Goa’s Entrepreneurs Shine as GST Reforms Fuel 2025 Growth Story

The golden glow of the setting sun mirrored the mood in Panaji as Goa’s most dynamic entrepreneurs gathered for the ‘Incredible Goa Awards 2025’ — an evening that wasn’t just about trophies and applause, but about the transformation of an entire economy.

Hosted by Incredible Goa Magazine, the event honoured 25 young and traditional entrepreneurs who embody the state’s evolving identity — one where creativity meets commerce and local heritage meets modern enterprise.

From eco-stay founders in Assagao and women-led food ventures in Canacona, to cashew processors in Quepem and digital creators in Panaji, each awardee represented a new face of Goan enterprise — agile, grounded, and future-ready.

Rajesh Gadge, Editor of Incredible Goa Magazine and head of Goa Digital Prism Media, set the tone for the evening with an evocative reflection on Goa’s entrepreneurial journey:

“Goa’s entrepreneurs carry the same energy that drives its sunsets — creative, calm, yet constantly evolving. These awards celebrate those building Goa’s future while preserving its soul.”

The evening’s special guests — Rajesh Joshi, former CEO of AIC-GIM and now an entrepreneur building entertainment and gaming products from Goa, and Manoj Singh, Editor-Founder of TICE — added depth to the celebration with their perspectives on Goa’s place in India’s innovation map.

Rajesh Joshi, who now mentors and invests in emerging founders, spoke passionately about the momentum building across the state:

“Goa is moving beyond beaches — it’s becoming a sandbox for innovation. With GST reforms reducing costs and a wave of digital creativity rising, Goa is ready to lead India’s entertainment, gaming, and creative-tech revolution.”

Manoj Singh highlighted Goa’s growing alignment with the national vision of inclusive growth:

“Goa’s balanced economy — where culture, tourism, and innovation coexist — reflects the spirit of India@2047. When small entrepreneurs, farmers, and creators thrive together, India achieves true inclusive prosperity.”

A Policy Tailwind Behind the Enterprise

Behind this celebratory evening lies a powerful economic story. The recent GST reforms have given Goa’s vibrant yet interdependent sectors a major tailwind — making stays, food, and travel 6–11% cheaper, while boosting incomes across industries that collectively employ over 2.5 lakh workers.

From the bustling beach belts of Baga and Colva to the processing units of Sattari and Sanguem, these reforms are infusing fresh vitality into Goa’s economy — enhancing affordability, reducing input costs, and improving competitiveness.

Tourism & Hospitality: Affordable Luxury, Expanding Opportunities

Tourism remains the cornerstone of Goa’s economy, contributing 16.43% to the state’s GSDP and employing nearly 40% of its workforce. The GST cuts have revitalised the sector, lowering input costs for hotels, resorts, and homestays.

Amenities like toiletries, tableware, and breakfast staples now attract 5% GST instead of 18%, reducing operational costs by around 11%. Even pre-packaged coconut water — a coastal essential — is 6.25% cheaper.

This affordability is expected to ripple across Goa’s entire tourism value chain, supporting local operators while offering visitors more value for money.

Restaurants & Beach Shacks: Small Vendors Taste Big Relief

Goa’s cafés, beach shacks, and juice kiosks — employing about 8,000 people — are also feeling the tailwind. With fruit juices now taxed at 5% instead of 12%, input costs drop 6.25%, improving profitability for family-run kiosks that thrive on tourist footfall.

Transport & Rentals: 40,000 Operators Gain from Lower Costs

Mobility, the lifeblood of Goa’s tourism economy, also benefits. The GST reduction on small cars (≤1200cc) and bikes (≤350cc) from 28% to 18% lowers on-road costs by about 7.8%, directly benefiting the 40,000 livelihoods tied to taxi unions, bike rentals, and travel firms.

This makes fleet expansion more viable and travel more accessible — reinforcing Goa’s reputation as one of India’s most tourist-friendly states.

Pharma & Diagnostics: Enhancing Global Competitiveness

Away from the beaches, Goa’s pharmaceutical cluster in Verna, Ponda, and Pilerne employs over 75,000 people — 22.5% of the state’s factory workforce.

With inputs now taxed at 5% instead of 18%, costs are expected to fall by 11%, enhancing the global competitiveness of a sector that already contributes 51% of Goa’s total merchandise exports.

Construction & Real Estate: Building Cheaper, Better

The construction and real estate industry — contributing 13.4% to Goa’s GSDP and employing about 35,000 workers— will also benefit from the GST cut on cement from 28% to 18%. The resulting 7.8% reduction in material coststranslates to ₹25–30 savings per cement bag, easing development costs across residential, commercial, and hospitality projects.

Fisheries & Seafood: Reviving Coastal Livelihoods

Across fishing hubs like Khariwada, Cutbona, and Chapora, around 15,000 Goans involved in the seafood value chain stand to gain. With nets, feed, and aquaculture inputs now taxed at 5%, production costs fall, improving margins for small fishers and exporters competing in US, EU, and Japanese markets.

Local Produce & GI-Tagged Treasures Get a Boost

From Sattari’s cashews to Canacona’s Khola chillies and Pernem’s Harmal chillies, Goa’s famous farm produce is becoming more competitive.

• Cashew products: GST cut to 5%, lowering prices by up to 11%, benefitting 18,500 workers.
• GI Chillies: Processed sauces now 11% cheaper, uplifting 3,000 small farmers.
• Moira Banana, Agassaim Brinjal & Sat Shiro Bheno Okra: Processed goods down 6–11%, supporting women-led SHGs.
• Cashew Feni packaging: Packaging costs drop 11% with GST cut to 5%, aiding 2,000 workers.

The Bigger Picture: Goa’s Inclusive Growth Story

The Incredible Goa Awards 2025 didn’t just celebrate achievements — they symbolised the new face of Goa’s economy. With GST reforms reducing costs and entrepreneurs expanding horizons, Goa is emerging as a model for how local innovation and national policy can work in harmony.

From a shack owner in Palolem to a game developer in Panaji, from a cashew farmer in Sattari to a pharma chemist in Verna — Goa’s people are building more than businesses. They’re building the foundation of India’s inclusive, creative, and prosperous future — the true spirit of India@2047.