GCCI BULLETIN FEBRUARY 2024
February 2024
The Hon’ble CM presented the Goa Budget 2024-25, a growth oriented & forward looking budget inline with the National Agenda of Viksit Bharat. The projected revenue surplus is 1720 Crs & the GSDP is expected to grow at 13.87% in FY 2024-25. Per capita income is expected to increase from Rs 6.75 lakh for FY 2023-24 to Rs 7.64 lakhs for FY 2024-25 which gives an indication of positive growth in the State. The GCCI had requested Hon’ble CM not to impose new taxes – this has been accepted by the Government.
Our suggestions for dynamic allotment of Sale deed registrations in sub register office to reduce workload and backlog in certain areas and distribute uniformly, single window clearance for tourism events and weddings, development of Inland waterways, scrapping of single engine ferries, late night transportation from industrial areas and last mile connectivity have all been accepted. Digitisation of House Tax, Trade Tax collection, Water & electricity, NOC, issuance of Income Certificate, Residence certificate, online system in factories and boilers are a welcome sign of EODB. Coworking spaces near beaches will bring in innovative startups. Agro Food Park in the industrial estate will boost agro and food exports. The Rs. 700 cr Viability Gap Grant Funding for the creation of transportation hub is a major step.
Small and medium-sized enterprises should leverage the Stock Exchange as a platform for growth by accessing capital through public listings. Their SME platforms accommodate the unique needs of smaller entities. By listing on these platforms, SMEs can raise funds from the broader investor community to finance expansion, research and development, or debt reduction. This helps in capital acquisition and enhances the company’s credibility and market presence. It also helps attract and retain talent by offering stock options, fostering a sense of ownership and alignment with the company’s growth. Moreover, it provides an opportunity for SMEs to adhere to better governance practices, which can lead to more sustainable growth. This strategic move can be a significant step for SMEs aiming to scale operations, innovate, and compete on a larger stage, thereby contributing to their long-term success.
Goa has the potential to emerge as the education capital of Southeast Asia, leveraging its unique blend of cultural heritage, strategic geographic location, and a burgeoning ecosystem of educational institutions. The state is already home to prestigious institutes like the Goa Institute of Management, Birla Institute of Technology and Science Pilani’s Goa Campus, National Institute of Technology (NIT) Goa, among many others. By expanding the educational offerings and fostering international collaborations, Goa can attract students from across Southeast Asia and beyond. Investing in state-of-the-art research facilities, encouraging educational tourism, promoting a multicultural campus environment can make Goa the sought after education destination that can draw in campuses, talent and students making it the education capital of Southeast Asia.
We look forward to your continued support for GCCI’s push for infrastructure, policy advocacy and all our events.
Regards,
Shrinivas V Dempo
ABOUT GGCI
Goa Chamber of Commerce & Industry (GCCI) is Goa’s premier non-profit business, support-services and networking organization. We represent and liaise with SME’s, Corporate Organisations and Government bodies.
CONTACT US
GOA CHAMBER OF COMMERCE & INDUSTRY
Narayan Rajaram Bandekar Bhavan, T.B. Cunha Road, Panaji, Goa