Goa is one of the most sought-after tourist destinations not only by Domestic tourists but by visitors from all over the world. The State of Goa lying on the Western Coast is India’s smallest state. It is highly known for its huge farming, Tourism, Fisheries, and agriculture market.
Unlike others, it is known for its Golden Shore, Tempting Food choices, Portuguese-influenced architecture, Historical Background, and Banging Chaotic Nightlife. Goa Lies in the Kokand Region. Goa is one of the only few destinations which is open 24/7, and because of its happy ambience and beautiful hospitality, it attracts Tourists from all over the world.
Considering Goa’s Business Opportunities and Potential aspects, Goa Is Rapidly Improving in connectivity, Physical infrastructure. Goa is a supportive state, and the Government Connects in every industrial sector, which ultimately makes Goa an Ideal destination to Build a Successful Business. With 22 industrial estates present in the state, Goa has a strong presence in Mining, Tourism, and Pharmaceutical sectors.
Some Mining Industries, pharmaceuticals, and iron/ steel Industry sectors are present in North Goa. Whereas the rest of the Mining Industries and shipbuilding industries are present in South Goa. Similarly, the Capture Fisheries of Goa (India) constitute Highly Productive sectors. They contribute as one of the major sources of Valuable food and employment and a major contributor to foreign exchange. Along with all these, Cashew processing has also been a traditional industry in the state.
How Does Goa Hold the Potential For The Startups?
Being Both Investor-Friendly and Environment-Friendly Goa has one of the Highest per Capita Income ratios in the Country with well-developed social, physical, and industrial infrastructure and virtual connectivity. The state is highly dependent on Foreign exchange which has helped fuel the growth of resorts, helped in structural development, hotels, and other businesses related to tourism. The state has a healthy mix of startups across a variety of verticals, led by key sectors.
Let us understand Goa’s potential for business opportunities through some of its focused Pointers.
The strengths that work as the fuel to startups are
- High Economic Growth-
- Facilitating Infrastructure.
- Strong presence in Mining Tourism and Pharmaceuticals.
- Rich labour Pool.
You May Also Read – Goa Startup Scenario – Former Minister Claims Govt Let Down Startups, But The Real Picture Is Quite Contrary
The Parts that Goa has to work on to have a better system
- Unsubstantial Tourism Arrangements.
- Limited Coverage of Utility Infrastructure such as Water supply and Sewerage.
Potential opportunities for successful Business in Goa
- Great potential in the residential Market.
- Emerging real-estate and tourism development.
- Potential to emerge as the most preferred economy or industrial destination.
Challenging fields in Goa for startups
- Maintain the Quality of historical places and Hospitality Services.
- Change in government policies.
You May Also Read – Goa’s New Startup Policy – A Win or a Loose?
Untapped and Profitable Business Fields in Goa-
1. Food Industry
The food Industry has a major demand in the lands of Goa. These are secondly known as the most convenient fields because of the availability of raw materials. Some of the opportunities seen in this sector are-
Ø Cashew Processing industry.
Ø Fish farming and trade.
Ø Cold spices Industry and processing sales.
Ø Feni export.
Ø Mobile Food Vendors (food trucks).
Ø Catering Business.
Ø Candy and Chocolate Business.
2. Hospitality and Tourism-
Ø Transport business (bike or car rental business)
Ø A travel agent or guide
Ø Gaming Zone
Ø Putting up a Tattoo Parlor.
3. Healthcare Industries
Ø Medical Business services.
Ø Online Pharmacy
Ø Drug treatment and rehabilitation centre.
Ø Digitized health tracking app.
Ø Herbal Cosmetic Production Business.
4. Energy and Cleantech Industry
Ø Waste recycling plant.
Ø Bio-degradable processing.
Ø E-waste recycling Plant.
Goa has a high rate of economic growth considered the Highest in the Country. Goa is Well Distributed in the north and South Sectors. It is connected to Metropolitan Cities and centres in Trade and Commerce through roan, Rail, sea-ways, and Air.
Goa’s economic growth is Driven by the Strong performance of its industrial sectors. Goa has maintained the Steller record in key development Indices. Education and health standards in goa have been kept a top priority since the beginning. Goa is India’s Richest State with the Highest GDP per capita- Two and a half times that of the Country with One of Its Highest Growth rates of 8.23%.
The government of Goa has announced the policies regarding new Startups. It Promised to create 100 successful startups in 5 Years. The revamped Policy Will address regulatory bottlenecks and enhance funding avenues for startups. Which will help New entrepreneurs at the Initial stage of Business. Furthermore, due to Various industrial developments. It allows the existing Business to further extend its Market and services.
Goa has recently discovered the best profits you might enjoy as an entrepreneur because of its Multiple Business opportunities that can be taken up as detailed above. Factors like high per capita income tourism-friendly, impressive literacy rate, strong connectivity with the other states of India, and low crime rate are rising the industrial growth in Goa.
A nice balance of urban and Rural areas makes it a good spot for the establishment of a better and more successful Business.