For long Goa has been the premier tourist destination in India for both domestic as well as international travelers. Scenic beaches, water & adventure sports, vibrant night life, delicious local food, fusion of European and Indian culture, safe, peaceful region, sound infrastructure, great connectivity and more make Goa the tourism center of India. Tourism contributes about 40% to the state’s economy and, after the ban on mining, it is also a large source of employment.
- Growth in domestic tourists Goa has witnessed an upswing in the number of tourist arrivals in 2018 with both local and international travelers visiting Goa in large numbers. Official data shows that Goa witnessed arrivals of 4,876,359 domestic tourists and 604,414 foreign tourists and a total of 5.48 million tourists up to October 2018. The real growth has been in the number of domestic visitors with millennials, backpackers, honeymooners, young families all preferring Goa as a travel destination.
- Presence of luxury lifestyle brands The large inflow of domestic travelers is bringing luxury lifestyle brands and gourmet cuisine outlets to the state. The continued patronage of domestic tourists is important for Goa tourism industry as the numbers have shown and thus the newly coming up fine dine options, high end retail options, among others, mean that the economy gets a further push while creating more employment opportunities.
- More demand for service apartments In addition to the regular hotels and resorts many of these travelers are also trying out different accommodation options such as service apartments and resort homes. Service apartments have been a real success story in Goa. OYO, which started with a few hotels in 2015 today has over 600 homes/apartments in Goa with a varied clientele with tourists coming in not just for holidays but also for adventure, business, meetings, conferences etc.
As per official data, Goa is one of the fastest growing states in the country with the Gross State Domestic Product of Goa at current prices increased at a Compound Annual Growth Rate (CAGR) of 10.65 per cent from 2011-12 to 2017-18. Goa’s net state domestic product (NSDP) was Rs 641.50 billion (US$ 9.95 billion) in 2017-18. This robust economic growth is driven by strong performance of industrial sectors such as mining, tourism and pharmaceuticals.
Some newer developments that could further boost Goa’s growth include
- A proposed international airport in Mopa that can handle around 30 million passengers, the first phase of which is expected to start by 2020.
- A new export policy to promote local agricultural and manufactured goods.
- Proposal for Panaji Smart City with a focus on eco-mobility, public transport system and improvement of conservation zones.
- Growth in merchandise exports from US$ 2.10 billion in 2018 to US$ 1.87 billion just in first quarter of 2019.
- Proposed special logistics group to remove the existing deficiencies in the logistics and warehousing sector.
- Focus on mining, as it is one of the primary industries in Goa, with iron ore, manganese the main ones.
- Increase in e-tourist visas. 4,876,359 domestic tourists and 604,414 foreign tourists, arrived in Goa. In total 5.48 million tourists have visited the state up to October 2018.
- Concentrated focus on inland waterways and marine fish production.
Prospects for tourism sector in Goa
With tourism being the lifeline of the Goan economy, the Goa government is in the process of drafting a new tourism policy in an effort to address issues that have been put forth by industry stakeholders. Some main suggestions include:
- The need to focus on tourists who come to Goa for short breaks and holidays as well as on cultural tourism.
- Strike a balance between the business model and tourist conveniences such as construction of amusement parks but with better infrastructure, cleanliness and environment friendly initiatives.
- Focus on promoting eco-tourism.
- Focused enforcement drive to ban haphazard, unchecked development.
- Ensuring better tourist safety as attracting tourists is the mainstay of Goa tourism.
- Making registration of unregulated bed and breakfasts, home-stays compulsory to contain proliferation of cheap outlets as well as to protect the interests of the conventional hotel industry.
Service apartments are proving to be a profitable prospect in Goa, and one of the most promising properties in this segment is Axis Blues Goa. Set amidst lush, green surroundings, Axis Blues offers fully furnished suites in Goa with a host of modern amenities. One of the largest residential complexes being developed in Dodamarg, North of Goa, Axis Blues service apartments are a great investment opportunity with assured monthly rentals of INR 20000 for the first 3 years. So, if you are looking for a property for sale in Goa, India do check out Axis Blues. Click the link for more information.