GOA: Union Minister of Commerce and Industry Piyush Goyal recently emphasized the vast growth opportunities in sectors such as data centres, artificial intelligence (AI), pharmaceuticals, electronics, and food processing for the state of Goa. Speaking at the Amazing Goa Business Summit, Goyal highlighted these futuristic sectors as key drivers of the state’s economic progress.

While Goa is traditionally known for its tourism industry, Goyal believes that diversifying into high-tech sectors will accelerate the state’s growth. “Technology sectors like data centres, AI, pharmaceuticals, electronics, and food processing hold tremendous potential for Goa,” he said.

Goyal expressed confidence that, alongside tourism, these new sectors could help Goa grow faster and stronger, pointing to the success of the wellness industry and the rise of regenerative tourism, home stays, and cultural tourism. “These sectors, along with Goa’s established tourism, will surely contribute to the state’s expansion,” he added.

Recent investments in Goa have also led to job creation, with 23 industrial estates attracting more businesses and industries to the region. “There is a significant opportunity for international investors and local businesses to collaborate and co-produce in Goa,” Goyal said.

Despite having a small population, Goa’s economy is performing exceptionally well, with a GDP of $12 billion. “Goa’s economy is growing at an impressive rate of 11.6% and has become a hub for foreign direct investment and exports,” Goyal noted.

Looking to the future, the Union Minister shared plans for Goa to become a preferred destination for high-tech industries like data centres and semiconductor manufacturing. “We are aiming to establish a mini Silicon Valley and a global capacity centre in Goa, equipped with the necessary infrastructure for high-quality living,” he said.

Goyal also expressed his optimism about India’s economic growth, with an ambitious goal of transforming India into a developed nation by 2047. “In the next 25 years, India’s economy is set to grow from $3.5 trillion to $35 trillion, and Goa will play a key role in this transformation,” he concluded.