, situated on the south-west of the Indian peninsula, is famous the world over for its stunning beaches and idyllic scenery. As a globally renowned destination for tourists for decades, it's perhaps no surprise that the tourism industry sustains the local economy.

In this article, however, we look at other industries that provide jobs and resources in the region and aid the development of Goa’s economy.

Gambling

Goa may be the smallest state in the country, with a population of only 1.5 million, but gambling is an increasingly popular pastime among locals. Around 45% of Goans surveyed in 2022 had gambled in the last year, the majority of whom played the lottery (67%).

However, the number of individuals gambling in casinos is growing. Taking Macau and Las Vegas as inspiration, the state now has 14 casinos, six of which are anchored in a river, and the industry employs over 14,000 people.

As is common with most industries, the digital sector is also growing, with casinos now offering digital products for their users to enjoy. For example, companies like Casino Days offer customers welcome bonuses and thousands of games to choose from when they use their Casino Days login to access their account.

With the gaming industry thriving, there are plans for another offshore casino to appease both locals and tourists alike.

Logistics

According to The CEO Magazine, the logistics industry in India is growing rapidly. In Goa, it is much the same and the industry has been boosted by government funding and investment in recent years. For example, a new airport was built in Pernum Taluka that not only caters to passenger traffic but also cargo.

This is much needed in the country, as India differs from much of the rest of the world in how cargo is transported. 60% of its cargo transportation is by road, compared with a global average of 30%. The country competes with China as the primary logistics hub in the region, and this new airport should take traffic off the road and increase the speed of distribution.

The local government has also sought to develop the maritime side of the logistics industry. This has been done through developing waterways as well as allocating more land to shipbuilding, generating jobs in the region, and allowing the state and country to deal with increased cargo traffic.

Pharmaceuticals

India is the third-largest location for pharmaceutical production in the world, while Goa ranks as the fourth-largest producer in the country. As it stands, 20,000 people in the state are employed in over 50 production units.

The industry has grown in India as a cheaper place to produce medicine, while Goa boasts a highly educated workforce, ranking fourth in the country for literacy rates.

Other factors that have boosted the pharmaceutical sector in Goa include a stable government and a region that is highly connected by road, air, and sea; Mormugao Port is especially important. Moreover, state policy focuses on green initiatives and research and development, which feeds into an industry where R&D is such a crucial part of the product life cycle.

Companies like Sanofi, Abbot, and Pfizer, among others, already count Goa as home, while the local government is hoping to increase production even further. The role of education cannot be discounted either. Several institutes provide highly trained graduates who are ready to work in the sector.

Authorities in Goa have been looking to diversify their economy in recent years and move it away from one that heavily depends on tourism. According to the Times of India, they have recently taken to organizing roadshows to promote the region.

It's hoped that by touring the country and taking in the traditional business hubs within the country, they can attract more industries to the state and, in the coming years, grow even further.