Goa Chamber of Commerce & Industry (GCCI)

Goa’s economy is on an upward trajectory, with a projected growth of 13.87% driven by the revival of mining and a strong infrastructure push. Honourable Chief Minister Dr Pramod Sawant’s forward-looking budget, aligned with the Viksit Bharat 2047 vision promises to deliver a surplus of ₹2,400 crore. GST rebates, stamp duty exemptions for 3-star hotels and above, and a 50% SGST rebate for infrastructure investments above ₹5,000 crore are all signals to industry. We are also grateful to the Honourable CM for incorporating key recommendations of GCCI – No new taxes or increase in existing taxes, dredging of rivers, introduction of new ferries, rebate on local cashew, allowing infrastructure tax to be paid in two installments, establishment of two cancer day care centers in Goa, re-introduction of the tax amnesty scheme and setting up new data centers for electricity distribution, OTS scheme for stamp duty concession on old pending mutation cases will all be beneficial. Notably, the budget also supports the upgradation of electricity infrastructure including Tanmar power transmission which has been a long standing demand of industry.

The recent imposition of tariffs on imports by the United States has sent ripples through the world economy. India has got slightly better reciprocal tariffs than many other countries, but the move has impacted key sectors such as textiles, engineering goods, electronics, and gems and jewellery. For Goa, with its burgeoning pharmaceutical sector, the exemption of Pharma from reciprocal tariffs has been a silver lining. The volatility in raw material prices across key industries, exacerbated by these tariffs, poses challenges across various sectors. Goa must strengthen local supply chains, invest in infrastructure, and foster innovation. By reducing dependency and diversifying for some industries, we can mitigate external shocks.