The 15th Finance Commission headed by Chairman N.K. Singh along with its Members and senior officials met today with the representatives of the Trade and Industry bodies in Goa.

The Commission was informed that growth rate of GSDP (at current prices, 2011) of State has fluctuated widely during 2012-13 to 2018-19 compared to GDP (at current prices, 2011) of India.

The share of primary, secondary and tertiary sector in GSVA (current prices, 2011) of the State was 9.6%, 46.3%, & 34.3%, respectively, in 2018-19.

The State ranks 19th position in India as far as ‘Ease of Doing Business’ is concerned (2019).

During the last three years the year–on-year tourists’ arrival is growing at the pace of about 20%. In 2017, there were 68,95,234 domestic tourists and 8,90,459 foreign tourists which is more than four times the population of the State.

The Commission observed that the State Government needs to take steps to facilitate structural transformation of the economy by increasing its activity in service sector.  As in 2018-19, the secondary sector contributed 46% to GSVA (current prices) of the State, making it largest among the 3 sectors of the economy (primary, secondary & tertiary).

The Commission also noted that share of tertiary sector in GSVA (current prices, 2011) of the State has declined from 41% in 2013-14 to 34% in 2018-19. On the other hand, the share of primary sector remained constant at around 9-10% during the same period.

The Commission sought information on the areas for private sector participation towards further encouraging tourism sector in specific areas such as infrastructure development, tourist safety, beach safety and surveillance system, hospitality management etc.

The representatives of the following organizations were present at the   meeting – CREDAI-Goa, Economic Development Corporation Ltd., Goa Industrial Development Corporation, Goa Chamber of Commerce & Industry, Chartered Accountant Association of Goa, Confederation of India Industry (CII), Casino – Hotel “Neo Majestic”, Goa Barge Owners Association and Goa Mineral Ore Exporters Association.