The chief minister of Goa, Dr. Pramod Sawant applauded the union budget as a budget for building a new India and one aimed at the poor and common populace of India. The budget didn’t outright seem to have anything specifically for Goa but looking into the details there are a number of benefits that Goa is set to extract.Upsides Relief for start-ups: With angel tax regulations being eased out Goan start-ups could find a larger funding pool available. This goes hand in hand with the Goa government’s push for creating a start-up friendly ecosystem in Goa. Goa being cut off from major industrial and economic hubs finds it hard to see a large amount of start-up funding activity, the angel tax regulations would make it even more difficult, but the new regulations would ease out this issue.
Boost for Cashew Industry: A large part of the supply of cashew kernels is imported into the country, with the increase in basic customs duty on imported cashew kernels the local produce is going to become more attractive. This would see a rise in demand for local Goan cashew producers. The cashew industry had been stagnant over the last few years, this rise in demand can give the industry a new lease of life.
Pension scheme announced for retail traders: For retail traders with an annual turnover of less than INR 1.5 cr, a pension scheme was announced. This move could potentially benefit a large number of retail traders of Goa and make the unpredictability of running a business a bit lesser in terms of post winding up scenario.
Support for self-help groups: In Goa there is a significant presence of self-help groups that help the local groups by supporting in manufacture and sales. Under the Nari Narayani scheme, self-help groups were extended the benefit to get loans of INR 1 lakh.Improvement of Ports and shipping activity: The union finance minister stressed for a port-led development through the Sagarmala scheme and the development of inland waterways. Goa lying on the sea coast could see a large infrastructure development at Mormugao port, which is one of the few major ports in this region (Konkan), this could bring in employment opportunities and growth in economic activity.
Ceramics, marbles & Tiles get dearer – Construction industry to face challenges: Due to an increase in customs duty levied on ceramics, marbles and wall tiles the cost of construction would go up, this could result in lower demand for the items and new construction in general. Associated items such as metal fittings, furniture is also set to get expensive. On the flip side this would drive up demand for local replacements.Defense Imports to get cheaper: Goan Industry to face challenges