Goa to offer red-carpet welcome to US firms investing through FDI route, says CM Sawant

By: |
October 18, 2020 1:24 PM

Goa chief minister Pramod Sawant said that his government would focus on setting up education hubs for knowledge-based industries, entertainment hubs, IT campuses, and startup promotion policies.

The state government earlier this week had approved the Goa Tourism Policy 2020.

With a strategic location, access to seas, rail connectivity, and upcoming hubs for industry and marine facilities, Goa is ready to bring export-led growth to India, according to Pramod Sawant, the state’s chief minister. Speaking at the inauguration of the Goa chapter of the Indo-American Chamber of Commerce, Sawat invited US companies to invest in Goa via 100 per cent FDI route. He said that his government would focus on setting up education hubs for knowledge-based industries, entertainment hubs, IT campuses, and startup promotion policies. “We are also enabling a red carpet and single window clearance for companies who would come in using the 100% FDI route.”

The minister also expected investment in the coastal state to come from IT-enabled companies, manufacturing, and ancillary units apart from “more manufacturing tie-ups” with the upcoming green-filled electronic manufacturing cluster” in areas like surveillance electronics, defense, consumer electronics, and toys.

The state government earlier this week had approved the Goa Tourism Policy 2020 to make it the “most preferred destination” for high-spending tourists in 2024. The policy intends to further promote Goa tourism, create more employment opportunities, and tourism infrastructure. Naushad Panjwani, Regional President of the West India Council, IACC hoped for the state to become the hub for not just tourism but also for the industry ahead. “If it works on the ease of traveling, alongside the ease of doing business, it will become a hub for both hospitality and industry in the nation.” Said Panjwani.

Also read: Post-COVID: Indian Companies look towards three Central American nations for business opportunities

According to the latest statistics, Covid cases in Goa increased to 40,400 with 3,834 active cases and 531 deaths. 36,035 people have been recovered so far. The state government is yet to decide on reopening schools only after consulting teachers and other stakeholders, PTI had reported quoting Sawant. The teachers’ associations have opposed the same fearing the challenge in ensuring social distancing in schools. However, the minister had asked the education secretary and director of education to consulting stakeholders before taking the decision.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Stimulus resources saved for timely demand push: Principal economic adviser Sanjeev Sanyal
2Govt releases new series of retail inflation for industrial workers with 2016 base year
3Manufacturers eyeing domestic market to operate in SEZs