PANAJI
Last week, Goa Chief Minister Pramod Sawant told captains of industry that “this is the right time to invest in Goa…and we both grow together”. This appeal by the Chief Minister during an ‘Invest Goa 2024 Summit’ was a clear indication that the government did not see investments happening at a pace they would have liked. Between ‘Vibrant Goa-Global Expo & Summit 2019’ and ‘Invest Goa 2024 Summit’ took place, the industrial investment has really not revitalized the coastal State.
For a government that thrives on events and celebration, the ground reality does not lead up to expectations. The data, which clearly shows that in last ten years, hardly 15 per cent of the total proposed investment has actually pitched in, is a clear indication that glitzy PR is no longer sufficient to hide the failure or boost the investment sector. Even on the employment front, as against the proposals cleared by the Investment Promotion and Felicitation Board (IPFB), the industries have managed to create only 14.50 per cent of the jobs out of projected 55,100 opportunities.
Ever since the IPFB was constituted in 2014, the Board has granted approvals to 268 industries- expansions as well as new, with a total investment of Rs 19,688 crore, with an employment potential of 55,100. In the ongoing financial year 2023-24, 22 industries got approval for investment of Rs 726.53 crore. The industries have projected total employment to 5,709 youths.
The detailed analysis of the data indicates that of the total 19,688 crore proposed investment, the actual investment that has taken place in last ten years is only Rs 2,982.27 crore, which is just 15.14 per cent of the proposed amount. For the current year, the investment is yet to make its way.
The employment data also gives a grim picture. The 268 industries have managed to generate only 8,031 jobs as against the assured 55,100. This years’ data has not been made available.
It is interesting to note since the ‘Vibrant Goa-Global Expo & Summit 2019’- a summit that was marred with controversies as government spent nearly Rs 2 crore on the event- was held, Goa saw an investment of 915 crore. However, the government has no data to prove that the Summit really helped in boosting the IT and manufacturing sector.
“There is no data on record to state how many MoUs were signed at Vibrant Goa summit,” a senior official told The Goan adding "though several industries have shown interest during the recent Invest Goa summit, we have to see how many really takes shape”.
The government has laid focus on sectors like IT, manufacturing, logistics and warehousing, green and white category industries, hospitality and tourism and food processing.
“More than 70 per cent of the industries that have got approval are for expansion while the balance includes mostly hotels and resorts. Goa is yet to see revitalization of IT, manufacturing or other sectors,” the official said.
“Though Goa government is putting in enough efforts through promotional events or wooing industries through subsidies, the delay in issuing various clearances is a major roadblock in promoting the sector,” official added.
