In a significant push for economic development, Goa Chief Minister Pramod Sawant announced on Tuesday that the state has greenlit ten major industrial projects. These initiatives represent a combined investment of Rs 217 crore and are projected to create 914 new jobs for the people of Goa.
Diverse Sectors Get Green Light
The Goa Investment Promotion Board (IPB) gave its approval to these new ventures, which span a wide array of industries. Chief Minister Sawant highlighted that the approved projects cover sectors including aviation and adventure tourism, food processing, automobile and mobility, packaging, tourism and hospitality, logistics, electronics, and toy manufacturing. This diversity underscores the state's strategy to build a multifaceted industrial base beyond its traditional strengths.
Custom Incentives for Mega Investments on the Table
In a move to attract large-scale capital, the board is actively examining the possibility of offering customised incentives to industrial units planning investments exceeding Rs 100 crore in Goa. This policy consideration comes as three major industrial giants have approached the government seeking special benefits for their already-cleared proposals.
The IPB reviewed these proposals under the framework of the Goa Industrial Growth and Investment Promotion Policy, 2022. The three significant projects include:
- Vedanta Ltd: A Rs 722 crore project to manufacture ductile iron pipes, expected to generate 585 jobs.
- 3B Advanced Composites: An expansion plan worth Rs 1,500 crore in glass fibre manufacturing, with the potential to create 1,000 jobs.
- Siemens Ltd: A Rs 363 crore medium-voltage switchgear manufacturing unit at Verna Industrial Estate, set to create 182 jobs.
Collectively, these three projects account for a massive total investment of Rs 2,585 crore and are anticipated to bring 1,767 employment opportunities to the state.
Transparent Process and Future Steps
A government official clarified that while these three large projects were cleared earlier, the companies have now formally sought customised incentives. Under the 2022 policy, investments over Rs 100 crore can be eligible for benefits like SGST refunds, production-linked incentives, and employment-linked incentives.
Emphasising the administration's commitment, Chief Minister Sawant stated the government is focused on providing transparent and time-bound clearances to investors. An official noted that this sends a clear signal that Goa's doors are open for new business. However, the final decision on the quantum of incentives will be taken in upcoming IPB meetings, after further discussions that consider the state's fiscal position and inputs from the finance department.
