In a concerted effort to shift Goa’s economic focus beyond tourism, industry leaders, government officials, and export experts convened at a seminar this August to unveil a strategic roadmap for scaling the state’s global trade footprint. Organised jointly by Goa Laghu Udyog Bharati (LUB), a national association for MSMEs, and the Global Chamber in collaboration with World Trade Centre – Goa, the event highlighted the critical need for increased competitiveness, infrastructure readiness, and collective entrepreneurial will to unlock Goa’s full export potential.
The seminar featured insights from key figures including Pravimal Abhishek, IAS, Managing Director of Goa Industrial Development Corporation (GIDC), and B Pai, Managing Director of the Economic Development Corporation (EDC), alongside resource persons Santosh Raghavan and Nikhil Sheth.
Contrary to popular perception, GIDC MD Pravimal Abhishek noted that manufacturing contributes significantly to the state, accounting for 25–28% of Goa’s GDP—a figure substantially higher than the national average of 16–17%. He stressed that Goa is the fourth-largest pharmaceutical exporter in the country, contributing 12% of India’s pharma exports. To enhance competitiveness, Abhishek called for a reduction in the time taken for regulatory compliances, allowing entrepreneurs to prioritise innovation and market scaling.
GIDC has already acted, streamlining processes and launching a new open-source portal for transparent service delivery. The MD also highlighted the shift from the ‘Ease of Doing Business’ index to the World Bank’s new ‘Business Ready Framework’, which focuses on regulatory clarity and public service delivery. Crucially, he announced that the MPT container terminal, operated by Delta Ports as a PPP, is set to be operational from the first week of September, promising to reduce dependence on the Nhava Sheva port and significantly cut logistics costs.
EDC MD B Pai addressed the challenges faced by exporters in the current unstable geopolitical environment, noting that higher margins continue to drive export interest. He emphasised that EDC views the entrepreneur as the focal point, offering some of the best financing rates in the country—as low as 1% and even 0.5% for appropriately structured projects. Pai urged entrepreneurs, particularly those from backward areas, women, and Goan entrepreneurs, to consult EDC before starting projects to ensure optimal capital structures and loan options.
Providing a ground-level perspective, resource person Santosh Raghavan shared current export figures, stating that Goa exports goods worth $2.48 billion, with pharmaceuticals accounting for 50%. He stressed that even small manufacturers can enter the global market, provided they have the right product and market selection. His advice centred on ensuring product quality (preferably ISO-certified), consistent supply, leveraging Free Trade Agreements (FTAs), and carefully studying foreign customer requirements and competitors.
A dedicated analysis on the state’s potential was delivered by Nikhil Sheth, who pointed out a glaring opportunity: Goa’s current share of India’s exports stands at a mere 0.64%. However, with 67% of its population in the working-age group, Sheth affirmed that immense potential is waiting to be tapped. He provided a practical digital roadmap, demonstrating how budding and established exporters can utilise export-specific websites to perform crucial due diligence on products, target markets, and other relevant factors before venturing into new global territories.
The session concluded with representatives from Canara Bank explaining various financial products for MSMEs, including seamless trade credit facilities, essential for overcoming the funding hurdles in export operations. The seminar underscored that the path forward requires an integrated approach, with GIDC, EDC, financial institutions, and industrial associations working in unison to drive competitiveness and ease of doing business across the state.
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