Economy
Goa's state domestic product for 2017 is estimated at $11 billion at current prices. 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 fastest growth rates: 8.23% (yearly average 1990–2000). Tourism is Goa's primary industry: it gets 12%of foreign tourist arrivals in India. Goa has two main tourist seasons: winter and summer. In winter, tourists from abroad (mainly Europe) come, and summer (which, in Goa, is the rainy season) sees tourists from across India. Goa's net state domestic product (NSDP) was around US$7.24 billion in 2015–16.
The land away from the coast is rich in minerals and ores, and mining forms the second largest industry. Iron, bauxite, manganese, clays, limestone, and silica are mined. The Mormugao port handled 31.69 a million tonnes of cargo in 2007, which was 39% of India's total iron ore exports. Sesa Goa (now owned by Vedanta Resources) and Dempo are the lead miners. Rampant mining has been depleting the forest cover as well as posing a health hazard to the local population. Corporations are also mining illegally in some areas. During 2015–16, the total traffic handled by Mormugao port was recorded to be 20.78 million tonnes.
Agriculture, while of shrinking importance to the economy over the past four decades, offers part-time employment to a sizeable portion of the populace. Rice is the main agricultural crop, followed by areca, cashew, and coconut. Fishing employs about 40,000 people, though recent official figures indicate a decline in the importance of this sector and also a fall in the catch, due perhaps, to traditional fishing giving way to large-scale mechanised trawling.
Medium-scale industries include the manufacturing of pesticides, fertilizers, tires, tubes, footwear, chemicals, pharmaceuticals, wheat products, steel rolling, fruits and fish canning, cashew nuts, textiles, brewery products.
Currently, there are 16 planned SEZs in Goa. The Goa government has recently decided to not allow any more Special Economic Zones (SEZs) in Goa after strong opposition to them by political parties and the Goa Catholic Church.
Goa is also notable for its low-priced beer, wine, and spirits prices due to its very low excise duty on alcohol. Another main source of cash inflow to the state is remittance, from many of its citizens who work abroad, to their families. It is said to have some of the largest bank savings in the country.
In 1976 Goa became the first state in India to legalize some types of gambling. This enabled the state to levy taxes on gambling, thereby strengthening the economy. There are several casinos available in Goa. In 2018-2019 tax revenue from casinos reached Rs 414 crore.
Goa is the second state in India to achieve a 100 percent automatic telephone system with a solid network of telephone exchanges. As of September 2017, Goa had a total installed power generation capacity of 547.88 MW. Goa is also one of the few states in India to achieve 100 percent rural electrification.