Goa – Global Business Destination for Multinational Companies
Goa is a tiny emerald land located on the west coast of India in the region that is called Konkan
. By area Goa is the smallest state in India and the fourth-smallest state in India by population. A very striking feature of this small state is its harmonious relationship with different religious communities. The capital city of Goa is Panaji, while Margao, Vasco, Ponda, and Mapusa are some of other prominent towns in the state.
Goa is endowed with several essential natural resources. The state has plenty of fertile agricultural land, which is suitable for growing a host of food crops, garden crops, and cash crops.
In the recent past, the state of Goa has emerged as one of the most developed states in India. The state has scaled high in the ranking as being one of the best states in India for making investments and availability of infrastructure. The state is considered to be a global business destination for investments by both local and multinational companies.
The state is well-connected to all major metropolitan cities and other major trading centers in India. It has a well-planned and developed transport system that supports carriers of goods and passengers. The city has well-connected rail and road routes. Being a coastal state, it is also accessible through sea-route and by airways. The state has a good natural port in Mormugao, which has tremendous potential to facilitate trade. Goa also has full-fledged Internet connectivity, and it has a huge network of telephone exchanges, which facilitates quick communication. All these factors contribute to make the state of Goa a favorable destination for business investment.
Apart from the previously mentioned factors, there are other advantages of
investing in Goa:
1. The state has a responsible and flexible administrative setup.
2. Goa has enough power reserves and affordable tariff rates.
3. It is known for its low crime rates, which is aptly supported by excellent law and order.
4. It has an excellent market base with a potential to grow.
5. Skilled and trained manpower are available in abundance.
6. It is one of the few states in that has high per capita income.
7. Goa also has a well spread network of financial institutions.
These advantages make Goa an investor-friendly state. There are numerous investment opportunities for investors in diverse sectors, including the industry and services sector and the agricultural sector among others.
The government has not lagged behind in making the state a paradise for foreign investors. To attract significant investments, the government of Goa has made several policy announcements periodically. These policies aim to develop a favorable business environment in the state for the investors to invest in. The policies also play up the potentials of various sectors to the investors. The government offers numerous attractive schemes and incentives for the investors investing in the state. The government also has formulated certain industrial policies with the purpose of luring investors and achieving economic growth for the state. The industrial policy framed by the government of Goa, apart from attracting new investments, also aims to encourage participation of women entrepreneurs in various industries, support the industries that can convert the industrial waste into useful products, and ensure that there is balanced growth to avoid any social and economic disparity.
Goa Global Business Destination for Multinational Companies
By: Kamal Kishore Poria
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